房地产融资风险研究

1、房地产融资风险研究由于我在房地产企业长期从事投融资及风险控制工作，因此研究房地产融资风险就成了首选研究课题。研究的相关准备情况如下：一、研究意义理论意义: 风险相关的研究很早就开始了，然而对于房地产融资风险和防范的研究却刚刚起步，房地产融资风险属于融资风险的一部分，通过对其研究可以完善融资风险理论和对其进行很好的规避和防范。现实意义:融资是企业获得快速成长和促进社会资源优化配置的重要途径。房地产企业想要实现持续、稳定、高速的增长，必须具备合适的融资渠道和融资模式。企业融资及其相关理论在发达国家已经形成了一套完善成熟的体系，但是在国内，企业融资方面的研究的时间较短，目前主要的研究集中在企业融资行

2、为对银行经营管理产生的影响，而从企业的角度对自身融资行为对自身经营风险的影响程度以及相应风险控制的研究相对较少。本文根据国外企业融资方面的前沿理论，结合国内的实际情况，对房地产企业融资行为及其相关的风险因素进行研究，并对企业融资的风险控制提出建议，为房地产企业提高自身的竞争力提供一定的参考。二、文献综述 目前房地产企业融资风险防范方面的前沿理论基本是在发达国家的完善的房地产金融体系的环境下进行的研究。国内的房地产投资增速和规模都有着显著的发展，对国内房地产融资风险相关理论的研究提出了要求和考验。房地产融资风险综述 2009年，王一在“房地产证券化模型及风险研究”中具体的论述了房地产融资的现状和

3、房地产证券融资的风险。王家庭、张换兆于2005年在“房地产融资方式多元化的经济学分析”中研究了从单纯的银行贷款向融资方式的多元化发展。他们指出房地产融资方式的多元化,有利于降低房地产融资风险,提高资本利用效率。陈灿于2011年在 “主权债务危机背景下中国房地产融资风险问题研究”中对我国房地产融资方面的分析基础之上，指出了我国房地产融资现状以及存在的问题。将我国与迪拜在房地产方面进行对比分析，分析了二者的共同点是融资以政府为主导和金融监管不到位带来的风险。房地产融资风险的影响因素综述 曾凡昌于2010年在试论房地产融资风险的法律规制中对房地产融资风险的法律法规因素进行了系统的阐述。刘晓艳、杨森于

4、2009年在“我国房地产融资渠道多元化探析”中房地产融资的宏观经济运行对房地产融资风险的影响作了具体的分析和介绍。他指出宏观经济对房地产融资的影响是最基本的也是最重要的因素之一。韩剑学2009年在“房地产开发项目的融资成本及风险分析”中强调了金融环境变化对融资风险的影响，作者认为投资者和受投资者委托的咨询公司，在项目融资咨询和决策前还应该考虑在整个建设项目期间可能出现的各类金融风险和汇率风险。房地产融资风险的防范对策建议综述 房地产金融在我国得到了迅速发展,但房地产融资中风险问题同样显著。 陈雪楚，2010在“我国房地产融资的风险与化解”中对其引起的风险进行了具体分析,最后从企业、银行、市场、

5、政府四个层次给出了相应的建议方法,力求通过四者之间的改革,化解房地产融资的风险,保证房地产金融的有效运行。2009年刘俊在“ 中国房地产企业的融资风险风险度量与防范对策”中提出用融资风险组合来解决房地产融资风险。廖俊平于2010年 "保险业在房地产融资中的作用"中强调了用保险担保来转移一定的房地产融资风险。孙德传于2008年在"房地产融资风险分析及其防范措施的研究"中鉴发达国家房地产市场的融资结构与融资方式提出我国规避金融风险的主要措施是房地产融资方式的多元化和证券化。纵观中国目前的研究成果，中国难以拥有国外前沿融资理论所要求的金融背景，而且国内目前房地

6、产金融风险防范和对策尝试与研究尚处于起步阶段，有相当多的课题等待研究。三、研究内容和方法 研究内容：本文通过借助国内外比较成熟的房地产融资风险管理理论和方法，对企业筹资风险管理进行综合论述。本人将从房地产融资风险的识别、评估和防范进行综合论述，试图找到适合我国国情的房地产融资风险防范方法。一、房地产融资风险概述及类型分析（一）房地产融资风险概述 1、融资理论和风险理论 2、房地产融资现状及问题（二）房地产融资融资风险类型 1、按房地产融资方式划分 2、按房地产融资内外划分二、房地产融资风险的影响因素（一）宏观经济因素 1、总体宏观经济指标 2、财政政策 3、货币政策 4、汇率政策 5、收入政策

