我国房地产企业融资模式研究
摘要
在发达国家成熟的房地产金融市场中,房地产企业融资模式的多样化为房地产企业的发展提供了有力的资金保障。而在我国,由于金融体制尚需进一步改革和完善,房地产融资体系有待健全。因此,研究我国房地产融资模式问题具有十分重要的现实意义。
由于我国对房地产企业融资理论研究较晚,所以对于我国房地产企业融资理论的研究还处于起步阶段,尤其对我国房地产企业融资模式研究的不够深入,特别是我国房地产企业绝大多数规模小、信用差,以及金融市场的不健全等因素更增加了我国房地产企业融资的复杂性。基于以上原因,通过分析我国房地产企业的现有融资模式的现状及国外房地产企业成功的融资模式,对不同融资模式之间的对比分析,提出了在我国建立以房地产信托为核心的多元化融资模式,为我国房地产企业融资提供了一个新的渠道。以便突破目前房地产企业资金供给严重依赖银行的单一模式,为我国房地产融资创造更多的市场选择。提出建立适合我国国情的房地产投资信托法律规范,在规范中推动房地产投资信托的健康和稳定发展。形成良性运行决策机制、实现科学有效的执行机制、构建高效独立监督机制来达到对房地产投资信托的有效治理。房地产企业选择自己需要的融资方式,确定合适的融资规模以及利用各种融资方式的时机,制定最佳融资策略,提高我国房地产企业的融资效率,形成良性循环的融资机制,提升其竞争力,以促进我国房地产企业的成长与壮大。
The mature real estate financial markets of developed countries provide diversified financing modes which secure the fund supply of real estate enterprises. In China, with a financial system in much need of further reform and improvement, the real estate financing system requires much enhancement. Therefore, the study on the modes of real estate financing in China is of great significance.
Beginning late in China, the research of the theories of real estate financing is still in its infancy, and especially for financing mode there has been lack of in-depth researches. The financing for real estate corporations is further complicated with the vast majority of our real estate business being small-sized and poor credited, and the financial markets being undeveloped. In order to address the above problems, the paper, through the analysis of and comparison between the existing finance modes of Chinese real estate enterprises and the developed modes of foreign real estate enterprises, proposes a pluralistic financing mode with real estate trust as its core as a new channel of financing for Chinese real estate enterprises. This mode breaks apart from the current way of financing which is heavily dependent on bank financing, and thus provides more choices for real estate financing. The paper also advocates enhancing legislation on the real estate investment trusts in order to regulate the health and stable development of the real estate investment trusts, and facilitate the construction of favorable decision-making mechanisms, scientific and effective implementation mechanisms, and effective independent oversight mechanisms, and thus achieve effective management of real estate investment trusts. Real estate enterprises need to each choose their appropriate mode and scale of financing and make best use of various opportunities, and come to a best financing strategy. Thus doing enhances the efficiency of real estate business financing, creates a mechanism of virtuous cycle finance, improves their competitiveness and promotes the growth and expansion of the real estate business in China.
由于我国对房地产企业融资理论研究较晚,所以对于我国房地产企业融资理论的研究还处于起步阶段,尤其对我国房地产企业融资模式研究的不够深入,特别是我国房地产企业绝大多数规模小、信用差,以及金融市场的不健全等因素更增加了我国房地产企业融资的复杂性。基于以上原因,通过分析我国房地产企业的现有融资模式的现状及国外房地产企业成功的融资模式,对不同融资模式之间的对比分析,提出了在我国建立以房地产信托为核心的多元化融资模式,为我国房地产企业融资提供了一个新的渠道。以便突破目前房地产企业资金供给严重依赖银行的单一模式,为我国房地产融资创造更多的市场选择。提出建立适合我国国情的房地产投资信托法律规范,在规范中推动房地产投资信托的健康和稳定发展。形成良性运行决策机制、实现科学有效的执行机制、构建高效独立监督机制来达到对房地产投资信托的有效治理。房地产企业选择自己需要的融资方式,确定合适的融资规模以及利用各种融资方式的时机,制定最佳融资策略,提高我国房地产企业的融资效率,形成良性循环的融资机制,提升其竞争力,以促进我国房地产企业的成长与壮大。
The mature real estate financial markets of developed countries provide diversified financing modes which secure the fund supply of real estate enterprises. In China, with a financial system in much need of further reform and improvement, the real estate financing system requires much enhancement. Therefore, the study on the modes of real estate financing in China is of great significance.
