【摘要】：目前我國商業(yè)地產(chǎn)融資現(xiàn)狀并不盡如人意。作為資金密集型行業(yè),商業(yè)地產(chǎn)的投資期較長,且風(fēng)險較大,資金鏈的流暢是其健康、有效發(fā)展的基本條件,但從我國商業(yè)地產(chǎn)現(xiàn)狀來看,其資金循環(huán)模式簡單,融資能力不足,導(dǎo)致我國商業(yè)地產(chǎn)市場發(fā)展緩慢。 夾層融資的出現(xiàn),為處于新一輪宏觀調(diào)控政策下的商業(yè)地產(chǎn)融資提供了一條新的途徑。夾層融資產(chǎn)生和發(fā)展于20世紀(jì)80年代,是金融創(chuàng)新的產(chǎn)物。近年來,夾層融資在西方發(fā)達(dá)國家迅速發(fā)展起來,作為一種靈活的融資方式,彌補了優(yōu)先債務(wù)融資和股權(quán)融資之間的空缺,從而提高了資金使用效率。 但在我國,商業(yè)地產(chǎn)夾層融資目前尚處于應(yīng)用的初級階段,相關(guān)的政策法規(guī)還不完善,商業(yè)模式尚未成熟。國內(nèi)專門針對商業(yè)地產(chǎn)的融資以及對夾層融資的實踐研究均比較缺乏。 本文第一章介紹了夾層融資在商業(yè)地產(chǎn)運用的研究背景和意義,說明了本文的研究思路和研究方法；第二章詳細(xì)闡述了夾層融資的基本概念、特點及相關(guān)理論基礎(chǔ),并對國內(nèi)外夾層融資的相關(guān)研究進(jìn)行綜述；第三章認(rèn)真總結(jié)了商業(yè)地產(chǎn)夾層融資的國際經(jīng)驗和模式；第四章在前幾章的基礎(chǔ)上分析了我國商業(yè)地產(chǎn)夾層融資應(yīng)用的動因、發(fā)展現(xiàn)狀及存在的問題；第五章為重點章節(jié),以夾層融資相關(guān)理論為指導(dǎo),結(jié)合國外夾層融資的經(jīng)驗,對我國商業(yè)地產(chǎn)夾層融資的模式選擇和方案設(shè)計提出建議,并通過案例分析了夾層融資模式在我國的實踐;第六章總結(jié)了全文并得出了相關(guān)啟示。
[Abstract]:At present, the current situation of commercial real estate financing is not satisfactory. As a capital-intensive industry, the investment period of commercial real estate is longer, and the risk is larger. The smooth flow of capital chain is the basic condition for its healthy and effective development. However, from the current situation of commercial real estate in China, its circulation mode is simple. Financing ability is insufficient, cause our country commercial real estate market to develop slowly. The appearance of mezzanine financing provides a new way for commercial real estate financing under the new macro-control policy. Mezzanine financing emerged and developed in the 1980 s, which is the product of financial innovation. In recent years, mezzanine financing has developed rapidly in western developed countries. As a flexible financing method, it has made up the gap between priority debt financing and equity financing, thus improving the efficiency of capital use. However, in China, commercial real estate mezzanine financing is still in the initial stage of application, the relevant policies and regulations are not perfect, the business model is not mature. Domestic commercial real estate financing and mezzanine financing practice are relatively lacking. The first chapter introduces the research background and significance of mezzanine financing in commercial real estate, explains the research ideas and research methods, the second chapter describes the basic concept, characteristics and related theoretical basis of mezzanine financing in detail. The third chapter summarizes the international experience and model of commercial real estate mezzanine financing. The fourth chapter analyzes the reasons of the application of commercial real estate mezzanine financing in our country on the basis of the previous chapters. The fifth chapter, based on the relevant theory of mezzanine financing and the experience of foreign mezzanine financing, puts forward some suggestions on the mode selection and scheme design of the mezzanine financing in commercial real estate of our country. And through the case analysis of the mezzanine financing model in China's practice; the sixth chapter summarizes the full text and draw relevant enlightenment.
【學(xué)位授予單位】：廈門大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F299.23;F832.45

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