7、（二）其他因素 1、金融市场监管 2、国家法律法规 3、企业自身因素 4、自然灾害三、房地产融资风险防范及对策（一）房地产融资风险的识别和评估 1、债务融资风险的识别和评估 2、权益融资风险的识别和评估（二）风险的防范 1、债务融资风险防范 2、权益融资风险防范 3、融资组合风险防范4、融资担保策略 5、融资分散多元策略 6、融资规模适度策略研究方法：本文主要从定性、量相结合的方法进行研究.四、课题研究进度安排（待定）部分参考文献4毛立平、胡坚，当前我国房地产金融风险及防范对策分析J，市场2004(9)5中经通投资咨询有限公司2004年房地产投资策略分析报告J, 2004, (12)6深圳证券

8、交易所，深交所上市公司治理状况调查分析报告J，证券时报，2005 7Molidigliani Franco and Merton H.Miller, The cost of capital corporation financeand the theory of investmentJ，American Economic Review, 1958，(48)8 Merton H.Miller, Debt and TaxesJ，Journal of Finance, 1977, (5)9 Merton H. Miller, The Modigliani-Miller Propositions af

9、ter Thirty YearsM，Journal of Economics Perspectives, Fall 198810 Lakshxni Shvam-Sunder Stewart C, Myers Testing Static Tradeoff against Pecking Order Models of Capital Structure, Journal of Finance EconomicsJ，1999, (51)11赵红英，当前房地产融资之问题探讨J，中国房地产金融，2001, (3)12 R.C.Merton, On the Pricing of Corporate D

10、ebt: The Risk Structure of InterstatesJournal of FinanceM，197413尤金.F.布里格姆、乔尔.F.休斯敦，财务管理基础M，北京:中信出版社，200414张锐，企业融资结构理论和启示J，银行与企业，1999, (2)15王希迎，丁建臣，陆桂娟，房地产企业融资新解M，北京:中国经济出版社，2005,1 16张伟明，房地产企业融资寻求突破J，房地产经理人，2003, (6)17孙红湘，中小房地产开发企业融资问题探讨J，中国房地产，2002 (9):3 18郭业力，我国房地产投融资格局分析及路径选择J，财贸研究，2006 (2)19孟履巅，房

11、地产业发展的回顾及思考J，经济师，2005 (12)20杨一平，孙峰，蒋东义，建立多层资本体系拓宽资金入市渠道J，亚洲证券研究所21赵中秋，冉伦，中国房地产企业融资模式与金融创新研究J，北京工商大学学报。200522郑修建:房地产金融，首都经济贸易大学出版社，200023柯大钢，王平心:MBA公司理财，西安交通大学出版社，199924张远昌:安全理财，中国纺织出版社，200225汪荣鑫:数理统计，西安交通大学出版社，199926威廉姆·B·布鲁格曼，杰夫瑞·D·费雪:房地产金融与投资，2000，东北财经大学出版社Study on risks of rea

12、l estate financingBecause I was in the real estate business has long been engaged in investment and risk control process, so researching real estate financing risk is the preferred research subjects. Research related to prepare as follows:First, the significance ofTheoretical significance:Risk-relat

13、ed research began a long time ago, but for real estate financing risks and prevention studies are just beginning, risk is part of the financial risk of real estate financing, through its research, to perfect the theory of financial risk and the avoidance and prevention of them very well.Relevance:Fi

14、nancing is the enterprise access to a fast-growing and important way to promote optimal allocation of social resources. Real estate company wants to achieve sustained, stable and fast growth, you must have the appropriate financing and financing models. Corporate finance and related theories in deve

15、loped countries have formed a sound and mature system, but at home, the study of corporate finance are short, the current main research focused on enterprise's financing behavior's impact on the management of Bank, while from the perspective of the enterprise's own financial behaviors im

16、pact their business risks and risk control of relatively small. According to this article the frontier theory of corporate finance, combined with the actual situation on real estate enterprise's financing behavior and related risk factors study and make recommendations on enterprise finance risk

17、 control, for the competitiveness of real estate enterprises to improve their own provide some reference.Second, the literature reviewCurrent theories of enterprise finance risk prevention in real estate is the perfect real estate finance system in developed countries under study. National real esta

18、te investment growth and development are significant in scale, domestic real estate financing risk-related studies in the theory of requirements and tests.Summary of financing risk in real estateIn 2009, Wang Yi in "real estate securitization model and risk study" specifically commented on

19、 the current situation of real estate financing and real estate securities financing risk. King family, change in 2005 in "real estate finance a wide range of economic analysis" studies from mere plurality of bank loans to finance development. They point out that diversification of real es

20、tate financing, help reduce risk in real estate financing, improving capital efficiency. Chen can in 2011, "China real estate financing in the context of the sovereign debt crisis risks research" based on analysis of China's real estate finance, pointed out that the current situation a

21、nd existing problems of Chinese real estate financing. Comparative analysis of China and Dubai in terms of real estate, analyses have in common is the financing of the two Government-led and the risks associated with financial regulation is not in place.Summary of influence factors of risk in real e

