房地产是社会经济活动的基本物质前提，也是国民经济发展的基本保证，国 家统计局数据显示，剔除关联行业，2018年仅房地产业增加值就达到64623亿 元，占GDP比重6.6%，由此可见,健康有序的房地产行业是国民经济发展的必要 组成部分，尤其在一些特殊时期，房地产还可为经济发展注入活力并带来强大驱 动力，如：2008年全球金融危机导致国内经济增速严重放缓、2014年国内经济 面临较大下行压力，都是通过鼓励房地产业发展来化解其中矛盾的。国内房地产 业已从制度不健全、产业集中度低的初级阶段，迈入到科学规范、管理精细的全 新阶段，正是基于发展阶段的转换，形成了当前房地产行业多方面、多要素的激 烈竞争局面。面对如此激烈的竞争，资本融入与管理逐渐成为房地产企业综合实 力的象征,能否引入与企业自身发展、项目开发高度匹配的运作资金直接决定了 企业的生存与发展。 近些年通过借鉴、吸收国外先进的融资理念与融资手段，国内房地产企业的 融资方式呈现出百花齐放、多元发展的繁荣景象，已经不仅局限于银行贷款、建 筑商垫资等常见融资模式，新型融资工具也在不断涌现，如：房地产信托、房地 产基金及房地产资产证券化等，这其中由于信托可以横跨货币市场、资本市场、 实业三大领域进行投资且机制灵活，使得信托优势与房地产特征高度契合，产生 良好的融资效应。因此，在国内房地产新型融资模式中，以房地产信托取得的关 注度最高，各家房地产企业都在积极研究，以期择机引用。 本人在大鹏房地产从事项目融资管理工作三年以来，通过不断学习与研究， 对大鹏房地产的业务发展与融资模式比较了解，大鹏房地产目前主要采用银行贷 款模式，融资成本比同业的大型房地产公司在一定基准上要高出10%左右，还款 压力较大，对公司发展极为不利。本文注重选题研究，以大鹏房地产为研究对象， 在此基础上，对引入房地产信托融资进行调查研究，调查了房地产信托的背景、 政策条件及使用模式，调研了引入房地产信托的条件和必要性，对于运行管理阶 段，制定了具体措施与解决方案。 通过本文研究，认为房地产企业在引进新的融资方式时，应审慎决策，要运 用科学研究方法并借助适当研究工具制定融资方案，这样才可有效解决项目融资 问题，提升企业经济效益。文中对大鹏房地产公司山水湖项目信托融资的研究， EMBA学位论文 作者：高阳 大鹏房地产公司山水湖项目信托融资运管研究 II 也可为其他房地产企业在当前货币紧缩的环境下解决融资问题提供借鉴。据了解， 目前学术界对深圳地区城市更新项目融资课题研究较少或停留在理论层面，本文 则通过实践研究，着重解决该类项目融资的某些历史遗留问题，以期为深圳城市 更新项目融资提供详实的研究案例。 关键词：信托融资，房地产信托融资，融资管理 EMBA学位论文 作者：高阳 大鹏房地产公司山水湖项目信托融资运管研究 III STUDY ON TRUST FINANCING OPERATION AND MANAGEMENT OF SHANSHUIHU LAKE PROJECE OF DAPENG REAL ESTATE COMPANY Abstract Real estate is the basic material premise of social economic activity, is also the basic guarantee of national economic development, National Bureau of Statistics data show that eliminate associated industries, only the added value of real estate industry in 2018 reached 6.4623 trillion yuan, 6.6% of GDP, therefore, the healthy and orderly real estate industry is an essential component of the national economy development, especially in some special period, real estate can also inject vigor and bring a strong driving force for economic development, such as:The global financial crisis in 2008 led to a severe slowdown in domestic economic growth, and the domestic economy faced considerable downward pressure in 2014. All these contradictions were resolved by encouraging the development of the real estate industry.The domestic real estate industry has stepped from the primary stage of unsound system and low industrial concentration degree to the new stage of scientific, standardized and fine management. In the face of such fierce competition, capital integration and management gradually become the symbol of the comprehensive strength of real estate enterprises. Whether the direct connection of operational funds that is highly compatible with the development of enterprises and project development determines the survival and development of enterprises. In recent years, through draw lessons from and absorbing the foreign advanced concepts of financing and financing means, the domestic real estate enterprises financiers type presents the flowers, the diversified development of prosperity, has not only confined to bank loans, builders mat endowment often see financing model, the new financing tools are constantly emerging, such as: real estate trust, real estate funds and real estate asset securitization, etc., which due to the trust can across the monetary market, capital market, the three major areas in the industrial investment and flexible machine system, the advantages