我国房地产众筹运行机理研究

发布时间：2018-01-17 23:13

本文关键词：我国房地产众筹运行机理研究　出处：《贵州财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：房地产行业是典型的资金密集型产业,其具有资金投入大、运营周期长等特点。历经数十年的高速发展,房地产行业已经成为我国国民经济支柱性产业。然而,2014年以来,由于银行房贷收紧、供求关系转变、市场预期下行,我国房地产企业融资难问题日益突出。事实上,长期以来,我国的房地产企业就存在着融资渠道的单一、融资成本高、融资风险大等问题。在这种形势下,房地产企业急需新的融资模式来缓解当前的融资现状。与此同时,随着互联网金融的风靡,众筹应运而生,从国外到国内成为新型融资方式,并且在房地产行业得到应用。2014年是我国房地产众筹的伊始年,在近三年的时间里房地产众筹取得了较快的发展,截至2016年上半年,房地产众筹累计筹资规模约21亿元,累计参与众筹平台有34家,为330个项目提供了大量的资金支持,但针对我国房地产众筹的爆发式发展,学术界却没有关于其发展的金融理论依据的研究。据此,本文主要采用了定性分析法、比较分析法,针对众筹融资模式对我国房地产行业适用的经济学原因进行了深入剖析,分析打破了既往研究通常注重表象的弊病,得出了房地产众筹得到发展的内在运行机理:(1)房地产众筹为筹资者提供了一条低成本、高效率的融资渠道并节约其营销成本;(2)房地产众筹拓宽了投资者投资渠道,降低其消费成本,并能为其提高房屋消费品质;(3)房地产众筹能很好地缓解投融资双方的信息不对称程度,减少筹资人不作为的动机从而降低道德风险。同时采用了案例分析法验证了其运行机理的真实存在性,揭示了房地产众筹在融资成本、融资便捷、消费品质、防范风险等方面具有比较优势,指出了房地产众筹是一种效率更高的商业模式。在实案分析过程中同时也发现了我国房地产众筹发展的一些问题,对此,本文提出了相应的对策建议:(1)加强项目运营监管,提高项目信息透明度,降低道德风险,为实现众筹各方参与者风险与收益的均衡共赢提供根本保障;(2)加快制定行业标准化法律文件,构建完整的信用评价体系,为房地产众筹健康发展提供良好的外部环境;(3)重视交易结构创新,促进房地产众筹在中小房地产企业中的推广运用,让更多参与者能够享受到房地产众筹带来的红利。
[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.
【学位授予单位】：贵州财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.23;F832.4

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