22、state financingZeng Fanchang in 2010 in the legal regulation of the risks in real estate financing real estate financing in the description of the risk factors was systems of laws and regulations. Liu Xiaoyan, Dr YEUNG Sum, in 2009 "analysis on the diversified financing channels for China's

23、 real estate" real estate finance in macroeconomic operation specific to the real estate financing risk of analysis and presentation. He noted that the macroeconomic impact on real estate financing is one of the most basic and the most important factor. Han Jianxue 2009 in "cost of financi

24、ng and risk analysis of real estate development projects" stressed the financial impacts of environmental changes on financing risk, the author considers it consulting company and commissioned by the investors in project financing Advisory and decision-making should also be taken into account d

25、uring the entire construction project before various financial risks and exchange rate risks that may arise.Overview of real estate financing risk prevention countermeasureReal estate finance in China has been developing rapidly, but risks so strong in real estate financing. Chen Xuechu, 2010 at &qu

26、ot;risk and solution of Chinese real estate financing" for specific analysis of its risks arising from, and finally from the enterprises, banks, markets, four levels of Government gives the recommended way through between the four reforms, address the risk of real estate financing, guarantee th

27、e effective operation of real estate finance. In 2009, Liu June "China real estate enterprises ' financing risk-risk measures and countermeasures" financing risk presented in combinations to solve the risk in real estate financing. Liao Junping in 2010, "the insurance industry'

28、;s role in real estate financing," stressed the insurance guarantees to transfer a certain amount of risk in real estate financing. Sun de in 2008 in "real estate financing research on risk analysis and preventive measures of" financing structure and financing of the real estate marke

29、t in developed countries the main measures proposed to avoid financial risks in China is a diversified real estate finance and securitization.Throughout China's current research results, China's difficulty with overseas financial backgrounds required by frontier finance theory and current do

30、mestic financial risk prevention and countermeasures of real estate to try and research is still in its infancy stage, there are quite a lot of topics awaiting research.Third, research contents and methodsResearch content:This mature by comparison with domestic and foreign real estate theory and met

31、hods of financial risk management, a synthesis of enterprise's financing risk management. Himself from the real estate financing risk identification, assessment and prevention of synthesis, trying to find real estate financing risk prevention methods suited to China's national conditions., O

32、verview and types of financing risk in real estate analysis(A) the financial risk of real estate overview1, financing and risk theory2, real estate financing present situation and problems(B) the real estate financing types of financing risk1, according to the real estate finance division2 both insi

33、de and outside, according to the real estate finance divisionSecond, real estate financing risk factors(A) the macroeconomic factors1, the overall macroeconomic indicators2, fiscal policy3, monetary policy4, exchange rate policy5, incomes policy(B) other factors1, financial market regulation2, the n

34、ational laws and regulations3, Enterprise personal factors4, natural disastersThird, real estate financing risks and countermeasures(A) the real estate financing risk identification and assessment1, debt financing of risk identification and assessment2, equity financing risk identification and asses

35、sment(B) prevention of risks1, debt financing risk prevention2, equity financing risk prevention3, combination of financing risk4, financing strategies5, financing decentralized pluralistic policy6, raise the moderate strategyResearch methods:This article primarily from qualitative and combined meth

36、od of study.IV project schedule (to be confirmed)V, section references4 Mao Liping, and Hu Jian, present financial risk of real estate in China and the countermeasure analysis of the j, the market (2004)5 through investment advisory company in real estate investment strategy analysis report 2004 j,

37、2004, (12)6 in Shenzhen Stock Exchange, Shenzhen Stock Exchange listed company governance survey report j, securities times, 20057 Molidigliani Franco and Merton H.Miller, The cost of capital corporation financeand the theory of investmentJ，American Economic Review, 1958，(48)8 Merton H.Miller, Debt

38、and TaxesJ，Journal of Finance, 1977, (5)9 Merton H. Miller, The Modigliani-Miller Propositions after Thirty YearsM，Journal of Economics Perspectives, Fall 198810 Lakshxni Shvam-Sunder Stewart C, Myers Testing Static Tradeoff against Pecking Order Models of Capital Structure, Journal of Finance Econo

39、micsJ，1999, (51)11 Zhao Hongying, the current probe into the financing of real estate j, China's real estate finance, 2001, (3)12 R.C.Merton, On the Pricing of Corporate Debt: The Risk Structure of InterstatesJournal of FinanceM，197413 in Eugene. F. Brigham, and Joel. F. Houston, foundations of financial management m, Beijing: China CITIC press, 200414 Zhang Rui, enterprise financing structure theory and enlightenment j, banks and enterprises, 1999, (2)15 the Tetrarch, Ding Jianchen, Lu Guijuan, new understanding of real estate corp