Real estate finance

下面为大家整理一篇优秀的paper代写范文- Real estate finance，供大家参考学习，这篇论文讨论了房地产金融。房地产金融，指的是房地产企业通过相关渠道筹融资和获得各种金融服务，包括信用渠道和货币流通渠道等，其对房地产的开发、销售等各个方面产生影响。房地产金融的作用不仅仅只表现在房地产企业方面，同时也对改善人民居住水平，培育支柱产业，实现政治目标起到了保障作用。所以要想发展房地产业必须要有长期且明确的房地产金融政策支持。

Today, the real estate industry in our country and the world, are important industry in China under the socialist market economic system, economic system reform continued to deepen, the real estate industry is increasingly shows in two aspects of social production and people life indispensable function, gradually play its role as the foundation of national economy and guide. At every stage of the beginning, development and stability of the real estate industry, huge funds and a variety of financial services are needed to support it, which requires real estate finance to play its role.

Real estate finance means that real estate enterprises raise and obtain various financial services through relevant channels, including credit channels and currency circulation channels, which have an impact on the development, construction, sales, consumption and other aspects of real estate.

Real estate finance has broad sense and narrow sense. The former refers to all financial activities related to the real estate industry, with relatively general meaning. The latter is manifested in various concrete financial forms, including the establishment of housing savings institutions, the issuance of corporate bonds, the listing of stock funds of real estate enterprises, and the establishment of mortgage securities companies.

Real estate development, sales and consumption require capital, and real estate enterprises can use a variety of financing methods and various financial instruments to raise and finance funds to support demand, promote the capital chain cycle of real estate production, and ensure the stability of real estate projects.

The role of real estate finance is not only reflected in real estate enterprises, but also plays a guarantee role in improving people's living standard, cultivating pillar industries and realizing China's political goals. In order to develop the real estate industry and achieve the goal of a well-off society, China must have long-term and clear real estate financial policy support.

In China's real estate financial risk refers to the financial system in our country, especially the commercial Banks in our country, for real estate developers to provide financial services, financing, to handle settlement business, meet all kinds of have no way to know in advance the uncertainty factors of interference, so that the actual yield deviation from the expected return, the financial system will withstand all kinds of risks. It should be pointed out here that real estate financial risks include both possible unknown losses and possible unknown gains. This paper will focus on the study of unknown losses.

As the real estate industry is an industry with high investment and high interests, it is inherently high-risk. China's real estate finance has been developing for decades, and has basically formed a set of financial system with obvious structure, which is mainly made up of China's commercial bank loans, supplemented by real estate funds, housing savings Banks, cooperatives and other financing methods. This system indicates that the risk of real estate finance is no longer just the risk of a single financial institution, but the risk of the whole real estate finance system.

Credit risk is caused by the lack of credit in real estate related enterprises or housing consumers. Because they are unable or unwilling to repay the loan after borrowing from the bank, the loan bank can't even get the principal and interest back on time, causing serious credit risk. This risk may be caused by the failure of the commercial bank to review and evaluate the borrower's credit before the loan, or by the change of other circumstances after the loan is issued.

Liquidity risk is a kind of cash risk. Due to the lack of sufficient cash or other financial assets that can be converted into cash at any time, financial institutions are unable to pay off matured debts and meet customers' withdrawal requirements. There are two types of liquidity risk, primary and secondary. The former refers to the unreasonable proportion of bank assets structure, the excessive proportion of medium and long term loans compared with short-term loans, and the cash to meet customers' withdrawal needs cannot be made up completely by cash and Treasury bills. Meanwhile, the methods and channels for cash integration are limited. The final result is insufficient liquidity, leading to liquidity risks. The latter is caused by credit risk.

In the financing of the real estate industry, medium and long-term loans account for a large proportion in the asset structure of the banking industry. If the liability structure of the banking industry is mainly invested in demand deposits, it is extremely easy to cause risks.

If the medium and long term loans are not overdue, unable to repay and unable to recover poor quality loans, will form bad debts, the banking industry will face the risk of asset quality.

If the loan interest rate is lowered and the deposit interest rate is raised, or the two are moving in the same direction but the interest rate difference is getting smaller and smaller, all of these will cause risks and make the bank suffer losses in operation. In medium and long - term loan interest rate changes very big, interest rate risk is bigger also. Real estate finance, especially residential finance loan term is generally very long, natural Banks will face great interest rate risk.