and characteristics of real estate trust highly fit, have a good financing effect. Therefore, in the new financing mode of real estate in China, the real estate trust has gained the highest attention, and various real estate enterprises are actively studying, with a view to citing. In dapeng is engaged in the real estate project financing management for three years, through continuous learning and research, to dapeng real estate business EMBA学位论文 作者：高阳 大鹏房地产公司山水湖项目信托融资运管研究 IV development and financing mode is more understanding, dapeng real estate at present mainly adopts the model of bank lending, financing cost is about 10% higher than counterparts in large real estate company, reimbursement pressure is bigger, development is very adverse to the company. This paper focus on selected topic research to dapeng real estate as the research object, and on this basis, for the introduction of real estate trust financing in investigation and study, investigate the background of the real estate trust, policy conditions and usage patterns, research condition and the necessity of the introduction of real estate trust, for the operation and management stage, formulate the specific measures and solutions. Through the study of this paper, it is believed that real estate enterprises should make prudent decisions when introducing new financing methods, and make financing plans with scientific research methods and appropriate research tools, so as to effectively solve the problem of project financing and improve the economic benefits of enterprises. The study on trust financing of shanshui lake project of dapeng real estate company can also provide reference for other real estate enterprises to solve financing problems in the current monetary tightening environment. It is understood that the current academic research on the financing of urban renewal projects in shenzhen is little or theoretical. This paper focuses on solving som historical problems left over from the financing of such projects through practical research, in order to provide a detailed case for shenzhen urban renewal project financing. Key words: trust financing, real estate trust financing, financing managem EMBA学位论文 作者：高阳 大鹏房地产公司山水湖项目信托融资运管研究 V 目 录 中文摘要 ........ I Abstract ........ III 第一章 绪论 .. 1 1.1 研究的背景与意义 ............................ 1 1.1.1 研究的背景 .. 1 1.1.2 研究的意义 .. 3 1.2 研究的内容与思路 ............................ 3 1.2.1 研究的内容 .. 3 1.2.2 研究的思路 .. 4 1.3 研究的方法与工具 ............................ 6 1.3.1 研究的方法 .. 6 1.3.2 研究的工具 .. 6 第二章 相关理论基础和政策法规 ........................... 7 2.1 有关概念的涵义 . 7 2.1.1 信托融资 ...... 7 2.1.2 房地产信托融资 ......................... 8 2.1.3 私募股权投资基金 ................... 10 2.2 信托融资的理论基础 ...................... 11 2.2.1 代理成本理论 ........................... 11 2.2.2 MM理论 ..... 12 2.2.3 权衡理论 .... 12 2.2.4 优序融资理论 ........................... 12 2.2.5 金融成长周期理论 ................... 13 2.3 国内外文献综述 .............................. 14 2.3.1 国外文献综述 ........................... 14 EMBA学位论文 作者：高阳 大鹏房地产公司山水湖项目信托融资运管研究 VI 2.3.2 国内文献综述 ........................... 15 2.4 我国房地产企业常用的融资方式 .. 17 2.4.1 预收房款 .... 18 2.4.2 银行贷款 .... 18 2.4.3 债券融资 .... 18 2.4.4 建筑商垫资 18 2.5 现行的政策法规 .............................. 19 2.5.1 房地产企业融资要符合产业导向 .......................... 19 2.5.2 影响房地产企业融资的政策工具 .........