Beginning late in China, the research of the theories of real estate financing is still in its infancy, and especially for financing mode there has been lack of in-depth researches. The financing for real estate corporations is further complicated with the vast majority of our real estate business being small-sized and poor credited, and the financial markets being undeveloped. In order to address the above problems, the paper, through the analysis of and comparison between the existing finance modes of Chinese real estate enterprises and the developed modes of foreign real estate enterprises, proposes a pluralistic financing mode with real estate trust as its core as a new channel of financing for Chinese real estate enterprises. This mode breaks apart from the current way of financing which is heavily dependent on bank financing, and thus provides more choices for real estate financing. The paper also advocates enhancing legislation on the real estate investment trusts in order to regulate the health and stable development of the real estate investment trusts, and facilitate the construction of favorable decision-making mechanisms, scientific and effective implementation mechanisms, and effective independent oversight mechanisms, and thus achieve effective management of real estate investment trusts. Real estate enterprises need to each choose their appropriate mode and scale of financing and make best use of various opportunities, and come to a best financing strategy. Thus doing enhances the efficiency of real estate business financing, creates a mechanism of virtuous cycle finance, improves their competitiveness and promotes the growth and expansion of the real estate business in China.
引文
1 毛立平, 胡坚. 当前我国房地产金融风险及防范对策分析. 市场周刊. 2004, (9):47
2 卓斌. 房地产企业多元化融资方式研究. 上海商业. 2005, (5):31~32.
3 韩冬, 高景. 对当前我国房地产融资问题的几点思考. 西南金融. 2005, (2):58~59
4 赵中秋, 冉伦. 中国房地产企业融资模式与金融创新研究. 北京工商大学学报. 2005, (5):51~54
5 F. Madigliani, M. H. Miller. The Cost of Capital, Corporation Finance, and the Theory of Investment. American Economic Review. 1958, (6): 261~297
6 F.Madigliani, M. H. Miller. Corporate Income Taxes and the Cost of Capital: A Correction . American Economic Review. 1963, (6): 433~443
7 Farrar, Donald E. and Selwyn, Lee L. Taxes, Corporate Financial Policy and Return to Investment. National Tax Journal. 1967, (12): 444~454
8 Baxter, Nevins. D. Leverage, Risk of Ruin and the Lost of Capital. Journal of Finance. 1967, (9):395~404
9 Stiglitz, Joseph E. On the Irrelevance of corporate Financial Policy. The American Review. 1974, (12):851~856
10 Myers, Stewart. The Capital Structure Puzzle. Journal of Finance. 1984, (7):575~592
11 Myers, Stewart C and Nicholas S. Majluf. Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have. Journal of Financial Economics. 1984, (2):187~221
12 沈洪涛, 沈艺峰, 杨熠. 新股增发: 自由现金流量假说还是优序融资假说. 世界经济. 2003, (8):53
