我国房地产金融的制度创新研究

发布时间：2018-02-01 10:31

本文关键词： 金融创新房地产新制度经济学制度创新制度安排　出处：《武汉理工大学》2013年博士论文　论文类型：学位论文

【摘要】：2010年以来出于对房地产市场过热和民生问题的考虑,政府收紧了房地产贷款和购房投资的资金供给量,这造成了以资本为支撑的房地产业的巨大的资金供给缺口。我国的房地产金融创新也正是在这种宏观背景下产生和发展起来的。当然,由于信息不对称、机会主义行为和委托代理等制度问题的存在,也阻碍了房地产金融创新的健康发展,这也是需要引起我们重视的问题。基于以上背景,如何克服我国的金融市场的不成熟和不完善,通过何种制度安排来促进我国房地产金融创新的合理规范发展是非常值得研究的新课题。本论文综合运用新制度经济学中交易成本理论、产权理论、契约理论、制度变迁理论和博弈论等相关学科的理论和方法,重新界定房地产金融的制度创新内涵。通过分析了房地产金融创新中的制度问题和各个利益主体的微观利益结构,在制度安排方面提出了促进我国房地产金融创新政策建议。全文主要研究内容如下：本文首先对房地产金融创新的相关概念进行定义,并在此基础之上概述了国外房地产金融创新的发展状况,包括房地产金融工具创新、组织创新和监管创新。通过构建新制度经济学的理论分析框架,将金融交易成本、金融契约、金融产权、金融制度变迁等概念引入房地产金融创新的研究范畴,从契约理论的角度界定了房地产金融创新的制度内涵,认为房地产金融创新从本质上具有契约性质,其产生和发展都有其内在的制度逻辑,这为后文的研究奠定了基础。从制度的角度对重新审视房地产金融工具的创新、组织创新,认为金融创新的契约本质决定了房地产金融创新中的关系治理的必要性。运用交易成本理论和不完全契约理论进一步分析了房地产金融创新中契约关系的治理问题,提出金融合约的标准化是解决这些复杂关系的有效途径。从金融创新与监管的互动关系出发,对房地产金融监管制度的供给和需求进行了具体的分析,进而得出房地产金融监管创新和变迁的制度逻辑。只有针对房地产金融工具创新和组织创新的问题根源,并实施相应的监管制度创新,才能提高金融监管的有效性和控制金融风险。以房地产金融创新中各个主体之间的博弈关系为基点,建立了以房地产企业、金融机构、金融投资者和监管者为主要参与者的博弈模型,通过分析金融机构与房地产企业、金融机构与投资者、金融机构与监管者以及金融机构与金融机构之间的微观利益结构,进一步说明了房地产金融监管在金融创新中的重要作用。在制度安排方面,以我国房地产金融市场的宏观调控为背景,通过分析近三年来我国房地产金融创新的现状、问题及其原因,并据此提出了我国大力发展房地产金融创新的重要意义。在结合房地产金融创新的理论分析和我国具体国情的基础上,从政策和法制层面上,提出了促进我国房地产金融创新的相关制度安排和若干政策建议。综合各部分的研究,本文认为,促进我国房地产金融创新的思路应该从金融监管的创新和相关配套制度的建设入手,构建了包含产权保护制度、信息披露制度、人才培养机制和创新激励机制在内的“全方位”的制度框架,从宏观和微观两个层面推动我国房地产金融创新的可持续发展。
[Abstract]:Since 2010 because of the overheated real estate market and people's livelihood issues, the government tightened real estate loans and the purchase of investment capital supply, which caused by capital huge funding gap of supply support of the real estate industry. The real estate financial innovation in China is produced and developed under the macro background the. Of course, because of the information asymmetry, opportunism behavior and principal-agent system problems, but also hindered the healthy development of the real estate financial innovation, which is the need to arouse our attention. Based on the above background, how to overcome China's financial market is not mature and not perfect, through what kind of system to promote the development of a reasonable standard of China's real estate financial innovation is a new topic worthy of study.
This paper using the new institutional economics transaction cost theory, property rights theory, contract theory, theories and methods of institutional change theory and game theory and other related disciplines, the connotation of the system innovation to redefine the real estate finance. Through the microcosmic structure analysis of the real estate financial innovation in the system and the various stakeholders, in the system arrangement is proposed to promote China's real estate financial innovation policy recommendations.
The main contents of the full text are as follows:
Firstly, the related concept of real estate financial innovation are defined, and based on the development status of foreign real estate financial innovation, including the real estate financial tool innovation, organizational innovation and regulatory innovation. Through Gou Jianxin institutional economics theory analysis frame, the financial transaction cost, financial contract, financial property, research category the financial system changes and introduced the concept of real estate financial innovation, from the perspective of contract theory defines the connotation of the system of real estate financial innovation, that the real estate financial innovation has the nature of the contract, its emergence and development has its own internal logic system, which laid the foundation for the later research.
Innovation, re examination of the real estate financial instruments from the perspective of system innovation, believes that the contract nature of financial innovation determines the necessity of relationship governance real estate in financial innovation. Using the transaction cost theory and incomplete contract theory, further analyzes the governance problems of real estate financial contract relationship in the innovation, and puts forward the financial contract the standard is the effective way to solve these complex relationships.
From the point of view of the relationship between financial innovation and regulation, the real estate finance supervision system of supply and demand is analyzed, and then draw the system logic of real estate financial supervision innovation and change. Only in the real estate financial tool innovation and organizational innovation is the root of the problem, and supervising the implementation of the corresponding system, in order to improve the effectiveness of financial supervision and control of financial risk.
The game between each of the main real estate financial innovation as the starting point, to establish a real estate enterprises, financial institutions, game model as the main participants of financial investors and regulators, through the analysis of financial institutions and real estate enterprises, financial institutions and investors, the microcosmic structure between financial institutions and regulators and financial institutions and financial the mechanism, further demonstrated the important role of the real estate financial supervision in financial innovation.
In terms of institutional arrangements, the macro-control of China's real estate financial market as the background, through the analysis of the status quo of China's real estate financial innovation in the past three years, problems and their causes, and the important significance of the vigorous development of China's real estate finance innovation of this article. Based on theoretical analysis combined with the real estate financial innovation and China's specific national conditions, from the policy and legal level, put forward to promote the institutional arrangement of China's real estate financial innovation and some policy suggestions.
A comprehensive study of each part is considered in this paper, the promotion of China's real estate financial innovation should start from the construction of the innovation of financial supervision and the related system, constructed the system of property rights protection, information disclosure system, personnel training mechanism and incentive mechanism of innovation, "all-round" system to promote the sustainable development of our framework. China's real estate financial innovation from the two macro and micro level.

【学位授予单位】：武汉理工大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F299.233.38

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