房地產(chǎn)融資渠道分析外文翻譯文獻

房地產(chǎn)融資渠道分析外文翻譯文獻房地產(chǎn)融資渠道分析外文翻譯文獻房地產(chǎn)融資渠道分析外文翻譯文獻(文檔含中英文對照即英文原文和中文翻譯)原文:TheResearchonFinancingChannelsInnovationinChineseRealEstateIndustry Accordingtothepublicinformation，theincreasingrateinrealestateinvestmenthasobviouslyexceededthefixedassetsinvestment．Becauserealestateinvestmentaccountforover20percentintheaggregatefixedassetsinvestmentinChina，realestateindustryhasdriventhesocietyinvestmentandplayedmoreandmoreimportantroleinChineseeconomy． Bankloanstotheindustryhaveascendedgraduallysince1998．Theloanvolumehasbeenattained6657billionyuanin2009，3．2timesasmuchasthatin1998．Atthesametimelpersonalhousemortgage—backedloanshasbeenincreasedramatically．Inlast6years，therateoftheseloanstototalpersonalconsumingloansisabout75—97percent.ChineseCurrentStatusofHouseFinancingChannelsFinancingchannelsofChineserealestateenterprisesaremainlyfocusedonBankcredit．OtherchannelslikeIPO，entrust，Bondsandspecialfundstoobtaincapitalareofquitelessproportion．Housemortgage—backedloanscameintobeingin1998．Beforethat，themoneyuserswererealestatecompanies.Generally，Chineserealestateindustrygivesprioritytocreditor’srightsfinancing．Thefinancingstructureshowsunitarycharacteristics．BankCreditisMainChannelforChineseRealEstateEnterprisesAccordingtotheoperatingprocessandcapitalchainfigureofChineserealestatemarket，wecouldfindthatbankloanhasbeenrunningthroughthewholeprocessoflandreservation，landtransaction，developmentandsale．CommercialbanksarealmosttheonlycapitalprovidersofallprincipalsinChineserea1estatemarket．RealestatetrustfundbecomeChina'srelativelyactivefinancingformOurcountryhasexperiencedthreeyearsofindustriesintoagainafterthereorganization,2010rapiddevelopmenttrackoftherealestateindustry,totheendofthetrustproperty24.1millionyuan,hasreachedthetotaltrustpropertythanthetotal2.82%,earlymbm1260millionyuan,increasein2010grewnearly110%realestatetrustscontinuewithhigherspeedgrowth,buttheoverallperspective,realestatetrustsfunctionisrelativelysingle,realestatecapitaltrustmostistoprovide"plan",i.e.bridgeloansmainlyforcommercialbankloansconditionsdidnotreachtherealestateprojecttoprovideaninitialtrustcredit,thesetrusthasnoplanforbasicportfolioinvestmentfunctionconversionfunctionandduration.China'srealestatefinancingproblemsDevelopmentfundreliedonabankloanThisdependencymakestherealestateinvestmentmarketriskandfinancingcreditriskfocusedoncommercialbanklaccordingtostatisticsestimate,80%ofthelandpurchaseandrealestatedevelopmentfundsaredirectlyorindirectlyfromthecommercialbankcreditlthroughhousingconsumptionloanandrealestatedevelopmentloans,constructionenterpriseliquidityloanandlandreserveloans,etcallformsofcreditassetsconcentrated,commercialBanksactuallydirectlyorindirectlyunderarealestatemarketoperationofvariouslinksmarketriskandcreditrisk.Financialinstitutionsexistmanagementbehaviorirrational,notscience,isnotstandard,etcBecausetherealestatecommercialbankuniversalcreditasa"fineassets"vigorouslydevelop,inbusinesstoproducethetendencyoftheeager,suchassomecommercialBankstoreducecustomerthethresholdlevelofqualificationsassessmentwillexamineformalities,simplify,willexaminespeedetclalsolikeinrealestateloansissuedintheprocess,somecommercialBankstogovernmentguaranteeandgovernmentinterventionprojectoptimisticblindly,evenblindadored,andignoredtheseprojectshaverisk.Belikeagain,atpresentalotofrealestatetrustsisbasicallyaboutthetermsofreferencebankloanstoimplementation,waslargelybankloans,andtrustcompanyinvarietiesofentrustloanmonitoring,operationandmanagementexperiencemaynotcommercialBanks.Therealestateindustryfinancingchannelinnovationdesign