1、 1 研究报告 （2021 年 第 2 期 总第 91 期） 2021 年 2 月 10 日 中国房地产企业融资中国房地产企业融资现状现状分析分析与与转型转型对策对策研究研究 鑫苑房地产金融科技研究中心 【摘要】【摘要】 房地产业在国民经济中具有重要地位， 房地产行业本身属于资金密集型行业。 房地产融资模式不仅关乎到房地产企业经营效应， 还对国家的金融信贷资源配置具有重要影响。本报告通过梳理近十年与房地产企业融资相关的宏观、 行业数据， 结合房地产行业监管动态和政策变化， 对中国房企各融资渠道现状及发展趋势进行了整理分析，并探讨了经济新常态下中国房企融资模式的转型之路。 本研究报告主要发现，

2、国内房地产企业对于以银行贷款为主的传统间接融资渠道依赖较强， 在非标融资受阻、 权益资本获取乏力以及传统债券市场融资低迷的现状下，以资产支持证券和地产私募基金为代表的创新融资方式正成为当前房企融资方式转型的突破口。 2 Research Report 2021-2 edition 91 Feb.10th 2021 Real Estate Finance in China: Current Issues and New Frontiers Lanya Ma, Xingkong Wei, Fudong Zhang XIN Real Estate Fintech Research Center Ab

3、stract： Real estate is the pillar industry of national economy. As a capital-intensive industry, real estate financing not only plays an important role in enterprises business operation, but also has huge implications for nations credit resource allocation. In this article, we analyzed the status qu

4、o and new trends of real estate financing using both macro-level and industry-level data along with industry regulatory policy dynamics. And we discussed how what current alternatives are available for real estate financing. We concluded that domestic real estate companies are highly dependent on tr

5、aditional indirect financing such as bank loans. Given that nonstandard debt financing was hampered, equity capital raising was deficient and bond market was depressed for real estate industry, we believed that innovated financing options such as asset backed securitization and private equity fund w

6、ould be more than just expediency but strategic approaches for real estate financing in the future. Keywords: Real Estate Financing, Regulatory Policies, Indirect Financing 3 目录 一、 引言 . 4 二、 中国房地产企业融资渠道现状与分析 . 5 1. 销售回款 . 7 1.1. 销售回款形势概览 . 7 1.2. 定金及预付款 . 9 1.3. 个人按揭贷款 . 9 2. 应付账款和应付票据 . 12 3. 境外融资