13 M. Jensen, W. Meckling. The Theory of the Firm: Managerial Behavior, Agency Costs, and Capital Structure. Journal of Financial Economics. 1976, (5):305~360
14 Henry Manne. Mergers and the Market for Corporate Control. Journal of Political Economics. 1965:110~120
15 Michael Spence. Job Marketing Signaling. Quarterly Journal of Economics 87. 1973:355~374
16 S. A. Ross. The Determination of Financial Structure: the Incentive Signaling Approach. Bell Journal of Economics. 1977, (8):23~40
17 戴金平. 西方主要国家住房金融制度的比较研究. 南开经济研究. 1999, (02):59~63
18 曹建元. 房地产金融. 上海财经大学出版社, 2003:35~60
19 孙家春. 进一步完善我国房地产融资的对策探讨. 中央财经大学学报. 1999 , (4) :40~44
20 汪淼, 罗剑. 国有房地产开发企业当前面临的投融资问题及对策. 特区经济. 2004 , (11):166~167
21 易宪荣. 房地产多元融资. 中国之发展. 新金融. 2005, (6):10~14
22 廖俊平. 保险业在房地产融资中的作用. 中国房地产. 1998, (8): 58~59
23 赵基坚, 李睿. 浅析我国房地产融资证券化. 世界经济研究. 1997, (1): 44~46
24 王旭红. 房地产融资租赁经营探析. 中国房地产. 2000, (4):62~63
25 邓子华, 李化民. 房地产金融新工具—房地产投资信托. 重庆建筑大学学报. 2004, (6):106~110
26 刘绚. 房地产企业融资与项目债券. 中国房地产金融. 2001, (9):18~21
27 杨丽媪. 夹层融资:看起来很美. 中国房地信息. 2005, (5):66~68
28 巴曙松, 张旭, 王森. 房地产企业需要个性化的融资模式. 中国房地产. 2006, (4):38~42
29 万明清. 如何分析和确认房地产开发企业自有资金. 西部论丛. 2003, (11):50~51
30 郭业力. 我国房地产投融资格局分析及路径选择. 财贸研究. 2006, (2): 105~111
31 张建华. 刍议我国房地产开发企业的现状. 经济与管理. 2003, (2): 4~7
32 许连君, 刘卫东. 透析房地产开发企业的规模经济. 城市开发. 2004, (9): 38~40
33 孙健. 中国房地产企业开发融资问题现状及建议. 特区经济. 2005, (8): 236~237
34 路君平, 糜云. 我国房地产金融的融资渠道探析. 成人高教学刊. 2004, (5):36~39
35 张正宜. 浅析我国目前房地产融资现状. 商场现代化. 2003, (3): 164~166
36 孟履巅. 房地产业发展的回顾及思考. 经济师. 2005,(12):177~179
37 王仁涛. 我国发展房地产投资信托基金的法制环境研究. 经济问题探索 . 2005, (9):147~149
38 石亚东. 我国房地产开发资金来源结构状况分析. 中央财经大学学报. 2005, (10):60~64
39 申韬. 我国住房抵押货款证券化发展探讨. 改革与战略. 2005, (12): 111~115
40 陈耿, 范运. 信息不对称条件下房地产价格上涨:基于不完全信息动态博弈模型的理论分析. 经济师. 2006, (3):274~275
41 Hess, Alan C, Clifford. W. Smith. Elements of Mortgage Securitization. Journal of Real Estate Finance and Economics. 1999, (10):331~346
42 Andy Naranjo, Alden Toevs. The Effects of Purchases of Mortgages and Securitization by Government Sponsored Enterprises on Mortgage Yield Spreads and Volatility. The Journal of Real Estate Finance and Economics. 2002, Volume 25:173~195
43 那颖. 美国房地产证券化对我国房地产融资的启示. 国际金融. 1999, (05):51~54
44 赵玉红, 赵军, 王伟. 浅析房地产证券化的模式选择. 中国房地信息. 2002, (11):34~35
45 Chinmoy, Ghosh, C. F. Sirmans. Ownership Structure and Performance: Evidence from Real Estate Investment Trusts. Journal of Real Estate Finance and Economics. 2003, (3):287~318
46 Peter. J. Brady, Michaer. E. Conlin. The Performance of REIT-owned Properties and the Impact of REIT Market Power. Journal of Real Estate Finance and Economics. 2004, (6):81~95
47 Terrence. M. Clauretie, G. Stacy. Sirmans. Real Estate Finance theory and Practice. Prentice Hall, 1988:25~29
48 Allen, Marcus T, J. Madura and T. Springer, REIT Characteristics and the Sensitivity of REIT Returns, Journal of Real Estate Finance and Economics. 2000, (9):141~52
49 Cheng-Ho, Hsieh, C. F. Sirmans. REITs as Captive-Financing Affiliates: Impact on Financial performance. The Journal of Real Estate Research. 1991, Volume 6:179~189
