5.Housing is a special commodity in the long run, the appreciation of the opportunities, but because of its lack of liquidity, leading to the issue of ownership of the real estate market has produced a variety of real estate investment. Such as the transfer of ownership is difficult; increased the scale of investment projects will further aggravate the liquidity problems; investment in large projects, the part of the disposal of the assets will have problems; Finally, due to the lack of big projects available to compare the reference, the use of traditional valuation also the method of valuation problems, as a result of the lack of size and liquidity of the discount value is difficult to calculate. To solve the above problem, an effective method is the real estate investment projects for the implementation of the securitization. Real estate securitization funds need not obtain funds through bank loans, but the direct real estate property rights shift the nature of the securities held by the equity certificates issued by the capital market or money market securities, direct financing to investors mode of financing. There are many benefits to this mode of financing for the development of China's real estate industry, and improve the standard of living of the people.

The benefits are mainly the following:

1, provide liquidity and enhance the value of assets related to the market, the acceleration of the expansion of market scale and transaction time.

Currently, most of the real estate developers and consumers with the mortgages to investment or home buyers. Mortgage interest fixed cash flow as a guarantee, securitization tools can greatly reduce the risk of bank real estate mortgage. Promote the liquidity of the loans, to ensure the security of the loan. The short-term bank loans and long-term real estate investment contradiction can be resolved.

2, risk diversification, securitization portfolio (different assets, different development plans), but also to provide channels for investment in debt securities and equity securities, both of which have different risk characteristics; real estate securitization can absorbdispersion part of the savings and stock market funds. Provide a new choice for investors in the securities markets, and is conducive to the realization of China's securities market diversification and rationalization to ease the contradictions of the securities market investment. Promote stable and healthy development of the securities transactions.

3, direct ownership of the assets associated with management of trouble can be avoided, more specialized management, optimize the structure of assets and liabilities, to achieve the best balance of safety, liquidity and profitability. Real estate securitization to increase liquidity, is an effective means of dealing with non-performing assets of commercial banks. Bank deposits and term of the loan asymmetric contradiction can be resolved through real estate securitization, transfer and isolation of non-performing

loans, thereby enhancing the liquidity of assets, improve business performance, optimize the structure of assets and liabilities.

4, China's current real estate also very irregular, not many truly professional company. But with the securitization of real estate by experts to operate. investors can also share the profits of the real estate development and management. So to a certain extent on the country's tax transparency, to avoid double taxation holds an equity;

5, It can provide a more flexible financial structure to encourage debt instruments and leverage conditions.

7. In a rapidly changing environment, the use of the residual value assessment method may lead to some problems. The traditional residual value assessment method often need to calculate the results to seek, but there are too many variables in the process of calculation, and thus are prone to error. We want a balance, small changes may lead to huge changes in the balance of the main input variables in the calculation process. Calculated when the input variables are specific numerical values, and with the probability distribution of a range of data may be more appropriate. Calculated to be unable to respond to change over time due to the many changes, such as rent levels, the construction cost of the

interest rate or the rate of inflation. Such demand the results are actually not accurate, but also may lead to the decision-making mistakes. Therefore, the method has a great advantage compared with the the traditional residual value assessment method today flow:

A. cash flow analysis for the entire project life cycle analysis, it is possible to assess the benefits and costs of the entire project life cycle, whereby the net cash flow throughout the project cycle, the outstanding debt and interest payments can be calculatedand can be updated at any point in time, making the results more credible.

B. cash flow analysis, there are three ways: staging, net future value method and the discounted cash flow method. Installments may be calculated due to the cost, the accuracy of the evaluation can be improved, if the period costs change, the total interest payments can also be more accurately calculated. The computer can help to modify elements of the cash flow method and scenario testing can be carried out "if ...... .......", so that the cash flow method can react to changes in the situation and can manage some of the inherent risks of the project.

