本文關鍵詞：我國房地產眾籌運行機理研究　出處：《貴州財經大學》2017年碩士論文　論文類型：學位論文

  更多相關文章： 互聯(lián)網金融 房地產眾籌 運行機理 案例分析

【摘要】：房地產行業(yè)是典型的資金密集型產業(yè),其具有資金投入大、運營周期長等特點。歷經數(shù)十年的高速發(fā)展,房地產行業(yè)已經成為我國國民經濟支柱性產業(yè)。然而,2014年以來,由于銀行房貸收緊、供求關系轉變、市場預期下行,我國房地產企業(yè)融資難問題日益突出。事實上,長期以來,我國的房地產企業(yè)就存在著融資渠道的單一、融資成本高、融資風險大等問題。在這種形勢下,房地產企業(yè)急需新的融資模式來緩解當前的融資現(xiàn)狀。與此同時,隨著互聯(lián)網金融的風靡,眾籌應運而生,從國外到國內成為新型融資方式,并且在房地產行業(yè)得到應用。2014年是我國房地產眾籌的伊始年,在近三年的時間里房地產眾籌取得了較快的發(fā)展,截至2016年上半年,房地產眾籌累計籌資規(guī)模約21億元,累計參與眾籌平臺有34家,為330個項目提供了大量的資金支持,但針對我國房地產眾籌的爆發(fā)式發(fā)展,學術界卻沒有關于其發(fā)展的金融理論依據的研究。據此,本文主要采用了定性分析法、比較分析法,針對眾籌融資模式對我國房地產行業(yè)適用的經濟學原因進行了深入剖析,分析打破了既往研究通常注重表象的弊病,得出了房地產眾籌得到發(fā)展的內在運行機理:(1)房地產眾籌為籌資者提供了一條低成本、高效率的融資渠道并節(jié)約其營銷成本;(2)房地產眾籌拓寬了投資者投資渠道,降低其消費成本,并能為其提高房屋消費品質;(3)房地產眾籌能很好地緩解投融資雙方的信息不對稱程度,減少籌資人不作為的動機從而降低道德風險。同時采用了案例分析法驗證了其運行機理的真實存在性,揭示了房地產眾籌在融資成本、融資便捷、消費品質、防范風險等方面具有比較優(yōu)勢,指出了房地產眾籌是一種效率更高的商業(yè)模式。在實案分析過程中同時也發(fā)現(xiàn)了我國房地產眾籌發(fā)展的一些問題,對此,本文提出了相應的對策建議:(1)加強項目運營監(jiān)管,提高項目信息透明度,降低道德風險,為實現(xiàn)眾籌各方參與者風險與收益的均衡共贏提供根本保障;(2)加快制定行業(yè)標準化法律文件,構建完整的信用評價體系,為房地產眾籌健康發(fā)展提供良好的外部環(huán)境;(3)重視交易結構創(chuàng)新,促進房地產眾籌在中小房地產企業(yè)中的推廣運用,讓更多參與者能夠享受到房地產眾籌帶來的紅利。
[Abstract]:Real estate industry is a typical capital-intensive industry with the characteristics of large capital investment and long operating cycle. After decades of rapid development, the real estate industry has become the pillar industry of our national economy. Since 2014, due to the tightening of bank mortgage, the change of supply and demand, and the downward expectation of the market, the financing problem of real estate enterprises in China has become increasingly prominent. In fact, for a long time. The real estate enterprises in our country have the problems of single financing channel, high financing cost and high financing risk. Real estate enterprises urgently need a new financing model to alleviate the current financing situation. At the same time, with the popularity of Internet finance, crowdfunding emerged as the times require, from abroad to domestic become a new type of financing. And in the real estate industry has been applied. 2014 is the first year of China's real estate crowdfunding, in the past three years, the real estate crowdfunding has achieved a rapid development, until 2016 in the first half of the year. The accumulative financing scale of real estate crowdfunding is about 2.1 billion yuan, and there are 34 participating in crowdfunding platform, which provides a large amount of financial support for 330 projects, but it is aimed at the explosive development of crowdfunding in real estate of our country. However, there is no academic research on the financial theory basis of its development. Accordingly, this paper mainly adopts qualitative analysis method, comparative analysis method. In view of the mode of crowdfunding, this paper deeply analyzes the economic reasons for the application of the real estate industry in China, and analyzes and breaks down the shortcomings of previous studies which usually focus on the appearance of the real estate industry. It is concluded that real estate crowdfunding provides a low cost and high efficiency financing channel and saves the marketing cost for the financiers. The internal operating mechanism of the development of real estate crowdfunding is: (1) the real estate crowdfunding provides a low cost and high efficiency financing channel for the financiers; (2) Real estate crowdfunding broadens investors' investment channels, reduces their consumption costs, and improves their housing consumption quality; (3) Real estate crowdfunding can alleviate the asymmetric degree of information between investment and financing parties. At the same time, it uses the case analysis method to verify the real existence of its operation mechanism, and reveals the real estate financing cost, financing convenience, consumption quality. Risk prevention and other aspects have comparative advantages, pointing out that the real estate crowdfunding is a more efficient business model. In the process of case analysis, we also found some problems in the development of real estate crowdfunding. This paper puts forward the corresponding countermeasures and suggestions: (1) strengthening the supervision of project operation, improving the transparency of project information, reducing moral hazard, and providing the fundamental guarantee for realizing the balance between risk and profit of all parties involved in crowdfunding; (2) speeding up the establishment of standardized legal documents of the industry, constructing a complete credit evaluation system, and providing a good external environment for the healthy development of public funding in real estate; 3) attach importance to the innovation of transaction structure, promote the promotion and application of real estate crowdfunding in small and medium-sized real estate enterprises, so that more participants can enjoy the dividend brought by real estate crowdfunding.
【學位授予單位】：貴州財經大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F299.23;F832.4

