专业英语结课作业人文地理学研究生二年级.docx

专业英语结课作业人文地理学研究生二年级.docx

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专业英语结课作业人文地理学研究生二年级

专业英语结课作业

——李宁2012级人文地理

OnFinancingModelsofRealEstateEnterprise

房地产公司的融资模式

Abstract:

Againstthebackgroundthatthecentralgovernmentisstrengtheningmacrocontrolandtighteningcreditscaleofrealestatebusinesses,financingcapacitybecomesthedeterminantforarealestateenterprise'sdevelopment.Domesticenterprisesnavemanywaysoffinancing,andthispaperdescribestencommonmodels,simplyanalysestheadvantagesanddisadvantagesofeachmodel,whileexplainsandrecommendsthreefinancingexamplesmodelswithpracticalexamples:

individualentrustedloan,trustfinancingandassetssecuritization.

摘要:

在国家加大宏观调控力度、紧缩房地产信贷规模的背景下,房地产企业面临严峻的资金压力,融资能力成为决定房地产持续发展的决定因素。

国内房地产企业的融资方式较多,本文深入浅出地介绍了常见的十种模式,简单地分析了各种模式的优缺点,并结合工作实际,推荐和较详细地介绍了三种融资模式:

个人委托贷款、信托融资、资产证券化。

Keywords:

realestateenterprise,enterprisefinancing,individualentrustedloan,trustfinancing,assetssecuritization,equityfinancing

关键字:

房地产企业;企业融资;个人委托贷款;信托融资;资产证券化;股权融资

文章分为四部分:

1、Introduction介绍

2、Commonfinancingmodelforrealestateenterprises房地产公司的一般融资模式

3、Comparisonandselectionofrealestateenterprisefinancingmodels对比选择房地产公司融资模式

4、Conclusion结论

1、Introduction介绍

Realestateindustryfeaturesincapitalintensive,longdevelopmentcycle,greatinput,highriskandsoon.Traditionalfinancingwaysforrealestateenterprisesmainlyincludeself-fundedplusbankloans.SincethePeople'sBankofChinaissuedNo.121Paper,financialinstitutionstightenedcashflows,enterprisesdependentoncommercialbanksforfinancinggetintodifficulties,meaningfinancingcapacityhasbecomeadeterminantforthesustainabledevelopmentofarealestateenterprise.

ThefinancialsysteminChinaisnotmature,sorealestateenterprisesshouldnotonlybeconfinedtobankloans,butalsoseekformorefinancingchannelsandfullyplaythediversifiedfinancingfunctionsofthesociety,forsurvivalandfurtherdevelopment.Onlyenterpriseswithtimelyinnovationinfinancingandplentyofcapitalcansurviveanddevelop.Therefore,itisnecessaryandmeaningfultostudyandanalyzevariousfinancingways.

2、Commonfinancingmodelforrealestateenterprises房地产公司的一般融资模式

Domesticrealestateenterpriseshavedifferentfinancingmodels,eachwithadvantagesanddisadvantages,andtheyaresummarizedasfollows:

2.1Bankloans银行贷款

Thisisatraditionalfinancingmethod.Accordingtostatistics,beforeNo.121PaperfromthePeople’sBankofChina,realestateprojectssourcedabout60%ofthefunddirectlyorindirectlyfrombanks.Bankloansincludecreditloans,mortgageloans,etc.Someenterprisesusedtomortgagethelandtheytakeforloans,arrearpartoflandtransferringfees,stagetheprojectdevelopment,subcontracttheprojectwithadvancecapitalandforwardsale,etc.torapidlyrecoverfunds.Nowadays,thesewaysarenotworkable.