Real interest rates are nominal after adjusting for inflation. When the nominal interest rate remains unchanged, inflation will affect the real interest rate and make it fall or even become negative, which is extremely unfavorable to the banking industry and causes capital losses in the banking industry.

In addition to the above risks, there are many other risks in real estate finance. Problems in the operation and management process may lead to the decrease of benefits or even losses. Policy risks caused by changes in relevant national policies; Real estate insurance and trust risks; The legal risk caused by ignorance of the law.

In recent years, affected by the profiteering characteristics of the real estate industry, a large number of enterprises have turned to the real estate market for high profits. The vast majority of businesses are still financed by bank loans. Actual figures show that about 50% of the country's real estate loans rely on bank loans, and some large cities are as high as 80%. Therefore, the bank indirectly or even directly bears the risk of each link in the real estate market. Once there is a problem in one link, the risk will eventually be transferred to the bank, and the overdue loans and stagnant funds will make the bank suffer losses.

At present, there is an extremely one-sided phenomenon in China. Some regions believe that the real estate industry has a strong role in promoting economic growth, so in order to pursue the growth of GDP unilaterally, it is easy to cause that the economic growth in these places relies too much on real estate development. Once appear development business exists very poor credit, building complete deadline and quality do not have the case that assures, the bank should bear the risk that this kind regards hypothesization estate as pawn.

In the degree of understanding of information, developers than Banks have an advantage. The bank does not know the situation of the developer, nor does it know the risk level of the real estate market, while the developer directly knows all the information of itself and knows well the risk of real estate development. In addition, China's individual and enterprise credit system is not perfect, easy to appear empty-handed Wolf phenomenon.

From the fundamental reason, the land system, the commercial bank management system, the real estate industry complex and other comprehensive factors caused the real estate financial risk, so our country should strengthen the reform of related aspects to avoid the risk of further expansion. If we only consider the operation rules and mechanism of real estate finance from the perspective of relevant international experience and China's current national conditions, we can prevent and control it by the following points:

At present, China needs to control the scale of bank credit on the one hand, and create other methods and ways of financing capital on the other hand, transfer risks through various ways and disperse risks in different fields. In this way, China can basically solve the problem that real estate developers rely too much on commercial Banks. Not only that, real estate companies can also issue stocks, corporate bonds and other financing.

A healthy and stable real estate financial market is not only conducive to the development of the financial system, but also crucial to China's national economy and political stability. Therefore, the Chinese government must strengthen macro-control, control risks, and guide various financial institutions to compete reasonably and fairly to maintain their health and stability. At the same time, the central bank should step up the investigation of problems in the real estate market and be able to accurately analyze them, make relevant information public in a timely manner, timely give early warning of relevant adverse situations and actively take countermeasures, guide the behaviors of financial institutions and strictly supervise them. The real estate market is not exactly a competitive market, and when interest rates are raised, it does dampen demand for housing, but it does not bring down prices. Instead of cutting prices in order to increase sales, developers tend to hold on to their homes for a while, hoarding them and raising prices when purchasing power returns to normal. Therefore, government regulators should seize the root cause of real estate problems, such as starting from the land, improving the land transaction system, increasing the government's supervision of land, and fundamentally regulating the housing price.

China should build a risk monitoring system in relevant aspects, timely analyze the supply and demand of real estate, timely predict risks, and steadily and continuously monitor the real estate financial system.

In combination with China's national conditions and foreign experience, relevant policies and regulations should be reasonably formulated to effectively prevent and control risks and ensure the stability and development of the real estate financial market.

At present, China is still in the stage of incomplete, unbalanced, large amount of credit missing and imperfect credit system for individuals and enterprises. A perfect credit system suitable for China's national conditions should be gradually established. Restrain the behavior of individual and enterprise through credit system, prevent credit risk.

The real estate industry has become the pillar industry of China's national economy. The stability and development of the real estate industry cannot be separated from the safety and stability of real estate finance. Only by strengthening the prevention and control of real estate financial risks can we effectively guarantee the stable development of the real estate industry, the real estate financial industry and the national economy.

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