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本科生毕业论文（设计）调控背景下房地产开发融资策略分析姓名吴凯军学号20084040216专业工程管理指导教师陈卫华2012年04月30日I摘要房地产业是我国国民经济重要的组成部分，其作为在工业化和城市化的过程中新兴发展的现代产业和基础性产业，对我国的社会经济生活起着举足轻重的作用。同时，房地产业具有关联效应，既能拉动工业与制造业的发展，又能促进部分第三产业、园林、旅游等行业的繁荣。发展房地产业，能够迅速增加当地财政收入，为城市的公共基础设施建设乃至文教卫生等福利事业提供稳定的资金来源。目前我国的房地产市场还尚未成熟，房地产资金来源主要依赖于银行，这样的运作模式给我国房地产金融带来很大风险，一旦房地产公司负债经营出现了问题，那么房地产业的风险最终就会波及到银行，从而把一个行业风险转化为金融市场的风险。由此可见，这种融资模式很不稳定，存在很大的隐患。在新的宏观调控背景下，随着一系列房地产银行信贷的政策和措施相继出台，获取银行贷款的门槛大大提高，而我国的股票及债券市场又不能发挥出其应起的作用。传统融资渠道的弊端逐渐显露出来，并且已经影响了房地产金融的持续、健康发展。面对融资困局，房地产企业纷纷开始探求多元化的融资渠道，诸如房地产信托、私募基金、买方信贷等等，纷纷进入我国房地产市场并起了重要作用。能否尽快建立健全多渠道融资体系，获得足够的资金支持，已成为房地产业发展的关键。为此，本文从房地产融资渠道若干问题着手展开探讨。首先，本文从我国房地产企业传统融资渠道的现状入手，并针对近年来出台的房地产调控政策，对当下我国当前房地产行业的融资策略进行分析。我国房地产能否突破融资困境，实现规模化发展，有赖于我国房地产金融工具的创新及融资渠道的完善。其次，本文借鉴发达国家成熟的房地产融资渠道，为房地产融资模式提供资金保障的一些具有代表性的可选渠道进行分析，我国房地产融资体系有待健全，金融体制还需进一步完善。总之，在我国房地产宏观背景下，房地产业开发建设的资金遭遇到瓶颈时，其相关产业也将会受到重大影响，进而对我国国民经济的发展产生相当大的阻碍。因此，房地产开发融资策略分析已迫在眉睫。关键词：房地产；调控；融资渠道；多样化IIAbstractTherealestateindustryinChinaistheimportantcomponentofthenationaleconomy,asintheprocessofindustrializationandurbanizationofthedevelopmentofmodernindustryandemergingfundamentalindustry,andplaysanimportantroleonChina’ssocialandeconomiclife.Atthesametime,therealestateindustryhasaCorrelationeffect,bothstimulatingthedevelopmentofindustrialandmanufacturingsector,butalsotopromoteprosperityofsometertiaryindustry,landscape,tourismandotherindustries.Developmentofrealestatecanquicklyincreaselocalrevenueforthecity’spublicinfrastructure,eventhewelfareofculture,education,andhealth.Itprovidesastablesourceoffunding.Atpresentourcountry'srealestatemarketisnotyetmature,realestatecapitalsourcemainlydependentonbanks.Thusthemodeofoperationofrealestateinourcountrybringsalotoffinancialrisks.Oncetherealestatecompanydebtmanagementproblems,theriskofrealestateindustryeventuallyspreadtothebank,thentheindustryrisktransformintofinancialmarketrisk.Thisshows,thefinancingmodeisnotstable,there'sahiddendanger.Inthenewmacro-controlbackground,withaseriesofrealestatebankcreditpoliciesandmeasureshaveissued.It’sreallynoteasytogetabankloan.However,inChinathestockandbondmarketscan'tplayoutitsrole.Thedisadvantagesofthetraditionalfinancingchannelsgraduallycometolight,andhaveaffectedthesustainableandhealthydevelopmentoftherealestate.Facethedilemmaforfinancing,realestateenterpriseshavestartedtosearchfordiversifiedfinancingchannels,suchasrealestateandprivateequityfundtrustandthebuyer'scredit,andsoon,whichhaveenteredintotherealestatemarketandplayedanimportantrole.AsSoonaspossibleestablishingthefinancingsystem,togetenoughcapitalsupport,hasbecomethekeyofthedevelopmentofrealestateindustry.Therefore,thispaperstartsasimplediscussionofrealestatefinancingchannels.Firstofall,thepaperanalysesthecurrentrealestatefinancestrategyunderrecentcontrolpolicyofrealestate.WhetherChina'srealestatecanovercomethefinancingdifficultiesreliesontheinnovationoffinancialtoolsandtheimprovementofthefinancingchannels.Secondly,thepaperinthedevelopedcountriesforreferenceofthematurerealestatechannelsoffinancing,financingmodelforrealestatefundsomeofthesecurityisrepresentativeoftheoptionalchannelsofanalysis,China'srealIIIestatefinancesystemneedstobeperfect,thefinancialsystemstillneedtobefurtherperfected.Inshort,underChina'srealestatemacroscopicbackground,whilebottlenecksofrealestatedevelopmentandconstructionfundsisencountered，itsrelatedindustrieswillalsobesignificantlyaffected.Thenthedevelopmentofournationaleconomyhasconsiderableobstacles.Therefore,therealestatebusinesstodiversifythefinancingchannelsfordevelopmenthasbecomeaninevitabletrend.Keywords:realestate;Regulation;Financingchannel;diversificationIV目录引言.............................................................1一、目前我国房地产融资的研究现状...................................2（一）房地产开发企业的资金来源....................................41.银行贷款....................................................42.房地产信托..................................................43.房地产抵押贷款证券化........................................54.房地产私募股权融资..........................................55.房地产项目融资..............................................76.房地产投资资金..............................................77.海外基金....................................................88.买方信贷....................................................89.房地产期权销售..............................................9（二）我国房地产企业融资渠道的现状.................................9二、调控背景下房地产企业融资的现状................................11（一）近年来房地产调控政策分析...................................11（二）国家宏观调控对房地产企业的影响.............................151.国家宏观调控对我国房地产市场的影响.........................152.宏观调控对房地产企业融资的影响.............................16三、我国房地产企业融资渠道存在的问题..............................17（一）发展历史较短...............................................18（二）资本市场有效性差...........................................19（三）房企自身融资结构不合理.....................................20（四）外部环境的影响.............................................201.土地取得成本较高...........................................202.金融市场法律体系不健全.....................................21四、宏观调控下我国房地产开发融资的具体对策分析....................21（一）新形