2.2Institutionalinvestments+bankloans机构投资+银行贷款

Institutionalinvestmentsplusbankloans,thismodelisalsoreferredasbridgeloans.Whenrealestateenterprisesarenotabletoself-fundforlandgrantfee,etc.,institutionalinvestorsprovideshort-termcapitalsupport（bridging,tokeeptheprojectmoving（crossingbridge.Whentheprojectshavecashinflow,Banksbegantoloan.Forenterprisestargetingatfurtherdevelopment,thismodelonlyeasethecashtightnessforawhile,notaguaranteeforlong-termfinancialsupport.

2.3Equityfinancing股权融资

Equityfinancingmodelisbroadlyadoptedinrealestateindustry.Inordertogetfinanced,manyrealestateprojectdevelopersarewillingtoattractfundsthroughcapitalandequityincrease.Thelargestshortcoming缺点ofthismodelisthatthedevelopershavetogiveout分发alargepartofprofits,whichisnotquiteacceptableforcompanieswithgoodprojects这一点并不能为拥有好项目的公司所接受.Inaddition,asequityfinancinginvolvesmanagementandadministrativepower由于股权融资包括管理和行政权力,enterprisesforlong-termdevelopmentwouldnotpreferthismethod企业长期发展并不喜欢这种方式.

2.4Corporatebonds公司债券

Thismethodisoftenusedfornewprojects,withahigherinterestratethanthatofbanksofthesameperiod比银行同期利率更高的利息.Largeenterprisesgenerallyissuemorebonds,whilegeneralrealestateprojectsseldomcangetachancetoissuebonds大公司通常会发行很多债券,但通常不动产项目很少能有这样的机会.Therequirementsonthebond-issuerarestrict,onlyexclusively-state-ownedcompanies,publiccompanies,andlimitedliabilitycompaniesestablishedbytwostate-ownedinvestmentsubjectsarequalified债券发行人的要求是严格的,只有完全国有企业,上市公司,有限责任公司建立了两个国有投资主体才有资格。

Meanwhile,thebond-issueshouldbeentrustedtoasecuritycompany,andtherearestrictrequirementsfortheenterpriseasset-liabilityratio,capitalfundandguarantee资本金和保证金.Theprocedureiscomplicateandrigorous,andbecauseofthelimitedsizeandactivitiesofChinabondmarket,bothissuingandholdingbondsarerisky.这个过程是复杂和严格,由于有限的规模和活动的中国债券市场,无论是发行和持有债券是有风险的。

2.5Financingbylisting上市融资

Financingthroughlistinginthestockmarketisawellknownfinancingmethod.Besidesdomesticsecuritymarkets,listinginoverseasespeciallyinHKstockmarketsarepreferredbydomesticenterprises.通过上市融资是股票市场上一个众所周知的融资方法。

除了国内安全市场,在海外尤其在香港上市股票市场是国内企业的首选。

Duetonumerousrestrictionsonrealestateenterprisestogopublic,back-doorlisting借壳上

市isthedominantwayforthemtocompletetheplan.Iftheycantechnicallymakeuseofback-listing,enterpriseswillgetfinancedeasily.Longprocess,complexprocedure,highcost,andstrictqualificationrequirements,allthesewouldfailmostrealestatecompanies.

2.6Jointfinancingwithintheindustry行业内的联合融资

Enterprisesintheindustryjointogether,collectidlecapitalinotherfieldsandputitintoenterprisesorprojectsinneedoffunds,whilethelaterpayfortheutilization.企业在行业内联合,收集闲散资金并投入需要资金的企业或项目上,后者需支付一定的使用金Withthismutualandselffinancialassistance,enterprisescanboosttheprojectdevelopment,improvesurroundingenvironment,andoptimizetheuseoffunds.Butthismodelisconfinedtoasmallrangeandprojectswithsmallamountofcapitalneeds,andisnotsuitableforrelativelylargeprojectswithgreatinvestments.

