我国房地产夹层融资制度探析

分类号:D922.2910710-2009111054硕士学位论文我国房地产夹层融资制度探析邬艳凤导师姓名职称贺桂华教授申请学位级别硕士学科专业名经济法学论文提交日期2012年5月25日论文答辩日期2012年5月29日学位授予单位长安大学TheSystemofChineseRealEstateMezzanineFinancingADissertationSubmittedfortheDegreeofMasterCandidate：WuYanfengSupervisor：Prof.HeGuihuaChang’anUniversity,Xi’an,Chinai摘要随着房地产行业的高速发展，我国房地产企业的融资需求越来越迫切，但在国家调控房价、采取各种措施抑制投资房地产的宏观调控政策背景下，房地产企业的融资渠道却进一步变窄。在经济利益的驱使下，房地产企业开始寻求新的融资方式。房地产夹层融资兼具债权融资和股权融资双重特性的独特优势，在我国房地产融资市场上有较大的发展空间。由于其系全新的融资模式，我国目前尚没有对此问题进行专门的法律规定，只能依据相关的法律法规支撑其运行。基于此，本文试图从中国现行法律规定出发，来探讨我国房地产夹层融资所涉及的相关法律问题，并提出完善意见。首先对房地产夹层融资进行了诠释，分析了两种典型的房地产夹层融资的模式，为进一步的研究打下理论基础，继而通过案例揭示房地产夹层融资在中国现行法律框架下运行面临的法律问题，通过对我国近年来的房地产宏观调控政策和与房地产夹层融资相关的法律规范进行梳理，指出房地产夹层融资在我国运行的必要性和可行性；最后结合我国现行法律规范并借鉴美国房地产夹层融资的运作经验，针对性地提出了相关的解决方法，以期对我国房地产夹层融资制度有所完善。关键词：房地产；夹层融资；法律制度；夹层借款；优先股iiAbstractAgreatincreasehaveseenintherealestatemarket,accordingly,realestateenterprisesareeagertogoafterfinancing;thechannelofrealestatefinancingisnarrowedhowever,underthebackgroundofmacrocontrolpolicyineconomy.Thedemandonmoneymaderealestateenterprisestrieshardtofindanewresolutiontosufficetheircapitalrequirement.Inrealestate,sincemezzaninefinancingwhichisjuniortomortgageloanbutseniortotheequityinvestorhassomeadvantagesofbothdebtfinancingandequityfinancing,thisfinancingtoolwillbepopularintherealestatecapitalmarketinChina.ItissuchanewmodelofrealestatefinancingtechniqueforChinacapitalmarkerthatthelawofchinahasnotspecialrulesforthisfinancingtechnique,butitmaybeoperatedunderpresentlawsofChina.ThisarticlefocusesonthelegalissuesofmezzaninefinancingofrealestatebasedonthelegalsystemofChina.SectionIofthisarticlewilldiscusstheconceptofmezzaninefinancingandanalyzethelegalstructureoftwotypicalmodelsofmezzaninefinancing.ThenAfteranalyzingatypicalcase,IwilldiscussprobablelegalproblemsofmezzaninefinancingofrealestateinChina’spresentlegalsystem.FollowedbyreviewingtherealestatefinancingregulationpolicyinfiveyearsandrelativelawsofmezzaninefinancingofrealestateinChina,andoutlinethelegalenvironmentofmezzaninefinancingofrealestateinChina.Thelastpartisthekeystoneofthispaper.Combinedwithchina’lawandUS’mezzaninefinancingpractice,thisarticlewillputforwardandfinallygivesomeresolutiontorelativeproblems.Keywords：RealEstate;MezzanineFinancing;Legalsystem;Mezzanineloans;PreferenceSharesiii目录绪论...................................................................................................................1（一）问题的提出..............................................................................................1（二）研究的目的与意义....................................................................................2（三）国内外研究现状......................................................................................................21.国外研究现状..........................................................................................................22.国内研究现状..........................................................................................................2（四）研究思路与方法.......................................................................................41.研究思路..................................................................................................................42.研究方法..................................................................................................................4（五）论文结构安排...........................................................................................5（六）创新之处..................................................................................................5一、房地产夹层融资制度诠释...........................................................................7（一）房地产夹层融资制度概述..........................................................................7（二）房地产夹层融资的模式.............................................................................91.夹层贷款模式..........................................................................................................92.优先股模式..............................................................................................................9（三）房地产夹层融资制度的参与人..................................................................101.夹层投资人............................................................................................................102.夹层融资人............................................................................................................103.特设目的公司........................................................................................................11二、房地产夹层融资制度发展状况及存在的法律问题..................................12（一）房地产夹层融资制度发展状况..................................................................12（二）房地产夹层融资制度存在的法律问题.......................................................141.夹层融资主体的问题............................................................................................142.我国《公司法》没有规定优先股........................................................................143.权利担保的法律性质认定问题............................................................................154.抵押权人和夹层贷款人之间的冲突....................................................................15iv三、完