【摘要】：房地產(chǎn)行業(yè)是典型的資本密集型行業(yè)。在房地產(chǎn)開發(fā)過程中的各個階段,房地產(chǎn)公司對融資有不同的需求。但房地產(chǎn)市場的融資渠道卻顯得較為滯后,沒有合理、便捷的融資渠道,過度的依靠銀行貸款。目前,銀行為了降低風險,提高了銀行開發(fā)貸的條件和要求。這對于本來就陷入融資困境的中小型房地產(chǎn)企業(yè)來說更是雪上加霜,使得其更加迫切需要銀行外的融資渠道,以解決項目開發(fā)的資金問題。因此,關于房地產(chǎn)項目融資方式的探討也就顯得更為迫切。 本文先分析了國內外經(jīng)典的融資理論,并作出了簡要的總結分析。然后通過對房地產(chǎn)融資策略的比較研究,從微觀角度對我國中小型房地產(chǎn)企業(yè)融資現(xiàn)狀及其存在問題進行深入分析和比較論證。最后,通過DC房地產(chǎn)公司都市花園項目實例,并結合我國資本市場融資的實際情況,詳盡分析了該企業(yè)在開發(fā)中期如何通過特定資產(chǎn)收益權的信托模式進行項目融資。通過對該企業(yè)的分析,希望能對我國其他中小房地產(chǎn)企業(yè)的融資起到一定的借鑒作用。最后得出結論：隨著我國房地產(chǎn)市場的蓬勃發(fā)展,房地產(chǎn)企業(yè)對外融資的要求越來越高。通過信托模式融資,能夠較好地解決房地產(chǎn)企業(yè)資金不足的問題。此外目前我國資本市場上一些其他的融資手段例如券商的定向資產(chǎn)管理計劃、基金公司的專項資產(chǎn)管理計劃,以及一些其他創(chuàng)新手段的多元化發(fā)展,形成了有效的房地產(chǎn)二級資本市場。它們都進一步分散了銀行的信貸風險,促進了行業(yè)的健康發(fā)展。
[Abstract]:The real estate industry is a typical capital-intensive industry. In the process of real estate development, real estate companies have different needs for financing. However, the financing channel of real estate market is lagged behind, there is no reasonable and convenient financing channel, and excessive reliance on bank loans. At present, the bank in order to reduce the risk, improve the bank development loan conditions and requirements. This is even worse for the small and medium-sized real estate enterprises that are already in financing difficulties, which makes them need more financing channels outside the banks to solve the financing problem of project development. Therefore, the discussion about the real estate project financing way also appears to be more urgent. This article first analyzes the domestic and foreign classical financing theory, and makes the brief summary analysis. Then, through the comparative study of the real estate financing strategy, this paper makes a deep analysis and comparative demonstration on the present financing situation and the existing problems of the small and medium-sized real estate enterprises in China from the microcosmic point of view. Finally, through the example of DC real estate company's urban garden project and the actual situation of our country's capital market financing, this paper analyzes in detail how the enterprise carries out project financing through the trust mode of specific asset income right in the middle stage of development. Through the analysis of this enterprise, I hope it can be used for reference to other small and medium real estate enterprises in our country. Finally, the conclusion is drawn: with the booming development of real estate market in China, the external financing requirements of real estate enterprises are higher and higher. Through the trust mode of financing, can better solve the real estate enterprises lack of funds. In addition, at present, some other financing means in China's capital market, such as the targeted asset management plan of securities firms, the special asset management plan of fund companies, and the diversified development of some other innovative means, Has formed the effective real estate second-level capital market. They further spread the credit risk of banks, promoting the healthy development of the industry.
【學位授予單位】：北京交通大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F299.233.42

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