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1、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
2、，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
3、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
4、词：房地产；调控；融资渠道；多样化AbstractThe real estate industry in China is the important component of the national economy, as in the process of industrialization and urbanization of the development of modern industry and emerging fundamental industry, and plays an important role on Chinas social and economic li
5、fe. At the same time, the real estate industry has a Correlation effect, both stimulating the development of industrial and manufacturing sector, but also to promote prosperity of some tertiary industry, landscape, tourism and other industries. Development of real estate can quickly increase local r
6、evenue for the citys public infrastructure, even the welfare of culture, education, and health .It provides a stable source of funding.At present our countrys real estate market is not yet mature, real estate capital source mainly dependent on banks. Thus the mode of operation of real estate in our
7、country brings a lot of financial risks. Once the real estate company debt management problems, the risk of real estate industry eventually spread to the bank, then the industry risk transform into financial market risk. This shows, the financing mode is not stable, theres a hidden danger. In the ne
8、w macro-control background, with a series of real estate bank credit policies and measures have issued. Its really not easy to get a bank loan. However, in China the stock and bond markets cant play out its role. The disadvantages of the traditional financing channels gradually come to light, and ha
9、ve affected the sustainable and healthy development of the real estate. Face the dilemma for financing, real estate enterprises have started to search for diversified financing channels, such as real estate and private equity fund trust and the buyers credit, and so on, which have entered into the r
10、eal estate market and played an important role. As Soon as possible establishing the financing system, to get enough capital support, has become the key of the development of real estate industry. Therefore, this paper starts a simple discussion of real estate financing channels. First of all, the p
11、aper analyses the current real estate finance strategy under recent control policy of real estate. Whether Chinas real estate can overcome the financing difficulties relies on the innovation of financial tools and the improvement of the financing channels. Secondly, the paper in the developed countr
12、ies for reference of the mature real estate channels of financing, financing model for real estate fund some of the security is representative of the optional channels of analysis, Chinas real estate finance system needs to be perfect, the financial system still need to be further perfected. In shor
13、t, under Chinas real estate macroscopic background, while bottlenecks of real estate development and construction funds is encountered， its related industries will also be significantly affected. Then the development of our national economy has considerable obstacles. Therefore, the real estate busi
14、ness to diversify the financing channels for development has become an inevitable trend.Keywords: real estate; Regulation; Financing channel; diversification 朗读显示对应的拉丁字符的拼音目 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
15、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）新形势下房地产企业开发融资的应对之策211.调整心态和思路，制定多元化融资发展战略222.探索有效的民间融资方式223.建立中小房企发展基金和互助担保制度224.寻求合作开发225.积极进行房地产企业融资创新23（二）对当前房地产宏观调控的政策建议23结束语23参考文献24V 引 言 房地产业是国民经济的重要组成部分，在整个国民经济中属于基础性、先导性支柱产业。从现实经济社会生活看，房地产业是社会生产和生活的基本载体，房地产业作为一个在工业化、城市化过程中发展起来的现代产业，在社会经济生活中起着十分重要的作用。近年来中国房地产业对 GDP 的贡献率达到 30%左右。80 年代是房地产业起步的阶段，到了 20 世纪 90 年代，房地产