【參考文獻】

相關期刊論文 前10條

1 萬磊;;我國房地產眾籌的發(fā)展現(xiàn)狀及機制設計研究[J];湖北經濟學院學報(人文社會科學版);2017年04期

2 袁泓毅;;萬達利用“穩(wěn)賺一號”融資分析[J];赤子(上中旬);2017年03期

3 杭東;;房地產眾籌模式發(fā)展探析[J];上海房地;2016年10期

4 李柯;;促進我國房地產眾籌的思考[J];市場論壇;2016年05期

5 邱峰;;房地產眾籌:新型開發(fā)模式研究[J];上海房地;2016年01期

6 郭慶軍;白思俊;張華波;朱海闊;;“互聯(lián)網+”背景下眾籌模式在房地產開發(fā)項目中的應用[J];項目管理技術;2016年01期

7 張玉梅;王倩;;中國房地產眾籌的合規(guī)性和風險研究[J];管理現(xiàn)代化;2015年06期

8 夏恩君;李森;趙軒維;;國外眾籌研究綜述與展望[J];技術經濟;2015年10期

9 耿靖;;分類解讀中國房地產眾籌[J];上海國資;2015年10期

10 羅弘韜;程楠;;房地產眾籌的非法集資風險分析[J];大眾理財顧問;2015年10期

相關重要報紙文章 前4條

1 劉芳;;尊重眾籌建房，期待立法[N];中國房地產報;2015年

2 鄧子慧;;房地產眾籌，，行業(yè)的下一個風口？[N];工人日報;2015年

3 洪偌馨;;萬達的房地產眾籌究竟想玩什么？[N];第一財經日報;2015年

4 趙艷春;劉怡;;房地產眾籌面臨法律風險[N];第一財經日報;2015年

相關碩士學位論文 前7條

1 白君易;互聯(lián)網金融支持中小企業(yè)融資機制研究[D];河南工業(yè)大學;2016年

2 徐磊;我國房地產眾籌業(yè)的發(fā)展探究[D];南京大學;2016年

3 張晴;我國房地產眾籌融資模式的應用及發(fā)展研究[D];大連理工大學;2016年

4 石從地;“互聯(lián)網+”與房地產業(yè)創(chuàng)新[D];華中師范大學;2016年

5 俞小孟;小微企業(yè)眾籌融資的風險識別與防范研究[D];中國科學技術大學;2015年

6 楊艾祥;眾籌融資模式在我國房地產企業(yè)中的應用[D];重慶理工大學;2015年

7 郝卿;我國房地產業(yè)融資渠道研究[D];長安大學;2014年

本文編號：1438385