夹层融资在我国商业地产的运用分析
发布时间：2018-10-12 12:56
【摘要】：目前我国商业地产融资现状并不尽如人意。作为资金密集型行业,商业地产的投资期较长,且风险较大,资金链的流畅是其健康、有效发展的基本条件,但从我国商业地产现状来看,其资金循环模式简单,融资能力不足,导致我国商业地产市场发展缓慢。 夹层融资的出现,为处于新一轮宏观调控政策下的商业地产融资提供了一条新的途径。夹层融资产生和发展于20世纪80年代,是金融创新的产物。近年来,夹层融资在西方发达国家迅速发展起来,作为一种灵活的融资方式,弥补了优先债务融资和股权融资之间的空缺,从而提高了资金使用效率。 但在我国,商业地产夹层融资目前尚处于应用的初级阶段,相关的政策法规还不完善,商业模式尚未成熟。国内专门针对商业地产的融资以及对夹层融资的实践研究均比较缺乏。 本文第一章介绍了夹层融资在商业地产运用的研究背景和意义,说明了本文的研究思路和研究方法；第二章详细阐述了夹层融资的基本概念、特点及相关理论基础,并对国内外夹层融资的相关研究进行综述；第三章认真总结了商业地产夹层融资的国际经验和模式；第四章在前几章的基础上分析了我国商业地产夹层融资应用的动因、发展现状及存在的问题；第五章为重点章节,以夹层融资相关理论为指导,结合国外夹层融资的经验,对我国商业地产夹层融资的模式选择和方案设计提出建议,并通过案例分析了夹层融资模式在我国的实践;第六章总结了全文并得出了相关启示。
[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.
【学位授予单位】：厦门大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F299.23;F832.45
本文编号：2266193
[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.
【学位授予单位】：厦门大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F299.23;F832.45
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