影子银行对我国中小房地产企业融资的影响

发布时间：2018-01-14 11:29

本文关键词：影子银行对我国中小房地产企业融资的影响　出处：《陕西师范大学》2014年硕士论文　论文类型：学位论文

【摘要】：全球金融自由化程度越来越高,伴随而来的是影子银行体系发展和逐渐膨胀。现代金融体系涵盖着各类具有创新、复杂的金融功能的机构、工具,影子银行作为其重要组成部分,对现有的金融体系结构有着深度的影响,它的发展影响整个金融体系的稳定。影子银行在发达体中的融资规模超过了传统银行体系,其结构复杂,高度关联,单独或共同组成信用链条行使银行的主要职能,这些影子银行体系的金融机构或者工具表现形式多样、作用机制变化多端,杠杆率高、运作隐蔽且大都游离于货币当局和监管当局视野之外。上述这些特点也导致了较普遍的观点认为影子银行是金融危机爆发和近年内货币政策日见失效的根源,再加之监管不到位成为其风险影响程度的放大器。房地产行业的发展至关重要的是资金,对于中小房地产企业来说,控制成本,拓展融资渠道是解决发展问题的根本。2014年是我国房地产企业再融资的开闸之年,中小房地产企业的融资需求进一步增加,难度也进一步提高,如何在保证房地产业健康稳定发展的情况下,让中小房地产企业有更为良好地生存空间和更多元化的融资渠道,有必要进行深入的研究和探析。中小房地产企业一方面可以在一定程度上防止大型房地产企业形成行业垄断局面,改进房地产行业的竞争机制以及完善房地产行业相关法律及规定。另一方面,中小房地产企业由于缺乏融资实力、业务发展能力以及政策上的缺失等方面的限制,使得中小房地产企业特别是民营企业在资金上的阻碍越来越大。综上,受世界范围的金融风波影响,我国的影子银行体系是如何存在的以及有何利弊?我国中小房地产企业的融资困境是怎么形成的?中国影子银行体系对中小房地产企业的融资会造成什么影响、起到什么作用?如何改革我国影子银行监管制度、推进对中小房地产企业融资产生的积极意义?本文的研究思路从上述四个问题展开,着眼于中国影子银行与我国中小房地产企业融资的关系以及产生的影响和意义,最后通过监管制度的完善层面提出影子银行对我国中小房地产企业融资的指导建议。本文遵循提出问题、分析问题、解决问题的研究路线展开分析。以文献综述和理论基础作为研究的理论背景,利用AHP模型实证检验影子银行对我国中小房地产企业融资的影响因素作为对理论的验证,具体操作是对传统的SWOT方法进行改进,改变以往单一的定性分析,建立了关于中小房地产企业融资影响因素的层次分析模型,具体量化影子银行的发展趋势和影响结果,并根据SWOT方法定性概括企业内外部环境以及AHP模型量化的影响因素比例我们得出：中小房地产企业根据影子银行体系中各融资方式的特点,在企业发展的不同时期和不同需求的情况下,灵活选择和运用各种融资方式,用企业自身优势和国家宏观调整政策机遇弥补中小房地产企业不足于大型房地产企业的劣势,从而降低企业成本、资金风险实现企业的可持续发展。
[Abstract]:The global financial liberalization degree more and more high, is accompanied by the development of the shadow banking system and the gradual expansion of the modern financial system. Covering with all kinds of complicated financial innovation, function mechanism, tools, shadow banking as its important part, has a deeper effect on the financial system of the existing structure of the financial system the stability of its development. The shadow banking in developed in the scale of financing than the traditional banking system, its structure is complex, highly correlated, alone or together to exercise the main functions of bank credit chain, financial institutions, the shadow banking system or tool forms, mechanism of high leverage, be the most changeful, covert operation and mostly free from the monetary authorities and regulators of sight. These characteristics also led to a widespread belief that shadow banking is the financial crisis and In recent years, monetary policy is the root of failure, and the regulation is not in place as the degree of risk. Amplifier
Crucial to the development of the real estate industry is capital, cost control for small and medium-sized real estate enterprises, expand financing channels is a fundamental solution to the problem of development of.2014 in our country real estate enterprises refinancing gate of the year, small and medium-sized real estate enterprises financing needs further increases, the difficulty is further improved, how to ensure the real situation to the healthy and steady development of industry, so that small and medium-sized real estate enterprises have a good living space and more diversified financing channels, it is necessary to in-depth research and analysis.
On the one hand, small and medium-sized real estate enterprises can prevent the formation of monopolization of large real estate enterprises to a certain extent, the competition mechanism to improve the real estate industry and the improvement of the real estate industry related laws and regulations. On the other hand, the small and medium-sized real estate enterprises because of the lack of financial strength, business development ability and the lack of policy restrictions. The small and medium-sized real estate enterprises especially private enterprises hinder more and more. In the capital
In summary, by the global financial turmoil, China's shadow banking system is how to exist and what are the advantages and disadvantages? Financing difficulties of small and medium sized real estate enterprises is formed? China shadow banking system of small and medium-sized real estate enterprise financing will cause what effect, what effect to have? How to reform the supervision system China's shadow banking, to promote the positive significance of financing of small and medium-sized real estate enterprises? This paper start from the above four problems, focus on the impact on the relationship between Chinese and shadow banking of China's small and medium-sized real estate enterprise financing and the emergence and significance, finally through the improvement of the supervision system puts forward the shadow banking financing to me small and medium-sized real estate enterprises guidance and advice.
This follows the questions, analyze problems, solve the problem of route are analyzed. By literature review and theoretical basis as the theoretical background of the research, by using the AHP model empirical test on China's shadow banking financing of small and medium-sized real estate enterprises as the verification of the theory of factors, the specific operation is to improve the original SWOT method. Change the traditional single qualitative analysis, analysis model is established on the level of the influence factors of the financing of small and medium-sized real estate enterprises, the development trend of the shadow banking and quantify the effect, and according to the SWOT method of qualitative summary of the internal and external environment and the influence of AHP model to quantify the factors that the proportion of small and medium-sized real estate enterprises according to the characteristics of the financing way of the shadow in the banking system, in different stages of enterprise development and the needs of different situations, select and use a variety of flexible financing methods, use the The company's own advantages and national macro adjustment policy opportunities make up for the disadvantages of small and medium-sized real estate enterprises which are less than large scale real estate enterprises, so as to reduce business costs and capital risks and achieve sustainable development of enterprises.

【学位授予单位】：陕西师范大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42;F832.39

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