50 Hartzel L. D, J. S. Hekman, M. E. Miles. Real Estate Returns and Inflation. Journal of the American Real Estate and Urban Economics Association. Spring 1987:617~637
51 Paul. W. Feeney. Securitization: Redefining the Bank. New York: St. Martin's Press, 1995:1~23
52 Chan, S. H, J. Erickson and K. Wang. Real Estate Investment Trusts: Structure Performance, and Investment Opportunities. Oxford University Press, 2003:32~56
53 Chris Djoganopoulos, John. B. Corgel. Equity REIT Beta Estimation. 2000, (1):70~79
54 Jaffe, J.F. Taxes and the Capital Structure of Partnerships, REITs and Related Entities. Journal of Finance .1991:911~922
55 黄福来. 美国商业房地产证券化—REITs 的故事. 中国房地产导报. 1999, (24):32~35
56 于长秋. 美国、德国、新加坡住房融资模式及其借鉴. 内蒙古财经学院学报. 1998, (2):55~59
57 中国房地产金融委员会考察团. 德国住房金融考察报告. 中国房地产金融?海外之窗. 1999, (5):40~43
58 刘静. 新加坡住房公积金制度的特点及对我国的启示. 经济技术协作信息. 2006, (1):44
59 张艳清. 论企业集团的筹资方式选择. 现代情报. 2004, (9):197~199
60 陈弘. 资产证券化(ABS)在大型房地产项目融资中的应用. 武汉大学学报 2004, (4):106~110
61 Stephen. P, Jarchow. Real estate investment Trusts: Tax, Securities, and Business aspects. Wiley Press, 1988:35~56
62 张仕廉, 卢立宇, 刘伟. 中美房地产投资信托法律比较. 建筑经济. 2006, (5):89~92
63 陈柳钦. 美国房地产投资信托基金(REITs)的发展与启示. 建筑经济. 2004, (11):77~81
64 王仁涛. 我国发展房地产投资信托的障碍及对策分析. 中国房地信息. 2005, (1):52~54
65 赵文清, 周信, 贾慧敏. 我国房地产金融风险分析及防范研究. 技术经济. 2005, (4):52~54
2 卓斌. 房地产企业多元化融资方式研究. 上海商业. 2005, (5):31~32.
3 韩冬, 高景. 对当前我国房地产融资问题的几点思考. 西南金融. 2005, (2):58~59
4 赵中秋, 冉伦. 中国房地产企业融资模式与金融创新研究. 北京工商大学学报. 2005, (5):51~54
5 F. Madigliani, M. H. Miller. The Cost of Capital, Corporation Finance, and the Theory of Investment. American Economic Review. 1958, (6): 261~297
6 F.Madigliani, M. H. Miller. Corporate Income Taxes and the Cost of Capital: A Correction . American Economic Review. 1963, (6): 433~443
7 Farrar, Donald E. and Selwyn, Lee L. Taxes, Corporate Financial Policy and Return to Investment. National Tax Journal. 1967, (12): 444~454
8 Baxter, Nevins. D. Leverage, Risk of Ruin and the Lost of Capital. Journal of Finance. 1967, (9):395~404
9 Stiglitz, Joseph E. On the Irrelevance of corporate Financial Policy. The American Review. 1974, (12):851~856
10 Myers, Stewart. The Capital Structure Puzzle. Journal of Finance. 1984, (7):575~592
11 Myers, Stewart C and Nicholas S. Majluf. Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have. Journal of Financial Economics. 1984, (2):187~221
12 沈洪涛, 沈艺峰, 杨熠. 新股增发: 自由现金流量假说还是优序融资假说. 世界经济. 2003, (8):53
13 M. Jensen, W. Meckling. The Theory of the Firm: Managerial Behavior, Agency Costs, and Capital Structure. Journal of Financial Economics. 1976, (5):305~360
14 Henry Manne. Mergers and the Market for Corporate Control. Journal of Political Economics. 1965:110~120
15 Michael Spence. Job Marketing Signaling. Quarterly Journal of Economics 87. 1973:355~374
16 S. A. Ross. The Determination of Financial Structure: the Incentive Signaling Approach. Bell Journal of Economics. 1977, (8):23~40
17 戴金平. 西方主要国家住房金融制度的比较研究. 南开经济研究. 1999, (02):59~63