2.7Projectfinancing项目融资

Thismodelisusedforspecificprojects.特殊工程使用这种方式Projectundertaker（meaningshareholderssetsupaprojectcompanyforaspecificproject,appliesforloanswiththeprojectcompanyastheborrower,repaytheloanswiththecashflowandearningsofthecompany,andmortgagesassetsofthecompanyasloancollateral.项目承担者（即股东为特定的项目设立项目公司,项目公司作为借款人申请贷款,公司现金流和收益偿还贷款,抵押公司资产作为贷款抵押品。

Projectfinancingraisingcapitalreliesontheprojectinitiators’creditorassets,whileloanbanksqualifytherepaymentabilitythroughassetsoftheprojectandfuturecashflow.

Thismodeiscommonlyusedforpowergeneration,roadbridgeandotherlargeinfrastructureprojectswithstablecashflow,andnowlargepetrochemicalprojectsareincluded.这种模式常用于发电、道路桥梁等大型基础设施项目和稳定的现金流,以及大型石化项目。

2.8Individualentrustedloan个人委托贷款

Thismodelistofinancespecificareasandgroupsthroughcooperationbetweenrealestateenterprisesandbanksandotherfinancialinstitutions.这个模式是房地产企业和银行以及其他金融机构在特殊金融领域的合作。

Individualinvestorsentrustbankstoloanidlecapitaltorealestateenterprises,togetafixedreturnmuchhigherthanbankdepositinterestsofthesameperiod,whilerealestatecompaniesgetloansspecialforrealestatedevelopmentprojects,andtaketheresponsibilityofrepayingcapitalandinterestsonschedule.

2.9Trustfinancing信托融资

Comparedwithbankloans,realestatetrustfinancingcannotonlyreducetheoveralloperationcostofrealestateindustryandcutfinancialcosts,butalsobegoodforcontinuoususeofrealestatefundsandthedevelopmentofrealestateenterprises.Withtrustfinancing,realestatecompaniescangetdirectloans,equityinvestment,andassetsecuritizationandsoon,viatrustinvestmentcompanies’systemarrangement,innovationdesignandimplementation.Trusthasuniquesystemicadvantage,vastinnovationpotentialandgreatflexibility,andcanserverealestatecompaniesofdifferentlevelsanddifferentgrades.

2.10Assetsecuritization资产证券化

Assetsecuritizationmeansturningcommodityapartmentsintofinancialproductstobesoldwithvouchers.Realestatesecuritizationreferstorepresentinginvestmentsinrealestateprojectsintheformofsecuritization,whichturnsthedirectpropertyrightsbetweeninvestorsandinvesteesintosecurities.Overseaspracticesprovethatrealestatesecuritizationcannotonlyexpandthecapitalsourcesfinancialinstitutionsinvolvinginrealestatemortageloanbusiness,

butalsogreatlyenhancetheliquidityofmortgageloansbyfinancialinstitutionstorealestateindustrialplayers.Fromaninvestor’spointofview,investmentinrealestatesecuritiescanreducesurveycostsforinvestorsintoindividualcases,andwillbehelpfulforvariousinvestorstogetin.Foralong-termdevelopment,domesticrealestateenterprisesneedtodevelopvariousfinancingmodels,andrealestatesecuritizationisthetrend.

3、Comparisonandselectionofrealestateenterprisefinancingmodels对比选择房地产公司融资模式

Besidestrustfinancing,therearemanyotherfinancingmodelslikecorporatebonds,issuingstocksandlisting,bankloans,equityinvestment,industrialfunds,etc.Infact,mostfinancingmethodshavedisadvantages.Herewewillselectandexplainthreepracticalorpotentialfinancingmodelsindetail,inhopeofbeinghelpfultoChangqingPropertyGroupCo.,Ltd.inthefinancingandsustainabledevelopment.

3.1Individualentrustedloan个人委托贷款

Xi’anChangqingPropertyGroupCo.,Ltd.triedalowcostfinancingmethodin2004—individualentrustedloan,whichhadagoodresult.Afterseveralmonths’operation,thecompanyha