發(fā)布時(shí)間：2018-01-17 23:13

  本文關(guān)鍵詞：我國(guó)房地產(chǎn)眾籌運(yùn)行機(jī)理研究　出處：《貴州財(cái)經(jīng)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 互聯(lián)網(wǎng)金融 房地產(chǎn)眾籌 運(yùn)行機(jī)理 案例分析

【摘要】：房地產(chǎn)行業(yè)是典型的資金密集型產(chǎn)業(yè),其具有資金投入大、運(yùn)營(yíng)周期長(zhǎng)等特點(diǎn)。歷經(jīng)數(shù)十年的高速發(fā)展,房地產(chǎn)行業(yè)已經(jīng)成為我國(guó)國(guó)民經(jīng)濟(jì)支柱性產(chǎn)業(yè)。然而,2014年以來(lái),由于銀行房貸收緊、供求關(guān)系轉(zhuǎn)變、市場(chǎng)預(yù)期下行,我國(guó)房地產(chǎn)企業(yè)融資難問(wèn)題日益突出。事實(shí)上,長(zhǎng)期以來(lái),我國(guó)的房地產(chǎn)企業(yè)就存在著融資渠道的單一、融資成本高、融資風(fēng)險(xiǎn)大等問(wèn)題。在這種形勢(shì)下,房地產(chǎn)企業(yè)急需新的融資模式來(lái)緩解當(dāng)前的融資現(xiàn)狀。與此同時(shí),隨著互聯(lián)網(wǎng)金融的風(fēng)靡,眾籌應(yīng)運(yùn)而生,從國(guó)外到國(guó)內(nèi)成為新型融資方式,并且在房地產(chǎn)行業(yè)得到應(yīng)用。2014年是我國(guó)房地產(chǎn)眾籌的伊始年,在近三年的時(shí)間里房地產(chǎn)眾籌取得了較快的發(fā)展,截至2016年上半年,房地產(chǎn)眾籌累計(jì)籌資規(guī)模約21億元,累計(jì)參與眾籌平臺(tái)有34家,為330個(gè)項(xiàng)目提供了大量的資金支持,但針對(duì)我國(guó)房地產(chǎn)眾籌的爆發(fā)式發(fā)展,學(xué)術(shù)界卻沒(méi)有關(guān)于其發(fā)展的金融理論依據(jù)的研究。據(jù)此,本文主要采用了定性分析法、比較分析法,針對(duì)眾籌融資模式對(duì)我國(guó)房地產(chǎn)行業(yè)適用的經(jīng)濟(jì)學(xué)原因進(jìn)行了深入剖析,分析打破了既往研究通常注重表象的弊病,得出了房地產(chǎn)眾籌得到發(fā)展的內(nèi)在運(yùn)行機(jī)理:(1)房地產(chǎn)眾籌為籌資者提供了一條低成本、高效率的融資渠道并節(jié)約其營(yíng)銷成本;(2)房地產(chǎn)眾籌拓寬了投資者投資渠道,降低其消費(fèi)成本,并能為其提高房屋消費(fèi)品質(zhì);(3)房地產(chǎn)眾籌能很好地緩解投融資雙方的信息不對(duì)稱程度,減少籌資人不作為的動(dòng)機(jī)從而降低道德風(fēng)險(xiǎn)。同時(shí)采用了案例分析法驗(yàn)證了其運(yùn)行機(jī)理的真實(shí)存在性,揭示了房地產(chǎn)眾籌在融資成本、融資便捷、消費(fèi)品質(zhì)、防范風(fēng)險(xiǎn)等方面具有比較優(yōu)勢(shì),指出了房地產(chǎn)眾籌是一種效率更高的商業(yè)模式。在實(shí)案分析過(guò)程中同時(shí)也發(fā)現(xiàn)了我國(guó)房地產(chǎn)眾籌發(fā)展的一些問(wèn)題,對(duì)此,本文提出了相應(yīng)的對(duì)策建議:(1)加強(qiáng)項(xiàng)目運(yùn)營(yíng)監(jiān)管,提高項(xiàng)目信息透明度,降低道德風(fēng)險(xiǎn),為實(shí)現(xiàn)眾籌各方參與者風(fēng)險(xiǎn)與收益的均衡共贏提供根本保障;(2)加快制定行業(yè)標(biāo)準(zhǔn)化法律文件,構(gòu)建完整的信用評(píng)價(jià)體系,為房地產(chǎn)眾籌健康發(fā)展提供良好的外部環(huán)境;(3)重視交易結(jié)構(gòu)創(chuàng)新,促進(jìn)房地產(chǎn)眾籌在中小房地產(chǎn)企業(yè)中的推廣運(yùn)用,讓更多參與者能夠享受到房地產(chǎn)眾籌帶來(lái)的紅利。
[Abstract]:Real estate industry is a typical capital-intensive industry with the characteristics of large capital investment and long operating cycle. After decades of rapid development, the real estate industry has become the pillar industry of our national economy. Since 2014, due to the tightening of bank mortgage, the change of supply and demand, and the downward expectation of the market, the financing problem of real estate enterprises in China has become increasingly prominent. In fact, for a long time. The real estate enterprises in our country have the problems of single financing channel, high financing cost and high financing risk. Real estate enterprises urgently need a new financing model to alleviate the current financing situation. At the same time, with the popularity of Internet finance, crowdfunding emerged as the times require, from abroad to domestic become a new type of financing. And in the real estate industry has been applied. 2014 is the first year of China's real estate crowdfunding, in the past three years, the real estate crowdfunding has achieved a rapid development, until 2016 in the first half of the year. The accumulative financing scale of real estate crowdfunding is about 2.1 billion yuan, and there are 34 participating in crowdfunding platform, which provides a large amount of financial support for 330 projects, but it is aimed at the explosive development of crowdfunding in real estate of our country. However, there is no academic research on the financial theory basis of its development. Accordingly, this paper mainly adopts qualitative analysis method, comparative analysis method. In view of the mode of crowdfunding, this paper deeply analyzes the economic reasons for the application of the real estate industry in China, and analyzes and breaks down the shortcomings of previous studies which usually focus on the appearance of the real estate industry. It is concluded that real estate crowdfunding provides a low cost and high efficiency financing channel and saves the marketing cost for the financiers. The internal operating mechanism of the development of real estate crowdfunding is: (1) the real estate crowdfunding provides a low cost and high efficiency financing channel for the financiers; (2) Real estate crowdfunding broadens investors' investment channels, reduces their consumption costs, and improves their housing consumption quality; (3) Real estate crowdfunding can alleviate the asymmetric degree of information between investment and financing parties. At the same time, it uses the case analysis method to verify the real existence of its operation mechanism, and reveals the real estate financing cost, financing convenience, consumption quality. Risk prevention and other aspects have comparative advantages, pointing out that the real estate crowdfunding is a more efficient business model. In the process of case analysis, we also found some problems in the development of real estate crowdfunding. This paper puts forward the corresponding countermeasures and suggestions: (1) strengthening the supervision of project operation, improving the transparency of project information, reducing moral hazard, and providing the fundamental guarantee for realizing the balance between risk and profit of all parties involved in crowdfunding; (2) speeding up the establishment of standardized legal documents of the industry, constructing a complete credit evaluation system, and providing a good external environment for the healthy development of public funding in real estate; 3) attach importance to the innovation of transaction structure, promote the promotion and application of real estate crowdfunding in small and medium-sized real estate enterprises, so that more participants can enjoy the dividend brought by real estate crowdfunding.
【學(xué)位授予單位】：貴州財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F299.23;F832.4

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