Developingdiversifiedrealestatefinancemarket Inamaturerealestatefinancemarket,realestatedevelopandoperationfinancinghasnotonlythecreditor'srightsfinancingandequityfinancingtwobasicforms,andinthecreditor'srightsfinancingandequityfinancingoutsidetheprimarymarket,therearedevelopedinthesecondarymarketlsecuritizationofsecondarymarket,allkindsoffinancialinnovationproducedemergeinendlesslyofrealestatefinancetools,includinginvestmentfund,trustsecurities,stockindexissuchthroughvariousinvestorsinlofrealestatefinancemarketfinancialassetsecuritization,thesecondarymarketbuysindependentlyoftheoriginalfocusonrealestatecreditagencymarketriskandcreditriskeffectivelyscatteredthroughoutthefinancialmarketvariousinvestors. RealestatecapitaltrustInsteadofrealestatetrusts Realestatedevelopmentisalonglifecycle,highrisk,capital-intensiveindustries,managementintensiveinvestmentbehavior.Developingtheenterprise'sequityfinancingconditionsofthepoor,equityfinancingmeansfailtoplayitsfullrole.Thuspreventingfinancialrisks,firstlyisopenfinancialmarkets,letmoreprivateinvestmentpartlyreplacebankrisk.ExistingThefuturedevelopmentdirectionofrealestatetrustsforrealestatedevelopment,shouldbetheacquisition,buyingandselling,leasing,administrationandotherlinksprovidedcomprehensivefinancialservices,adapttothecharacteristicsofrealestateindustry,providingeffectivefinancingandriskmanagement. Tostrengthenthemanagementofindividualhousingloan Individualhousingcreditbytheformationofthefinancialassets,areincreasinglythecommercialBanksshouldimprovethepillarlpersonalhousingloanmanagementmeasures,regulateindividualloanexaminationproceduresandstandards,promotethestandardizationofpersonalhousingloanbusiness,andgraduallyestablishandperfectpersonalcreditregistrysystem;Toimprovethepersonalhousingloanguaranteesystem,speedingupimprovinghousingloanguaranteemeasurestoguaranteeagencies,strengthenregulationandoversight,thebusinessofstandardizationdemonstrativetextguarantycontract,inordertoimprovethecreditworthinessofresidentsindividualhousingloantothebank,ensurepersonalhousingloanrecovery,effectivelypreventloanrisks.finally,tostrengthentheindividualcustomer'screditreview,timelydoriskearly-warningwork.

譯文:中國房地產(chǎn)業(yè)融資渠道的創(chuàng)新研究 據(jù)公開資料顯示，房地產(chǎn)開發(fā)投資增速明顯快于固定資產(chǎn)投資。由于房地產(chǎn)投資在全社會固定資產(chǎn)投資中所占比重約20%。在中國的經(jīng)濟中，房地產(chǎn)業(yè)帶動了社會投資并且發(fā)揮著更重要的作用。 用于房地產(chǎn)開發(fā)的銀行信貸自2000年起逐年上升，2009年擴大到6657億，是2000年的3.2倍，與此同時，個人住房抵押貸款顯著增長。幾年來，個人住房貸款占個人消費貸款比高達75%—97%。相比于00年，個人住房消費貸款增加了1.14萬億元，增長了26.64倍。我國目前房地產(chǎn)行業(yè)融資渠道分析 我國房地產(chǎn)企業(yè)的融資渠道主要集中在銀行信貸，其他金融方式如上市融資、信托融資、債券融資和基金融資等占比較小。而在1998年以前，銀行房地產(chǎn)信貸的主要對象是房地產(chǎn)開發(fā)企業(yè)，1998年以后才擴展到個人住房消費信貸，可見我國房地產(chǎn)金融以債權(quán)融資為主，股權(quán)融資比例較小，融資格局較為單一。銀行信貸是房地產(chǎn)金融的主渠道 從我國房地產(chǎn)市場的運行過程及其資金鏈來看，房地產(chǎn)金融主要是由銀行房地產(chǎn)信貸構(gòu)成的，銀行信貸貫穿于土地儲備、交易、房地產(chǎn)開發(fā)和房產(chǎn)銷售的整個過程。在我國的房地產(chǎn)市場上，商業(yè)銀行的信貸幾乎介入了房地產(chǎn)業(yè)運行的全過程，是我國房地產(chǎn)市場各種相關(guān)主體的主要資金提供者。房地產(chǎn)信托基金成為我國較活躍的融資形式 我國信托業(yè)經(jīng)歷了3年的整頓后，再次步入了快速發(fā)展的軌道2010年底，投向房地產(chǎn)業(yè)的信托財產(chǎn)已達24.1億元，占全部信托財產(chǎn)總額的2.82%，比年初增加12.6億元，增幅接近110%。2010年房地產(chǎn)信托繼續(xù)以較高的速度增長，但總體上看，目前房地產(chǎn)信托功能較為單一，房地產(chǎn)資金信托計劃大部分是提供“過橋貸款”，即主要為未達到商業(yè)銀行貸款條件的房地產(chǎn)項目提供前期信托信貸，這些信托計劃基本不具有組合投資功能和期限轉(zhuǎn)換功能。我國房地產(chǎn)融資中存在的問題開發(fā)資金過多依賴銀行貸款這種依賴使得房地產(chǎn)投資的市場風險和融資信用風險集中于商業(yè)銀行。根據(jù)統(tǒng)計估算，80%左右的土地購置和房地產(chǎn)開發(fā)資金都直接或間接地來自商業(yè)銀行信貸。通過住房消費貸款、房地產(chǎn)開發(fā)貸款、建筑企業(yè)流動性貸款和土地儲備貸款等各種形式的信貸資金集中，商業(yè)銀行實際上直接或間接地承受了房地產(chǎn)市場運行中各個環(huán)節(jié)的市場風險和信用風險。金融機構(gòu)存在經(jīng)營行為不理性、不科學、不規(guī)范等問題由于商業(yè)銀行普遍把房地產(chǎn)信貸作為一種“優(yōu)良資產(chǎn)”大力