商用物业融资工具创新中政府监管对策研究

发布时间：2018-03-21 21:19

本文选题：商用物业融资　切入点：资产证卷化　出处：《西北师范大学》2015年硕士论文　论文类型：学位论文

【摘要】：2004年以来,为遏制住房价格过快上涨,国家采取一系列调控手段遏制住宅地产的过热投资。在此环境当中,商用物业受到了开发商的广泛关注,迎来了快速的发展。然而,商用物业的经营收入主要来自租金,资金回收周期较长,且在经营过程中需要持续的资金投入。另外,开发商为保持商用物业的统一经营,需保持商用物业产权的完整性,失去了通过预售、分割销售等途径快速回笼资金的重要融资渠道,为开发商带来了更加沉重的资金压力。由于房地产业长期受到宏观调控政策的重点关注,开发商难以通过传统的银行贷款获取必要的融资,同时原有的信托融资、私募基金融资资金成本高昂,国内上市融资受到证监会极为严格的审核,传统的融资工具已远远无法满足商用物业开发商的资金需求。在开发商对资金的需求、金融机构对房地产业投资的重视以及政府对银行业在房地产业中承担的风险的担忧的共同推动下,借鉴国外金融市场的成熟产品,国内商用物业融资工具创新逐渐启动,优先股制度、REITs等新型融资工具开始试点,融资租赁重新被启用,地产众筹融资逐渐纳入监管,CMBS也推出在即。然而,我国现有的金融分业监管体系难以对融资工具创新中各类金融机构的新角色进行专业而有效的监管,存在重复监管、信息分享低效、缺少法律依据等问题。这些问题必须通过金融监管体系的改革加以解决。
[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.
【学位授予单位】：西北师范大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D630;F299.233.47;F832.4

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