Cash flow analysis, however, also have disadvantages: 1.a cash flow analysis can not accurately reflect the corporate profit and loss, cash flow is the cash inflow and outflow recorded, but not business income, the costs and expenses of the record, nor is the corporate assets, liabilitiesrelying solely on cash flow and interest in the case of records,

the data can not be accurately measured enterprise liabilities and owners' equity. 2.Completely rely on cash flow to determine the value of the real estate development beneath a comprehensive cash flow from the cash point of view of the operating results and capital movement portrayed, but it does not fully reflect the true ability. 3.Cash flow results were affected by the impact of a single event, due to the the enterprises increased inventory, increased receivables, to reduce payables etc. will cause changes in the operating activities Net cash flow, and these changes are often not uniform often batches, there is a large difference between the net cash flow of the business activities and corporate income statement of earnings. Flow analysis therefore today there is still much room for improvement, real estate development and assessment, not simply a method used a variety of methods, but should be combined, complementary length, so as to ensure accurate and reliable results of the assessment.

第二篇：房地产开发论文

浅析房地产开发融资中的问题与对策

摘要：房地产开发融资是一项由诸多复杂因素构成的活动，房地产作为高风险，高投入，高回报的资金密集型行业，充裕的资金筹备是保证企业正常运作的前提，因此融资能力对房地产企业至关重要。近年来房地产资金来源主要依赖银行信贷，另外一些融资渠道，包括房地产信托、房地产基金、海外融资、股权融资等，由于各种各样的限制，融资规模仍然暴露了一些问题。针对这些问题本文在简单分析、总结原因的基础上，提出了一些个人对改善房地产开发融资问题的建议

关键词：房地产开发；企业融资；创新融资；问题分析；个人建议

正文：

房地产业是资金密集型产业，高收入，高风险，高产出。随着我国房地产投融资体制的变化和央行关于住宅开发贷款和住宅按揭贷款限制性规定等政策出台的出台，金融业门槛逐步加高，再加上土地招头标政策的实施，房地产企业的核心竞争力也已不再局限于产品本身，资本实力成为企业乃至整个行业健康发展的决定性力量。房地产企业能否尽快建立健全多渠道的房地产开发融资体系来获得足够的资金支持，已成为企业发展的瓶颈。

一、房地产开发融资中存在的问题

在经济转轨过程中房地产开发融资制度已经发生了深刻的变化，初步形成了多种融资方式并存发展的格局。但是，与发达市场经济国家相比，我国房地产融资体系仍然存在着严重的非均衡发展状况，阻碍了房地产业的健康发展。

1、房地产企业融资水平差异大

我国沿海城市与内地的经济水平差距很大，这导致了我国沿海城市和内地房地产开发融资数量差异较大。如果这个地区经济发展比较好，融资就容易获取，否则融资就很困难。同样在我国的房地产企业中，国资背景的企业占了近三分之一，其他的多为本土民营企业垄断，外来资金所占比例较小。在上市房地产公司中，国资背景的房地产企业占到三分之二左右。从企业融资水平上看，为数众多的中小企业由于规模小、市场份额小，被银行认为风险巨人，很难得到贷款支持。相比之下，境外房地产企业则兼有雄厚的资金和丰富的管理经验，但受政策限制，土地资源比较难于获取。

2、融资渠道单一，银行信贷所占的比重过大

银行贷款贯穿于土地储备、房地产开发、房地产销售的整个过程，所以约80％的土地购置和房地产开发资金都直接或间接地来自商业银行。这种单一的融资渠道，使金融风险过

于集中，不利于房地产行业的健康、持续发展。同时也说明多元化的融资体系尚未形成，必然会加大银行的信贷风险，使银行成为是房地产行业风险的最大承担者。具体地说，由于房地产开发融资渠道过度集中于银行，银行信贷政策的每一次变化和调整必然会给房地产业带来巨大冲击和影响，不利于房地产业健康稳定的发展；我国房地产融资的现状则是银行占据着超过一半的融资任务，而银行业所获得收益只是利息，所承担风险与收益并不对称，不利于银行体系的稳定；房地产业的高债务依存度导致企业形成软约束预算，不利于宏观调控的实施；房地产业自有资本偏低导致行业过度投资，形成了对其它产业的挤出效应，不利于国民经济的协调发展。

