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论文以我国房地产企业融资需求为出发点，结合房地产企业融
资发展的现状,运用房地产融资的相关理论，围绕房地产企业基本融
资模式、房地产行业融资现状、房地产企业融资存在的问题等对我
国房地产企业融资模式创新进行研究，重要的研究结论是根据房地
产项目的开发流程特点，设计出房地产企业多元化融资组合创新模
式。该融资创新模式分为三个阶段:第一阶段采用前期开发融资合作
模式，第二阶段是中期建设施工阶段的结构化融资模式，第三阶段
从房地产项目开始预售至项目竣工交付止的期间，运用后期营销的
装修金融服务融资模式。在此基础上，本文进一步以 JSWL 房地产项
目为例，对文中所提出的融资模式进行实际运用分析,以缓解房地产
企业融资难的现状。本文的研究结论，可以为我国房地产企业融资
模式创新提供参考建议，对促进我国房地产业健康发展也有一定现
实价值
关键词：合作开发，结构化融资，装修金融服务，多元化融资
组合
论文类型：案例分析II
RESEARCH ON INNOVATION OF FINANCING
MODE OF REAL ESTATE ENTERPRISES IN CHINA
TAKING JSWL REAL ESTATE PROJECT
AS AN EXAMPLE
ABSTRACT
Since 2000, China&39;s sustained and rapid development of real estate industry, real
estate industry in the national economy developing more and more plays a dominant
role. The real estate industry and promote the development of the real estate financing
mode innovation, and real estate financing mode innovation and service in the healthy
development of real estate industry. In recent years, because our country house prices
rising too fast, the government in order to control the overheated real estate
investment, a series of macro-control measures, especially the control policy of real
estate financing is becoming more and more in real estate enterprise financing
pressure increasing. How to innovate our country real estate enterprise financing
model, is one of the focuses of the real estate enterprises.
Paper to our country real estate enterprise financing demand as a starting point,
combining with the development of the real estate enterprises financing status quo, on
the theory of real estate financing, around the basic financing model for real estate
enterprises, financing status of the real estate industry, real estate enterprise financing
problems of our country real estate enterprise financing pattern innovation, important
research conclusion is based on the characteristics of real estate project development
process, design diversified financing combination innovation model for real estate
enterprises. The innovation of financing mode is divided into three stages: the first
phase of the early development of financing mode of cooperation, the second phase is
middle phase of construction of structured finance pattern, the third stage starting
from the real estate project pre-sale to project completion, decorate use late marketing
financial services financing model. On this basis, this paper further JSWL real estate
projects, for example, to practical application in this paper, we proposed the financing
model of analysis. To alleviate the current situation of the real estate enterprise
financing difficulties. Research conclusion of this article, we can provide a reference
for our country real estate enterprise financing pattern innovation Suggestions, to
promote the healthy development of the real estate industry in our country also has a
certain practical value.
KEY WORDS:Cooperative development; Structured financing; Decoration financial
services; Diversified financing mix
TYPE OF DISSERTATION / THESIS: Case Study浙江工业大学硕士学位论文 我国房地产企业融资模式创新研究
III
目 录
1 绪论 ..1
1.1 选题背景 ......1
1.2 研究内容与研究方法 ........1
1.3 国内外研究综述 2
1.3.1 国外研究动态 ..........3
1.3.2 国内研究动态 ..........5
1.3.3 研究述评 ..8
1.4 研究创新点 ....8
2 融资相关理论 ......9
2.1 基本概念界定 ..9
2.1.1 资金与资金成本 ........9
2.1.2 项目融资 ..9
2.1.3 房地产金融 ...........10
2.2 资本结构理论 .10
2.2.1 早期资本结构理论 .....10
2.2.2 MM 理论...11
2.2.3 其他相关理论 .........11
3 房地产企业基本融资模式分析.... 13
3.1 房地产企业融资需求特点 ...13
3.2 房地产企业内源融资基本模式分析 .......14
3.3 房地产企业外源融资基本模式分析 .......15
4 房地产企业融资现状及存在问题分析 .......... 17
4.1 房地产企业融资现状 .......17
4.2 存在的问题及分析 .........18
5 房地产企业融资模式创新设计.... 21
5.1 创新融资模式的基本思路 ...21
5.2 创新融资模式的具体设计 ...21
5.2.1 前期开发阶段的融资合作模式 .......22
5.2.2 中期施工建设阶段的结构化融资设计 .23
5.2.3 后期营销的装修金融服务融资设计 ...26
5.3 创新方案的可行性分析 .....29浙江工业大学硕士学位论文 我国房地产企业融资模式创新研究
IV
6 JSWL 项目融资创新案例 .........31
6.1 项目概况 .....31
6.2 项目资金需求分析 .........32
6.2.1 项目需求测算 .........32
6.2.2 外部融资需求测算 .....35
6.3 创新融资方案的实施 .......36
6.3.1 与 SS 集团合作开发融资的实施 ......36
6.3.2 与 DH 财富管理“资管计划-JC3 号”的实施........39
6.3.3 购房业主金融服务融资实施 .........41
7 结论与展望 ....... 45
7.1 本文研究结论 .45
7.2 研究不足及未来研究方向 ...45
参考文献 ...........47
致 谢 ..49浙江工业大学硕士学位论文 我国房地产企业融资模式创新研究
V
图、表目录
图 2.1 房地产金融构成......10
图 3.1 内源融资模式........14
图 3.2 外源融资模式........15
图 4.1 2016 年全国房地产资金来源 .......17
图 5.1 多元化融资组合模式..21
图 5.2 前期开发融资合作融通资金图......22
图 5.3 结构化融通资金结构图24
图 5.4 装修金融服务融资结构图..........27
图 6.1 JSWL 房地产项目公司前期开发融资合作融通资金图 ...........37
图 6.2 JSWL 房地产项目公司结构化融通资金结构图 .....40
图 6.3 JSWL 房地产项目公司装修金融服务融资图 .......42
表 4.1 2005-2016 年全国房地产融资规模..18
表 6.1 JSWL 房地产项目公司股东结构 .....31
表 6.2 JSWL 项目规划设计的主要经济技术指标表 .......32
表 6.3 JSWL 项目投资预算与资金需求分析 .33
表 6.4 对比楼盘销售统计表..34
表 6.5 JSWL 项目销售收入预测 ...........34
表 6.6 JSW
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