本文首先列举了美国房地产几种主要的融资模式，并详细分析各自的发展历程、
优点与可能存在的风险，然后从融资渠道、信用体系、法律环境等方面切入，阐述了
美国房地产的融资发展现状，接着分析我国房地产融资存在的问题，最后通过寻找与
美国房地产融资的共同点与差异性，从系统的角度来分析、探讨问题，提出可行性建
议。文章指出，只有借鉴美国融资模式的先进经验，健全法律法规，加大信用建设，
并大力发展多渠道融资，才能更好、更全面地完善我国的房地产金融体系

关键词：房地产融资，融资模式，房地产投资信托基金，商业抵押担保证券
作 者：马华燕
指导老师：张 斌II
Study on US Real Estate Financing Mode
and Its Effects on China
Abstract
The real estate industry in the US has developed financial system, diversified
financing mode and sound laws and regulations. However, the development of real estate
finance industry in China is very slow and the financing structure is unreasonable. In this
case, this paper makes an intensive study of US real estate financing mode.
Firstly,this paper lists several major financing modes of US real estate, and analyzes
their developing process, advantages and potential risk in detail.Secondly, it sets forth
current situation of US from the financing channels, credit system and legal
environment ,then puts forward countermeasures and suggestions through looking for
commonness and the difference from US real estate financing.Finally,the article points out
that it is urgent to draw lessons from US advanced experience,complete legal regime,
increase the construction of credit and develop multi-channel financing.Only we have done
these can we set up the real estate financial system better and more comprehensively.
Key words: Real Estate Financing; Financing Mode; Real Estate Investment Trusts;
Commercial Mortgage-backed Securities
Written by:Huayan Ma
Supervised by:Bin Zhang目 录
第 1 章 绪 论 .......1
1.1 研究背景 .........1
1.2 研究意义 .........1
1.2.1 理论意义...1
1.2.2 现实意义...2
第 2 章 房地产金融文献综述与理论综述...........4
2.1 文献综述 .........4
2.1.1 国外研究现状.......4
2.1.2 国内研究现状.......5
2.2 支撑本研究的相关理论及简要分析 .7
2.2.1 价值链理论...........7
2.2.2 资产价格波动理论...........8
2.2.3 交易成本原理.......8
2.2.4 金融抑制理论.......9
第 3 章 美国房地产融资发展现状.........11
3.1 融资方式多元化发展 ........... 11
3.1.1 多元化的融资方式......... 11
3.1.2 富于创新的融资体系.....12
3.2 信用体系完整而系统 ...........12
3.2.1 健全的信用体系减少主动违约.12
3.2.2 严格的抵押贷款担保和保险制度.........12
3.3 有利的法律环境与严格的监管部门 ...........13
3.3.1 完善的法律法规.13
3.3.2 构建有效的监管体系.....13第 4 章 美国房地产的融资模式.14
4.1 房地产投资信托基金 ...........14
4.1.1 房地产投资信托基金的概念.....14
4.1.2 房地产投资信托基金的发展进程.........14
4.1.3 房地产投资信托基金的优势.....15
4.1.4 房地产投资信托基金的风险.....16
4.2 商业抵押担保证券 ...17
4.2.1 商业抵押担保证券的定义.........17
4.2.2 商业抵押担保证券的发展历程.17
4.2.3 商业抵押担保证券的优势.........18
4.2.4 商业抵押担保证券的风险.........19
4.3 夹层融资 .......19
4.3.1 夹层融资的概念.19
4.3.2 夹层融资的发展历程.....20
4.3.3 夹层融资的优势.20
4.3.4 夹层融资的隐患.21
4.4 私营金融机构提供的房地产信贷 ...22
4.4.1 房地产信贷的概念..........22
4.4.2 房地产信贷的发展历程.22
4.4.3 房地产信贷的优势.........22
4.4.4 房地产信贷的风险.........23
第 5 章 我国房地产融资存在的问题.....25
5.1 融资渠道单一，资金流动性差 ......
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