房地產(chǎn)融資渠道分析外文翻譯文獻(xiàn)

房地產(chǎn)融資渠道分析外文翻譯文獻(xiàn)房地產(chǎn)融資渠道分析外文翻譯文獻(xiàn)房地產(chǎn)融資渠道分析外文翻譯文獻(xiàn)(文檔含中英文對(duì)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(guó)房地產(chǎn)業(yè)融資渠道的創(chuàng)新研究 據(jù)公開(kāi)資料顯示，房地產(chǎn)開(kāi)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(huì)固定資產(chǎn)投資中所占比重約20%。在中國(guó)的經(jīng)濟(jì)中，房地產(chǎn)業(yè)帶動(dòng)了社會(huì)投資并且發(fā)揮著更重要的作用。 用于房地產(chǎn)開(kāi)發(fā)的銀行信貸自2000年起逐年上升，2009年擴(kuò)大到6657億，是2000年的3.2倍，與此同時(shí)，個(gè)人住房抵押貸款顯著增長(zhǎng)。幾年來(lái)，個(gè)人住房貸款占個(gè)人消費(fèi)貸款比高達(dá)75%—97%。相比于00年，個(gè)人住房消費(fèi)貸款增加了1.14萬(wàn)億元，增長(zhǎng)了26.64倍。我國(guó)目前房地產(chǎn)行業(yè)融資渠道分析 我國(guó)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(duì)象是房地產(chǎn)開(kāi)發(fā)企業(yè)，1998年以后才擴(kuò)展到個(gè)人住房消費(fèi)信貸，可見(jiàn)我國(guó)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(guó)房地產(chǎn)市場(chǎng)的運(yùn)行過(guò)程及其資金鏈來(lái)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(chǔ)備、交易、房地產(chǎn)開(kāi)發(fā)和房產(chǎn)銷(xiāo)售的整個(gè)過(guò)程。在我國(guó)的房地產(chǎn)市場(chǎng)上，商業(yè)銀行的信貸幾乎介入了房地產(chǎn)業(yè)運(yùn)行的全過(guò)程，是我國(guó)房地產(chǎn)市場(chǎng)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(guó)較活躍的融資形式 我國(guó)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(cái)產(chǎn)已達(dá)24.1億元，占全部信托財(cái)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(zhǎng)，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(jì)劃大部分是提供“過(guò)橋貸款”，即主要為未達(dá)到商業(yè)銀行貸款條件的房地產(chǎn)項(xiàng)目提供前期信托信貸，這些信托計(jì)劃基本不具有組合投資功能和期限轉(zhuǎn)換功能。我國(guó)房地產(chǎn)融資中存在的問(wèn)題開(kāi)發(fā)資金過(guò)多依賴銀行貸款這種依賴使得房地產(chǎn)投資的市場(chǎng)風(fēng)險(xiǎn)和融資信用風(fēng)險(xiǎn)集中于商業(yè)銀行。根據(jù)統(tǒng)計(jì)估算，80%左右的土地購(gòu)置和房地產(chǎn)開(kāi)發(fā)資金都直接或間接地來(lái)自商業(yè)銀行信貸。通過(guò)住房消費(fèi)貸款、房地產(chǎn)開(kāi)發(fā)貸款、建筑企業(yè)流動(dòng)性貸款和土地儲(chǔ)備貸款等各種形式的信貸資金集中，商業(yè)銀行實(shí)際上直接或間接地承受了房地產(chǎn)市場(chǎng)運(yùn)行中各個(gè)環(huán)節(jié)的市場(chǎng)風(fēng)險(xiǎn)和信用風(fēng)險(xiǎn)。金融機(jī)構(gòu)存在經(jīng)營(yíng)行為不理性、不科學(xué)、不規(guī)范等問(wèn)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