18 曹建元. 房地产金融. 上海财经大学出版社, 2003:35~60
19 孙家春. 进一步完善我国房地产融资的对策探讨. 中央财经大学学报. 1999 , (4) :40~44
20 汪淼, 罗剑. 国有房地产开发企业当前面临的投融资问题及对策. 特区经济. 2004 , (11):166~167
21 易宪荣. 房地产多元融资. 中国之发展. 新金融. 2005, (6):10~14
22 廖俊平. 保险业在房地产融资中的作用. 中国房地产. 1998, (8): 58~59
23 赵基坚, 李睿. 浅析我国房地产融资证券化. 世界经济研究. 1997, (1): 44~46
24 王旭红. 房地产融资租赁经营探析. 中国房地产. 2000, (4):62~63
25 邓子华, 李化民. 房地产金融新工具—房地产投资信托. 重庆建筑大学学报. 2004, (6):106~110
26 刘绚. 房地产企业融资与项目债券. 中国房地产金融. 2001, (9):18~21
27 杨丽媪. 夹层融资:看起来很美. 中国房地信息. 2005, (5):66~68
28 巴曙松, 张旭, 王森. 房地产企业需要个性化的融资模式. 中国房地产. 2006, (4):38~42
29 万明清. 如何分析和确认房地产开发企业自有资金. 西部论丛. 2003, (11):50~51
30 郭业力. 我国房地产投融资格局分析及路径选择. 财贸研究. 2006, (2): 105~111
31 张建华. 刍议我国房地产开发企业的现状. 经济与管理. 2003, (2): 4~7
32 许连君, 刘卫东. 透析房地产开发企业的规模经济. 城市开发. 2004, (9): 38~40
33 孙健. 中国房地产企业开发融资问题现状及建议. 特区经济. 2005, (8): 236~237
34 路君平, 糜云. 我国房地产金融的融资渠道探析. 成人高教学刊. 2004, (5):36~39
35 张正宜. 浅析我国目前房地产融资现状. 商场现代化. 2003, (3): 164~166
36 孟履巅. 房地产业发展的回顾及思考. 经济师. 2005,(12):177~179
37 王仁涛. 我国发展房地产投资信托基金的法制环境研究. 经济问题探索 . 2005, (9):147~149
38 石亚东. 我国房地产开发资金来源结构状况分析. 中央财经大学学报. 2005, (10):60~64
39 申韬. 我国住房抵押货款证券化发展探讨. 改革与战略. 2005, (12): 111~115
40 陈耿, 范运. 信息不对称条件下房地产价格上涨:基于不完全信息动态博弈模型的理论分析. 经济师. 2006, (3):274~275
41 Hess, Alan C, Clifford. W. Smith. Elements of Mortgage Securitization. Journal of Real Estate Finance and Economics. 1999, (10):331~346
42 Andy Naranjo, Alden Toevs. The Effects of Purchases of Mortgages and Securitization by Government Sponsored Enterprises on Mortgage Yield Spreads and Volatility. The Journal of Real Estate Finance and Economics. 2002, Volume 25:173~195
43 那颖. 美国房地产证券化对我国房地产融资的启示. 国际金融. 1999, (05):51~54
44 赵玉红, 赵军, 王伟. 浅析房地产证券化的模式选择. 中国房地信息. 2002, (11):34~35
45 Chinmoy, Ghosh, C. F. Sirmans. Ownership Structure and Performance: Evidence from Real Estate Investment Trusts. Journal of Real Estate Finance and Economics. 2003, (3):287~318
46 Peter. J. Brady, Michaer. E. Conlin. The Performance of REIT-owned Properties and the Impact of REIT Market Power. Journal of Real Estate Finance and Economics. 2004, (6):81~95
47 Terrence. M. Clauretie, G. Stacy. Sirmans. Real Estate Finance theory and Practice. Prentice Hall, 1988:25~29
48 Allen, Marcus T, J. Madura and T. Springer, REIT Characteristics and the Sensitivity of REIT Returns, Journal of Real Estate Finance and Economics. 2000, (9):141~52
49 Cheng-Ho, Hsieh, C. F. Sirmans. REITs as Captive-Financing Affiliates: Impact on Financial performance. The Journal of Real Estate Research. 1991, Volume 6:179~189
50 Hartzel L. D, J. S. Hekman, M. E. Miles. Real Estate Returns and Inflation. Journal of the American Real Estate and Urban Economics Association. Spring 1987:617~637
51 Paul. W. Feeney. Securitization: Redefining the Bank. New York: St. Martin's Press, 1995:1~23
52 Chan, S. H, J. Erickson and K. Wang. Real Estate Investment Trusts: Structure Performance, and Investment Opportunities. Oxford University Press, 2003:32~56
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