在我国，近几年来政府执行紧缩性货币政策，导致很多商业地产的授信额度日趋 紧张，同时利率市场化的推进，使得商业地产的总资产及负债都受到很大压力。为应 对目前金融形势，商业地产都在谋求转型，寻找挖掘新的利润增长点。同时，在以商 业地产为核心的商业地产供应链上，存在数量庞大、种类繁多的有融资需求的中小企 业，而这些中小企业面临着融资渠道单一、融资成本高的现实难题，对商业地产供应 链的发展造成了不良影响。在此背景下，研究发现以商业地产企业为核心的供应链金 融具有很大的现实意义和发展空间，供应链金融作为一种新型的融资模式，在促进产 业和资本的融合方面有重大的经济价值。以此为背景，本文旨在利用互联网金融的视 角以及供应链金融的方法，寻找研究对象即商业地产企业的新的利润增长点。与此同 时，针对与商业地产企业存在共生关系的入驻商家融资难这一经济现象，提出细分领 域当中的创新性解决方案。 首先，本文论述了互联网金融和供应链金融的定义、研究现状、发展情况。然后 通过 DEA 包络分析方法，采用数理逻辑的形式来有效的定量检验房地产企业目前多 数存在的转型问题。帮助分析原有业务存在的投入产出不匹配的发展难题以及地产企 业的资本投入和效率不平衡的现象，找出内部和外部的原因并提出解决之道。 其次，根据商业地产行业中多个行为主体的企业案例分析，使用静态方法和动态 方法相互结合的方式研究商业地产行业中参与的供应链主体企业。分析他们在供应链 上的资金流动情况，推动发展企业的市场优势并发挥市场在资源配置方面的主体作用。 同时，还透过如今快速发展的层出不穷的互联网金融思维，分析互联网在金融模式上 应用的优势。找出其与传统金融业务、供应链金融业务的共性和契合点。并构建了商 业地产供应链金融的发展模型。 最后，本文还论证了供应链金融跟商业地产行业的可结合性，用数据论证了两者 在理论和实践领域的可操作性。结合了互联网金融的经营思路、理念进行了企业的价 值重构。最终论证了论文提出的问题，为中小企业长期存在的融资难的问题找到了可 以借鉴的方法；而且通过数理逻辑的验证，发现并解决了商业地产企业在谋求产业转 型的的有效路径和实施模型。实践证明商业地产市场的发展对于我国社会经济的发展 有着积极的促进作用。 关键词，供应链金融，商业地产，互联网金融，DEA 分析法II The model construction of commercial realestate supply chain finance from the perspective of Internet Finance Abstract In our country,in recent years,the government has implemented a tight monetary policy,which has caused the credit quota of many commercial real estate to become increasingly tight.At the same time,the promotion of interest rate marketization has made the total assets and liabilities of commercial real estate under great pressure.In order to cope with the current financial situation,commercial real eatate is seeking transformation and looking for new profit growth points.At the same time,in the supply chain of commercial real estate,with commercial real estate as the core,there are a large number and a wide variety of small and medium-sized enterprises with financing needs,and a wide variety of small and medium-sized enterprises with financing needs,and these small and medium-sized enterprises face the practical difficulties of having a single financing channel and high financing costs.The development of the commercial real estate supply chain has been adversely affected.Under this background,the research finds that supply chain finance with commercial real estate enterprises as the core has great practical significance and development space.As a new financing model,supply chain finance has great economic value in promoting the integration of industry and capital.Based on this background,this paper aims to find the new profit growth point of commercial real estate enterprises by using the perspective of Internet finance and the method of supply chain finance.At the same time,aiming at the economic phenomenon of financing difficulty of resident merchants in the symbiotic relationship with commercial real estate enterprises,this paper puts forward an innovative solution in the subdivision field. Frist of all,this paper discusses the concept and development of Internet Finance and supply chain finance. By means of DEA envelopment analysis, the transformation problems of real estate enterprises are quantitatively examined in mathematical form. Help to analyze the existing business input-output mismatch development problems and the imbalance of capital input and efficiency of real estate enterprises, find out the internal and external causes and propose solutions. Secondly,according to the case of multiple actors in the commercial real estate industry,III this paper studies the main supply chain enterprises in the commercial real estate industry statically and dynamically. This paper analyzes their capital flow in the supply chain, promotes the development of enterprises'market advantages and gives full play to the market's main role in resource allocation. At the same time, through the rapid development of Internet financial thinking, analysis of the advantages of the Internet in the financial model. Find out the similarities and similarities between them and traditional finance and supply chain finance. And build a commercial real estate supply chain finance development model. Finally,inventory prepayment and accounts receivable are the main forms of capital flow in supply chain finance. Take the occupation of funds as the dimension of thinking. The key financing modes of real estate + supply chain finance are as follows: the first inventory pledge; the second prepaid account; and the third receivable account. This paper also demonstrates the combination of supply chain finance and commercial real estate industry, and demonstrates the operability of the two in the field of theory and practice with data. Combined with the operation ideas and ideas of Internet finance, the value reconstruction of enterprises is carried out. Finally, the paper demonstrates the problems raised by the paper, and finds a way to use for reference for the long-standing financing problems of SMEs; and through the verification of mathematical logic, it finds and solves the effective path and implementation model of commercial real estate enterprises in seeking industrial transformation. Facts have proved that the development of commercial real estate market has a positive effect on the social and economic development of our country. Key words: supply chain finance ,commercial real estate ,Internet banking, DEA analysisIV 目 录 中文摘要.......................................................... I ABSTRACT ......................................................... II 第一章 绪论...................................................... 1 1.1 研究背景 ......................................................................................................... 1 1.1.1 经济与政策环境 ......................................... 1 1.1.2 互联网金融发展 ......................................... 4 1.1.3 供应链金融发展 ......................................... 5 1.2 研究目的与意义 ............................................................................................. 5 1.3 文献综述 ......................................................................................................... 6 1.3.1 互联网金融研究 ......................................... 6 1.3.1.1 互联网金融国际研究现状 ........................... 6 1.3.1.2 互联网金融国内研究现状 ........................... 7 1.3.2 供应链金融研究 ......................................... 7 1.3.2.1 供应链金融国外研究的现状 ......................... 8 1.3.2.2 供应链金融国内研究的现状 ......................... 9 1.4 研究内容与创新点 ......................................................................................... 9 1.4.1 研究内容 ............................................... 9 1.4.2 创新点 ................................................ 10 1.5 研究方法 ....................................................................................................... 11 第二章 供应链金融与互联网金融的发展 ............................. 12 2.1 供应链金融发展模式 ................................................................................... 12 2.1.1 供应链金融发展阶段及主要特征 .......................... 12 2.1.2 模式归纳 ..................................