房地产融资外文翻译

外文资料及中文译文Real estate finance researchTrigeorgis L.Along with the rapid development of Chinas economy, the real estate industry has been developed rapidly. Now growth for the pillar industry of the national economy. The real estate industry is a very big of capital demand of industry, belongs to the capital intensive. Therefore, the financing of real estate enterprises are particularly important. But many foreign real estate development and the higher levels of our country, the real estate finance still exist many deficiencies.Based on the real estate enterprises of China for the purpose of financing channels, in real estate enterprise financing system of foreign real estate enterprise financing theory, and the financing channels of practical experience, the choice for real estate enterprises in China and the financing channels of financing choice theory and practice of the current situation of the basis, to study based on real estate enterprise financing channel optimization measures. In real estate enterprise financing theory, mainly discusses the concepts of real estate enterprise financing theoretical connotation, the real estate and financial relationship of real estate industry, and the important function, Analyzed the influence of the real estate enterprises to choose the financing channels of financing costs, the main factors: the enterprise internal management status, securities market conditions and the overall economic environment, Think of the estate enterprise financing channel selection principles mainly includes the benefit principle, principle, the principle of credibility of related research achievements in theory are reviewed. In foreign real estate enterprise financing channels of financing and choose from the overall experience in practice, analysis and typical countries both practical experience, analysis the United States and Singapores actual operation method. Summarized the main inspirations: one is to improve the financial market, real estate, Two is to realize the financing channels of diversification, Three is to perfect loan guarantee system, Four is to have plenty of financial instruments.On the analysis of the real estate enterprise financing and the financing channels, to present choose bank loans, bonds, equity financing, utilizing foreign investment, real estate trusts, pre-sales, self-raised funds etc existing related financing channel are analyzed, based on the current real estate enterprises in China are summarized, the main problems of financing, financing channels, including rely heavily on bank lending, self-capital is seriously insufficient, imperfect system, etc. Think of these issues for real estate enterprises, and restricted bank financing for enterprise and the development of national economy and even bring a lot of risks, including the liquidity risk, debt risks, the risk of bubbles. In the paper, on the basis of the research in Chinas real estate enterprise financing problems and optimize our real estate enterprise financing channels of actual need, from constructs diversified financing mode, construct different development stages of the estate enterprise financing channels, real estate enterprise financing optimized supporting system discussed in real estate enterprises are put forward the countermeasures of financing channels.Finally, the paper summarizes the research conclusion, pointed out the shortcomings of the research. The real estate as backbone industries of national economy, the development of the national economy plays an important role. While