摘要由于近两年我国房地产市场受到宏观经济政策和行业调控政策的影响,房地产商业项目融资难的问题,困扰着各个房地产开发商。房地产幵发商们不断探索新的融资渠道,缓解企业资金压力,支持企业生存和发展。要保证房地产开发商的正常运营,必须尽快解决房地产商业项目开发资金不足的问题。因此,探索房地产商业项目现有的融资模式,促进多种资本进入房地产商业项目开发中,已经不仅仅是理论研究的课题,更是我国房地产市场发展的需要。研究房地产融资租赁的实践应用,对于创新房地产融资模式、拓宽融资渠道、促进多种资本进入房地产市场具有很强的现实意义。通过对商业地产项目融资租赁的应用和探讨,可以为融资租赁业进入其他领域提供理论分析框架和方法指导,可以促进融资租赁的应用、拓宽融资租赁业的市场领域。本文以SZY公司融资租赁项目为例,通过介绍融资租赁的各种形式,比较融资租赁和银行借款的现金流、收益状况,初步得出通过售后租回获得商业地产项目融资的项目模式。本文在简述选题背景及研究意义、国内外研究现状及融资租赁在房地产业的运用现状的基础上,分析了 SZY公司和XY银行合作的融资租赁项目以及原因,探讨各种融资租赁的模式并选择适合SZY公司的融资租赁模式,并评价了 SZY房地产幵发公司融资租赁案例可行性,最后从行业发展、房企探索、投资者识别、机构监管等角度提出相应的启示。关键词 融资租赁,房地产,风险管理AbstractSince the past two years, Chinese real estate market is affected by theimpact of macroeconomic policy and industry regulation policy. Thecommercial real estate project financing difficult problems are plaguing variousreal estate developers. Real estate developers continue to explore new financingchannels to ease the financial pressure on enterprises in order to support thesurvival and development of enterprises. To ensure the normal operation of thereal estate developers, real estate commercial project development fundsshortage problem must be resolved as soon as possible. Therefore, find out newfinancing models of the real estate business projects, promote a variety of capitalinto the real estate business project development, have not only theoreticalresearch topics, but also the needs of the development of Chinese real estatemarket. The research of real estate finance leasepractical applicationhas a strongpractical significance in real estate financinginnovation, broadening thefinancing channels, andpromoting capital into the real estate market. Researchfinance leases for commercial real estate projects can provide a theoreticalanalysis framework and methodology guidance, promotes the application offinancing lease, and broadens the field of financial lease industry market.In this paper, I use a case study of a finance lease project of SZY Company.After introducing various forms of the finance lease, comparing cash flow andearnings of different finance leases and bank borrowings, preliminary draw forcommercial real estate project financing project mode. The paper is organized asfollows. First I describes the background and significance of research topic, thedomestic and foreign research status and the use of finance leases in the realestate industry. Then I analyzes the finance lease project between SZY Companyand XY Bank and the reason, explores various modes of finance lease andchooses the suitable one for SZY Company. After that, the evaluation offeasibility of finance leases project of SZY Company. At last, I offers relevantrevelations from different angles.Key words: Finance Lease, Real Estate, Risk Management