【作者】 连宇新；

【导师】 王红兵；

【作者基本信息】 武汉理工大学 ， 结构工程， 2006， 硕士

【摘要】 房地产业是一个特殊的行业，与其他行业相比具有高收益、高风险的明显特征，它对经济发展的带动力很强，是关系国计民生、拉动经济增长、改善居民生活条件的重要支柱产业。另一方面，房地产业又是一个资本密集性的产业，其发展与金融业的支持密不可分，两个行业互相影响、互为依托。 长期以来，房地产企业的主要资金来源就是银行贷款，自有资金只占很小的一部分，房地产金融体系结构单一。由于没有形成风险分担的机制，房地产融资的绝大部分风险都集中在银行身上，巨大的不良资产风险使银行难以为继。2003年后国务院、央行相继出台了一系列房地产金融政策，对房地产信贷作了进一步规范，各家银行对房地产开发贷款将更为慎重，房地产企业的融资渠道越来越狭窄。 在当前房地产企业公开发行证券融资受条件制约的情况下，本文以拓宽房地产企业的融资渠道为研究目的，以金融创新为指导思想，以房地产融资相关理论为基石，结合国内房地产行业的实际情况，通过分析目前中国房地产业及其相关产业的发展现状和存在问题，综合借鉴国外先进的融资模式，创造性提出一条适合中国房地产企业融资的新型模式——直接融资多元化与间接融资多元化相结合的、市场约束性强、监管力度大的多元化融资模式，在此基础上提出可采取私募融资同时拓宽房地产企业的直接和间接融资渠道，并给出一般性的文字模型。文章最后对私募融资所应采取的监管措施提出了意见。更多还原

【Abstract】 The real estate industry is a special industry, comparing with other industries, it has characteristics, like higher incomes and higher risks, it can drive the economy development strongly. And it is a very important supporting industry, which relates to the national policy and people’s livelihood and pulls to move the economy growth and improves residents’ live condition. On the other hand, the real estate industry is a capital-intensive industry either, and its development is inseparable with the support of the financial industry. The two industries influent and rely on each other.For a long time, the main capital resource of the real estate enterprises is the bank loan, while enterprises themselves have a small part of capital, and the real estate financial system structure is simplex. As a result of lacking the mechanism of risk-sharing, overwhelming major risks of the real estate financing are all concentrated in the banks. After 2003, State Department and Central Bank come on a series of financial policy to the real estate financing. So each bank will be more careful to their real estate exploitation loan. As a result, the channel of raising exploitation capital is more and more narrow.This paper, taking opening up financing channel widely of the real estate enterprise as to the study purpose, financial innovation as to the guideline, related theories of the real estate financing as the foundation, combining with the present circumstance of real estate industry, through analysis Chinese real estate industry and its relative industry’s development actuality and existing problem, puts forward a new mode for Chinese real estate enterprise financing in a creative way, which integrates the multi-direct financing and multi-indirect financing with strong market restriction and intendance. On base of it, the paper makes use of private placement to open up the direct and indirect financing channels widely of the real estate enterprise and gives a common character model. Finally, the paper gives some advices on its intendance.更多还原