本文選題：商用物業(yè)融資　切入點：資產(chǎn)證卷化　出處：《西北師范大學》2015年碩士論文　論文類型：學位論文

【摘要】：2004年以來,為遏制住房價格過快上漲,國家采取一系列調(diào)控手段遏制住宅地產(chǎn)的過熱投資。在此環(huán)境當中,商用物業(yè)受到了開發(fā)商的廣泛關注,迎來了快速的發(fā)展。然而,商用物業(yè)的經(jīng)營收入主要來自租金,資金回收周期較長,且在經(jīng)營過程中需要持續(xù)的資金投入。另外,開發(fā)商為保持商用物業(yè)的統(tǒng)一經(jīng)營,需保持商用物業(yè)產(chǎn)權(quán)的完整性,失去了通過預售、分割銷售等途徑快速回籠資金的重要融資渠道,為開發(fā)商帶來了更加沉重的資金壓力。由于房地產(chǎn)業(yè)長期受到宏觀調(diào)控政策的重點關注,開發(fā)商難以通過傳統(tǒng)的銀行貸款獲取必要的融資,同時原有的信托融資、私募基金融資資金成本高昂,國內(nèi)上市融資受到證監(jiān)會極為嚴格的審核,傳統(tǒng)的融資工具已遠遠無法滿足商用物業(yè)開發(fā)商的資金需求。在開發(fā)商對資金的需求、金融機構(gòu)對房地產(chǎn)業(yè)投資的重視以及政府對銀行業(yè)在房地產(chǎn)業(yè)中承擔的風險的擔憂的共同推動下,借鑒國外金融市場的成熟產(chǎn)品,國內(nèi)商用物業(yè)融資工具創(chuàng)新逐漸啟動,優(yōu)先股制度、REITs等新型融資工具開始試點,融資租賃重新被啟用,地產(chǎn)眾籌融資逐漸納入監(jiān)管,CMBS也推出在即。然而,我國現(xiàn)有的金融分業(yè)監(jiān)管體系難以對融資工具創(chuàng)新中各類金融機構(gòu)的新角色進行專業(yè)而有效的監(jiān)管,存在重復監(jiān)管、信息分享低效、缺少法律依據(jù)等問題。這些問題必須通過金融監(jiān)管體系的改革加以解決。
[Abstract]:Since 2004, in order to curb the excessive rise in housing prices, the state has adopted a series of regulatory measures to curb overheated investment in residential real estate. In this environment, commercial properties have received extensive attention from developers and have ushered in rapid development. However, The operating income of commercial properties mainly comes from rent, the recovery period of funds is relatively long, and the continuous capital investment is required in the course of operation. In addition, in order to maintain the unified management of commercial properties, developers need to maintain the integrity of the property rights of commercial properties. The loss of an important financing channel for quick recovery of funds through pre-sale, split sales and other means has brought more serious financial pressure to developers. Since the real estate industry has long been the focus of macroeconomic regulation and control policies, It is difficult for developers to obtain the necessary financing through traditional bank loans. At the same time, the original trust financing, private equity funds financing costs are high, domestic listed financing is subject to very strict scrutiny by the Securities Regulatory Commission. Traditional financing tools are far from meeting the capital needs of commercial property developers. With the attention of financial institutions to real estate investment and the government's concern about the risks that the banking industry bears in the real estate industry, and drawing on the mature products of foreign financial markets, the innovation of domestic commercial property financing tools is gradually starting. The preferred stock system and new financing instruments, such as REITs, have been piloted, financial leases have been reactivated, and property financing has gradually been brought into regulation. It is difficult to regulate the new role of all kinds of financial institutions in the innovation of financing tools in the current financial separation supervision system of our country. There is repeated supervision and information sharing is inefficient. Lack of legal basis and so on. These problems must be solved through the reform of financial supervision system.
【學位授予單位】：西北師范大學
【學位級別】：碩士
【學位授予年份】：2015
【分類號】：D630;F299.233.47;F832.4

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