3、政府管制严格，法律制度不健全

除银行贷款外的其他融资方式，如上市融资、债券融资、基金融资等受相关法律法规制约，并且政府管制严格，目前在房地产开发融资中所占比重很小。此外政府出台的相关宏观调控政策，直接对房地产开发商融资带来了重大的影响。一般表现为：加大规范房地产信贷业务的力度；提高了信贷门槛。

4、房地产企业自有资金严重不足，普遍负债率较高

过高的负债比率不仅增大了企业的风险，而且也增加了债权人的风险，使企业的融资能力大大降低。为防止企业利润外流，保持企业的控制权，避免股权的稀释，企业融资选择总是先使用内部资金，在内部资金不足且条件允许的情况下才会使用外部姿金，即使在初始阶段企业也会优先选用债务融资，再是权益融资。

5、房地产企业规模不经济和信用差现象严重

房地产行业是非常典型的资本密集型产业，我国大多数房地产企业规模小，资源分散，开发企业整体水平不高，与其资金密集的行业特点极不相适应。这就导致开发能力低，抵抗风险能力差，具有区域影响力的开发商非常少。我国金融业对全国30多个行业信用进行了内部排序，房地产行业排名27位。信用低是当前开发商筹资难的一个原因之一，信用低即意味着信贷风险。

二、房地产开发融资问题的原因分析

1、大多数房地产企业自身条件先天性不足

大多数房地产企业自身条件先天性不足，鱼目混杂，实力较差是导致其融资困难的根本原因。我国一半以上的房地产企业 尤其是许多中小型企业大多数都先天不足，并且大都奉行 “ 机会主义路线” 。这主要是由于我国的房地产企业大多起点低。 很多是当年的建筑队发展过来的， 缺乏良好的底蕴; 其次是企业历史短，有很多是半路起家， 部分部门和单

位看到机会就成立了项目组， 由项目进而发展公司， 企业创建的目的很直接， 就是瞄准房地产暴利空间。 企业全部的核心在于获取项目收益， 谋求生存， 没有长期的远景目标， 因而造成房地产企业唯利是图，投机钻营。

2、社会信用制度不健全

房地产企业的信用问题，一方面来自于企业群体信用的短缺，另一方面国家缺少信用体系的硬性监督。总的来说，我国的信用体系还处在起步阶段，虽然少部分城市已经走在了全国前列，如北京、深圳等地已将企业贷款及担保情况实行联网查询。但这些系统还有很大的缺陷，仍是区域性的、专项的，信息渠道单一、覆盖面窄，操作还有待完善。我国信用体系的建立，还有一个较长的过程。

3、金融市场不完善及法规滞后

金融市场不完善及法规滞后是房地产企业融资困难的外部原因。我国的房地产业始于上个世纪八九十年代，房地产市场发展还很不成熟，特别是资本市场政策相对滞后的问题比较严重，使相应的融资运作缺乏有效的法律依据。另外，金融市场不完善也是造成融资困难的原因之一。以房地产基金为例，房地产的投资组合分为两部分，80%投向房地产及其关联行业，20%投向政府允许的债券市场。但由于我国金融工具较少，基金经理人再选择时就显得比较困难。房地产投资基金是一个新生事物，而且缺少相应的政策规则，实施起来障碍重重。

三、针对房地产开发融资问题的一些个人建议

1、发展多元化的房地产金融市场，完善风险控制机制

为房地产开发和经营的融资，除了债权融资和股权融资一级市场以外，还应该大力拓展证券化的二级市场。在这个二级市场上，各种金融创新产生了层出不穷的房地产金融工具，包括投资基金、信托证券、指数化证券等。投资者可通过房地产金融市场对证券化金融资产实行自主购买，房地产信贷机构则可通过二级市场逐步分散市场风险和信用风险。房地产融资的风险控制与规避是房地产融资的核心问题，既要控制融入方，即房地产企业本身的风险，如管理、经营风险，又要控制融出方的资金风险，保障融资出资方的资金安全。同时要规避外部风险，如市场因素、政策因素所带来的风险。实行分散投资原则，进行多样化组合投资，从而完善房地产的风险与收益机制。这样房地产企业才能吸引到更多的资金。融资渠道才能真正拓宽、完善。

