我国房地产业融资方式研究

华中科技大学硕士学位论文我国房地产业融资方式研究姓名：杨孟泽申请学位级别：硕士专业：西方经济学指导教师：徐长生20060401I90102003IIABSTRACTSincethefirstinstitutionalinnovationofrealestatefinancinginearly1990’s,Chinahasnowenteredanewstagewhichrequiresthesecondinstitutionalinnovationcharacterizedbythediversificationoffinancingchannels.Since2003,therealestateindustryhasbeenaffectedbyaseriesoftighteningmacroeconomicpolicies,sothetraditionalfinancingwayscan’tsatisfythedemandforcapitalofrealestate.BecausetherealestatefinancingsysteminChinaisnotfullydeveloped,howtoexpandnewfinancingchannelsandestablishthemulti-waysoffinancingbecomesthemostimportantissueofrealestatedevelopment.ThefinanceofChina’srealestatehassomeproblemssuchasinadequatefinancialinstitutions,thefocusofmistakenfinancingwaysandsoon.Theylimittheexpansionoffinancingchannelsoftherealestate.Atpresent,thecorporatefinanceofChina'srealestateprimarilyusebankloans,equityfinancing,debtfinancingandothermeans,notonlyinternalfinanceandexternalfinanceareinadequate,butalsoequityfinancinganddebtfinancingareextremelyimbalanced.Thefundamentalreasonliesintheexistenceofstructuralandfunctionaldefects.DiversifiedfinancingchannelsforthesustainabledevelopmentofChina'srealestateindustryisnecessary,soweshouldtakemeasuresfromtwoaspects:financinginstitutionalinnovationandfinancingwaysinnovation.Thebasicapproachoffinancinginnovationistodevelopdirectfinancing,furtherperfecttheindirectfinancing,andguidelong-termcapitalintotherealestatemarket,constantlypromoterealestatetrust,realestateinvestmenttrustsandotherinnovativefinancingtoolstooptimizethesizeandstructureofcapitalandtorealizefinancingdiversification,developnewrealestatefinancingmechanisms.Keyword:RealEstateFinancing,FinancingInstitutionalInnovationFinancingWaysInnovation,DiversificationofFinancingChannels.111.11222003200361312120038311820044272004923(REIT)31.21.2.1,,,,,,1958(Modigliani)(Miller)MM(1)(2)()MM:MM,,,,1963,,,,,,,,,,,MM,4(Myers)(Scott)()()()(Jensen)(Meckling)(a0a1)(Ross)(Ross)2070,,(Myers)(Majluf),,,(1)(2)5(3)1.2.22020032003,,,,,,121199862005RealEstateInvestmentTrustsREITREITREIT(/)2005REIT,REITREIT7REIT1-34-5%200520041.31,8.2,3REIT922.12.1.130(1)(2)(3)(4)10(5)2.1.21:(1)(2)80%209040%(3)(4)11(FederalHousingAdministration,FHA)(VA)(FederalHousingBankSystem)290%:(1)(2)(3)3:(1)1250%(2)40%-50%(3)10%(4)()4206070:(1)(2)(3)2.1.3:1312320%4142.22.2.170-80152.2.21987116290%3198615%,25%41733-1()#19973817065012478991119024869146085653279010972883114547872199844149422149480105317126231936175812588698116698211811850919994795901210045711115664987032566022180480713446210206319562000599763096872013850756347601687046134802616142122281929052001769638771362911692196834251357044106115021839587367055622002974995361180442220335722439157228412412852738445146198961200313196922411363131382699546017000401162667377068916106050320046-453-1.1997-2003++20902000273032003371231880%75%3-23-220002001200220032730329552326183712323277255092865733107664158625015455834922991248822052899295928842840112710841077117675.675.074.975.84515.75471.77077.99137.32004,6-393.1,3-119971930%70%30%55%3-13.1.190%3.1.2IELIRLRIEL=+3.1RER:20ILEIRLRRE×−×=3.2()EIILLRRRRE=+−3.33.3IRLRERIRLE()ILRR−3.1.3121200391350200320031027213.2200652/33.2.119931993-200120012800000260038300002470%75%IPO34000229020057911200479203.2.2--------3.2.313060-90750200510.200552315%-30%60%2(50%)3200437123790.2%0.5%4243.3253.3.13-103-3%%19973817.0654.869255.230.1281.9119984414.9426.232147.890.1414.2119994795.9019.870158.000.2066.2520005997.6313.47683.000.0584.1920017696.3880.343147.000.0040.2320029749.9542.244325.000.0230.6920031319.6920.546358.000.00040.2720043-31997-20030.5%199340%263.3.2(1);(2):(0.01%)500(3)(4).273.43.4.150%3.4.22830%10%30%70%40%30%3.4.31-510293.541188.7500020%++=11210%200423034521,;2;33.6313.73.7.13790.2%1999220030.32320035085.238.730705032200120031.420032035200312120041-103951.062118.2738.137.530.516.320031.50.733403.7.21270%60%34312354.1130%70%30%70%2363137922060-7020003734JPMorganStarkInvestment1.51.306246.856:384.24.2.12002200312120121200337200498115.8661.18200393.4%3950.7%29%4-1200476.21%88.2963.97%4.614.04%16.275.78%6.798115.866-%30%240330%44.2.31124413213234.342149A2434.4(REIT)4.4.1REIT44REITREITREITREITREITREIT(REIT):14-24-2REITREIT4521REIT75%REIT2REIT75%REITREIT3REIT46REIT3REITREITREITREITREIT97%4.4.2REIT200REITREITREITREITREITREITREITREIT47REIT5-710REITREITREITOTCOTC4.51482349200632050[1]WilliamBBrueggeman;JeffreyDFisher(11)[M].446-461[2].[M]..2000153-167[3].[M]..200396-106[4].[M].200390-105[5].[M].200435-50[6].[M].1999[7].[M].1998[8].[J]..2002712-14[9].[J]..2002311-14[10].[J]..2005345-48[11].[J]..2004653-55[12].[J]..200410.34-35[13].[J]..2005372-75[14].[J]..2005551-54[15].REIT[J]..2005773-75[16].[J]...20057137-138[17].[J]..2005473-74[18].[J]..2005111-1551[19].[J]..2005262-63[20].[J]..2004945-47[21].[J]..20048:49-50[22]Wiedemer.John.Realestatefinance[M].Prenticehall.1990:23-25[23]Terrebce.M.Claurefie,G.stacySermons.RealEstateFinancetheoryandPractice[M].Prenticehall.1999:25-29[24]Myers.S.G.andN.S.Ma