the real estate industry is a typical capital-intensive, sufficient funds to support the development of real estate industry is very important. Chinas real estate industry, since 1998 in nine consecutive maintain growth than GDP growth in the countrys situation, on the macro control of the real estate bubble, issued on land, the financial aspects of policies and regulations, for real estate development of the real estate enterprises limited capital chain, facing the increasingly serious challenges. How to solve the development of real estate, is already each capital bottleneck for real estate enterprises are faced with the problem of major urgently to be solved. At present, Chinas real estate enterprise mainly rely on bank loans capital demand, a large enterprise started listing. However, only in this way can very good two real estate enterprises in solving capital requirements of small and medium-sized enterprises, especially for real estate. So real estate fund, real estate investment trust and other financial innovation. ZhangWen of real estate industry through its own characteristics and the real estate industry has greater influence on the relevant factors were studied, and discusses the current domestic real estate enterprise financing channel and characteristics. Based on the current real estate enterprise financing characteristics were analyzed and the scientific demonstration, using the system, the development view of Chinas real estate enterprises, this paper expounds the existing problems, and puts forward some improvement Suggestions of financing strategy. And through the analysis of the advantages and disadvantages of various main financing constraints and cost, policy, summarizes and real estate enterprises must adopt diversified financing mode, according to the different lifecycle stages to choose appropriate oneself of financing mode, in order to better solve the financing difficulties of problem .China real estate enterprise financing theory to study late, so for the Chinese real estate enterprise financing theory research is still in the initial stage of Chinas real estate enterprises, especially the financing efficiency of in-depth research, especially in China real estate enterprise most small scale, credit, and financial market imperfection of factors such as the study more real estate enterprise financing efficiency of complexity. Therefore, the research of real estate enterprise financing efficiency and the corresponding institutional arrangement has important realistic meaning and theoretical significance. This is based on the background, capital input and output from the perspective of the estate enterprise financing efficiency, in order to improve the development of real estate enterprises in China.From the Angle of enterprises, the microstructure with real estate enterprise as the research object, the input-output efficiency, financing theory, information asymmetry theory, based on the theory of efficiency, using knowledge of economics and the number of operations, empirical analysis and correlation analysis, the qualitative analysis with quantitative analysis method, from two aspects of theory and empirical analysis of the Chinese real estate enterprise financing efficiency. First, in the current studies on the financing efficiency analysis and based on the analysis of this enterprise, established the financing efficiency of meaning, Second, based on the theory of supply and demand, supply and demand from the capital and capital financing equilibrium analysis of the estate