2、建立完善的融资结构动态优化的机制

房地产企业融资结构的决策从属于企业的发展战略决策。因此，企业融资结构应与企业发展战略相协调，不断适应发展战略对融资结构的要求。对于任何一个企业来说，由于市场

的供求关系处于经常性的变化之中，资本的构成情况也在不断发生变化，融资总是呈现动态的状况。对于融资结构的管理，应建立财务预警体系，时时适应环境的变化，采取相应的策略。同时，公司在选择融资工具时，应注意利用可转换优先股、可赎回优先股、可转换债券及可赎回债券等有较好弹性的融资工具，保持弹性的资本结构。

3、完善房地产信用评级体系

信用评级在资本市场和金融市场上发挥着独特的作用，是市场的重要组成部分，是我国急需发展和规范的行业。完善房地产信用评级体系的途径有：一是要将信用评级作为真正的需求来发展，而不只作为满足一个审批程序的需求；二是规范信用评级行为，包括评级体系的完善合理、评级结果的公正等；三是企业发债券时，利率一定要与评级结果相一致，级别不同的企业，利率一定要体现出差别；四是引入国外信用评级机构，这样的竞争可以不断地提高国内信用评级机构自身的专业能力和市场信誉，最终形成公允的信用评级体系；五是在信用评级责任方面，将评级的公允性完全交给中介机构，而监管部门只需对评级机构进行监管，由市场来决定评级机构的生存和发展。

4、拓宽融资渠道，是使融资方式多元化，降低企业的融资风险

解决房地产融资问题的根本途径是寻找高质量的资金来源,即实现投融资渠道的创新以及融资渠道的整合提升,形成多元化的融资模式。改变传统的以银行为主要渠道的单一融资格局，发展银行信贷、产业投资基金及房地产信托基金、上市融资、项目融资、债券融资等多层次的融资体系，以分散房地产企业融资带来的压力，降低企业风险。此外还可以通过房地产企业可共同开发，联合集资建房，吸纳海外资金和闲散资金等渠道进行融资。

5、提高房地产企业自身实力，依靠直按融资

国家重视运用货币政策的杠杆来调整和规范房地产开发市场，避免房地产开发企业的违法违规操作和过度投机行为。银行对那些具备房地产开发资质、信用等级较高、没有拖欠工程款的房地产开发企业发放贷款：而对商品房空置率大、负债率比较高的房地产开发企业，将严格审批新增房地产开发贷款并重点监控。另一方面直按融资能使有实力、运作规范的房地产开发企业能够从股票市场、债券市场获得资金，而且在各种金融创新模式的推出及金融创新的市场发展，也会推动房地产金融的快速发展。所以房地产企业必须要从优化自身产品、改善经营、管理和服务、培养良好的业绩和团队、打造企业品牌、提高企业信誉等方面提升竞争力，从而改善整体融资水平和资本运作能力，获得投资方的信赖。

总结：

市场经济条件下，房地产开发企业的生存、发展都与融资相伴。融资驾驭控制得好，可

以给企业发展、壮大增加动力，融资失控必然影响企业健康发展、稳定和信誉，同时也会给企业、债权人、国家造成损失。虽然目前我国房地产开发企业主要的融资渠道仍是银行贷款，但在做好项目贷款可行性研究的基础上，还应该加强融资创新方面的研究。应该时刻关注市场，关注金融创新产品并进行深入研究，根据企业总体发展战略，有选择地设计融资结构，利用现有融资创新产品进行资金融通，以求得以更低的资金成本获取更大的经济收益。房地产融资市场是一个多元化的市场,它不仅在于产品的多样性,如银行、证券市场、基金等融资方式,而且还在于市场对层次性。所以推进国内房地产金融市场开放性,同时应力推房地产融资市场法律的建设。只有这样,新的金融市场、新的金融产品、新的金融工具才能出现,房地产多元化的融资体系才能确立。

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