enterprise capital supply and demand, Chinas real estate enterprise mechanism; the effectiveness of the money supply, Third, on the basis of theoretical analysis, using DEA method of Chinas real estate enterprise financing efficiency measurement and evaluation, Fourth, based on the principle of efficiency, discusses the choice of the financing way of real estate enterprises and real estate enterprise financing efficiency of ascension path: finally, draw the conclusion: the Chinese real estate enterprises financing efficiency is low, the overall efficiency of the enterprises in the most obvious in the unit, the increasing return to scale, most of the DEA efficiency, low value standard of real estate enterprises should through the financial system and capital control and management, the development of diversified financing channels of financing costs, reduce real estate enterprises to improve the organizational performance for real estate enterprises, strengthening the construction of enterprise system, perfect the corporate governance structure, perfect the enterprise information disclosure, set up the good credit concept, strengthening the estate enterprise management innovation, cultivating the core competitiveness of the real estate enterprises and other measures to improve the efficiency of financing for real estate enterprises.中文译文房地产融资的研究格瑞斯李随着中国经济的快速发展,房地产业也得到了快速发展。现已成长为国民经济的支柱产业。房地产业是一个对资金需求量非常大的行业,属于资金密集型行业。因此,融资对房地产企业来说就显得尤为重要。但是和国外很多房地产业发展水平较高的国家相比,我国的房地产金融还存在很多的不足。本文以优化我国房地产企业融资渠道为目的,在系统探讨房地产企业融资的理论、国外房地产企业融资及融资渠道选择的实践经验、我国房地产企业融资及融资渠道选择的现状等理论依据和实践依据的基础上,去研究探索优化我国房地产企业融资渠道的对策措施。在房地产企业融资理论方面,主要探讨了房地产企业融资相关概念的理论内涵、房地产业和金融业的关系、金融业对房地产业的重要作用;分析了影响房地产企业选择融资渠道的主要因素:融资成本、企业内部的经营状况、证券市场条件和总体经济环境;认为房地产企业选择融资渠道的原则主要包括效益原则、比例原则、信誉原则，对相关研究的理论成果进行了综述。在国外房地产企业融资及融资渠道选择的实践方面,从总体经验分析和代表性国家实践经验两个层面进行考察,分析了美国和新加坡的实际运作方法。总结归纳得到以下主要启示:一是要健全房地产金融市场;二是要实现融资渠道的多元化;三是要完善贷款担保制度;四是要具有丰富的金融工具。在分析我国房地产企业融资及融资渠道选择现状方面,对银行贷款、债券融资、股权融资、利用外资、房地产信托、房屋预售款、自筹资金等现有相关融资渠道进行了分析,在此基础上归纳了目前我国房地产企业融资存在的主要问题,包括融资渠道单一、严重依赖于银行贷款,自有资金严重不足,制度不健全等。认为这些问题制约着房地产企业融资,给企业和银行甚至国民经济发展带来诸多风险,包括流动性风险、债务性风险、产生泡沫的风险等。论文在上述研究的基础上,针对我国房地产企业融资存在的问题和优化我国房地产企业融资渠道的实际需要,从构建多元化融资方式、构建房地产企业不同发展阶段的融资渠道组合、优化我国房地产企业融资渠道支撑体系等方面论述提出了优化我国房地产企业融资渠道的对策措施。最后,总结了论文研究的主要结论,指出了论文研究存在的不足之处。房地产业作为国民经济支柱性产业,对国民经济的发展起着举足轻重的作用。同时房地产业是一个典型的资金密集型产业,充足的资金支持对房地产业的发展至关重要。我国房地产行业,自从1998年开始连续9年保持了增长远高于GDP增长的态势,国家为了在宏观上控制房地产泡沫的出现,出台了各项关于土地、金融等方面的政策法规,对房地产开发做了一定程度的限制,房地产企业的资金链面临着日益严峻的挑战。如何解决房地产业发展的资金瓶颈,已是每个房地产企业都面临的亟待解决的重大问题。目前,我国的房地产企业主要依靠银行贷款解决资金需求,有少量的大型企业开始上市融资。但是,仅仅以这两种方式不能很好的解决房地产企业的资金需求,尤其是对于中小房地产企业更是如此。于是房地产基金、房地产投资信托以及其他金融创新应运而生。章文通过对房地产业自身特点和对房地产业有较大影响的相关因素进行全面的研究,论述了现今国内房地产企业融资的方式渠道及各自特点。通过对当前房地产企业融资特点进行深入的分析和科学的论证,采用系统的,发展的观点,阐述了我国房地产企业目前存在的诸多问题,并提出了改进融资策略的建议。并通过分析各种主要融资方式的优缺点、政策约束和成本,总结出,房地产企业必须采取多元化的融资方式,根据不同的生命周期阶段来选择合适自己企业的融资方式,这样才能更好的解决融资困难的问题我国对房地产企业融资理论研究较晚,所以对于我国房地产企业融资理论的研究还处于起步阶段,尤其对我国房地产企业融资效率研究的不够深入,特别是我国房地产企业绝大多数规模小、信用差,以及金融市场的不健全等因素更增加了研究我国房地产企业融资效率的复杂性。因此,研究房地产企业的融资效率以及相应的制度安排具有非常重要的现实意义和理论意义。本文正是基于此背景下,从资金投入产出角度来探讨房地产企业融资效率的提高,以期对我国房地产企业的发展有所帮助。本文从微观的企业角度出发,以房地产企业为研究对象,从投入产出的效率视角,以融资理论、信息非均衡理论、效率理论等为基础,运用数量经济学和运筹学的知识,采用实证分析与规范分析、定性分析与定量分析的方法,从理论与实证两方面研究分析了我国房地产企业的融资效率。首先,在对融资效率的现有研究进行梳理与分析的基础上,确立了本文企业融资效率的涵义;第二,以供求理论为基础,从资金供给、资金需求以及融资均衡分析了房地产企业的资金供求机理,得出我国房地产企业资金供给的有效性不足;第三,在以上理论分析的基础上,运用DEA方法对我国房地产企业融资效率进行了测度与评价;第四,基于效率原则,探讨了房地产企业融资方式的选择及其提升房地产企业融资效率的路径:最后,得出了本文的结论:我国房地产企业的融资效率整体低下,大部分企业处于明显非效率单位,处于规模收益递增的企业,绝大部分DEA效率值较低,应该通过规范房地产企业的财务制度及资金控制与管理、发展多样化融资渠道降低房地产企业融资成本、提高房地产企业的组织绩效、加强企业制度建设,健全公司治理结构、完善企业信息披露,树立良好的信用观念,加强房地产企业管理创新,培养房地产企业的核心竞争力等措施,提高房地产企业的融资效率。