on financing methods of real estate enterprise
货币政策与房地产价格外文文献翻译最新译文
文献出处：Geltner D. The study on the relationship between the monetary policy and real estate prices [J]. The Journal of Real Estate Finance and Economics, 2015, 5(3): 522-532.原文The study on the relationship between the monetary policy and real estate pricesGeltner DAbstractMonetary policy has an important influence on the real economy, monetary policy from the set to play a role affect real economy exists a conduction process, and the effect of monetary policy is good or not directly depends on whether the conduction process smoothly. As assets related trade, with pure inflation index to measure the rationality of the monetary policy effect was questioned, the control effect is more and more attention to asset price reasonable or not. Especially in recent years the real estate industry has developed rapidly in our country, the real estate investment in fixed assets investment in the country to the rapid growth of the share of the real estate industry plays a decisive role to the development of the economy. Keywords: real estate prices; monetary policy1 IntroductionThe transmission mechanism of monetary policy as the most important part of monetary policy research field, research is how monetary policy effects on the real economy, to achieve the ultimate goal of policy, exert its function of macroeconomic adjustment. This transmission mechanism will with the passage of time and the development of the economy changing, in different countries and regions have different transmission path, therefore, according to different economy we must want to undertake an independent monetary policy transmission mechanism research. Since Keynes established macroeconomic analysis framework, different economic schools according to the different economic conditions put forward their own theory of monetary policy transmission. In general, monetary policy transmission way interest rates, exchange rates, credit and asset price way, etc. With the development of the economy, despite of the related assets other than monetary assets and wealth can alsobe to give the effect of monetary policy to the real economy. This article selects the important in modern life of an asset prices, real estate prices as the research object, the real estate as a special asset in today's society, with dual attributes, it is not only consumer goods, and investment. At the same time, in the modern real estate development model, the real estate industry and the social investment, consumer spending and bank credit is closely related to many aspects, can become the important carrier of the monetary policy transmission. The transmission mechanism of monetary policy and its impact on the macro economy is the core content of theory of monetary policy. The development of the real estate market and deepen bring brand-new conduction path for the monetary policy transmission at the same time, also make the implementation of the policy face greater risks, increasing the difficulty of policy making. To investigate whether monetary policy through regulating the real estate price to control the real economy, the purpose of testing the transmission path of existence and effectiveness, can not only improve the monetary policy transmission theories, but also for the steady growth of the real economy and the healthy development of the real estate market has important theoretical and practical significance.2 Research reviewAs a kind of asset prices, real estate prices in the first place and didn't get everybody's attention. After the economic crisis in the 1930 s and 80 s respectively in the theory of asset prices and monetary policy this problem of two orgasms, during this period, scholars from different perspectives on this issue a lot of theoretical and empirical studies, a series of related conclusions, system analyzes the asset prices and monetary policy and the relationship between the real economy in all aspects.Franco Modigliani’s theory of life cycle theory and Tobin’s Q is the asset price transmission channels of monetary policy can play a role of theoretical basis. But the original study of asset prices more focused on the discussion of the price of the stock, and ignored the role of the real estate price changes. However, with the continuous development of the real estate market, asset price theory is more and more focus on real estate prices. Many scholars have studied the real estate prices in the monetarypolicy transmission plays an important role. Meltzer, for example, (1995), as a representative of monetarism, he thought that monetary policy can effectively regulate the real estate price, and the changes in asset prices can have an important impact on output and employment, asset prices play an important role in the transmission mechanism. Mishkin (2001) studies have shown that real estate prices can affect the conduction effect of aggregate demand, but the excessive attention to real estate prices can also affect the effectiveness of monetary policy. American economist Good hart (2000) based on the idea of asset prices would act as a monetary policy, research and analyze data on the United States, to verify whether asset price changes on inflation have expected effect, explore the monetary policy on asset prices can better achieve the ultimate goal of the central bank. The conclusion is: asset prices (including the real estate price) of the change of related reaction increases the effectiveness of monetary policy transmission. Ireland (2005) study shows that monetary policy can affect real economy through real estate price conduction of some real variables, such as output and employment. Calza, Monacelli (2007). Research results indicate that the mortgage market and the more developed countries, the relationship of real estate prices and consumption more obvious, so the real estate price conduction effect is stronger.Many scholars study the effect of monetary policy on the real estate market alone, the portfolio from interest rate, money supply, three ways to analyze monetary policy on real estate price regulation ability. In interest rates way of analysis, Andrew (2008) study shows that interest rate changes are the main cause of the real estate price changes. Abraham (2006) by using the model of a considering lag period of house price changes, the conclusion is: the increase in price and interest rate changes are negative correlation. Aoki (2009) study of Britain's monetary policy impact on real estate market, through the establishment of the V AR model to empirical conclusion: interest rate changes and the relationship between real estate and consumer durables, when interest rates rise, real estate prices will be reduced. Ho Wong (2010) based on the research of the long-term data, draw the conclusion: real estate prices will affect interest rates, but the interest rate adjustment can't change the real estate prices, is aone-way transmission relationship between interest rate and real estate prices.In the analysis of the credit way Margraves (2013) study, points out that as the easing of economic liberalization and market regulation, more and more credit resources flow to the high yield of the real estate market, make real estate investment overheating, led to the real estate prices. Collins (2010) on the data of some Asian countries in recent years the study found that real estate in the current price is affected by the credit growth significantly. Davis (2010) study conclusion shows that the credit expansion is the root cause of commercial real estate prices, the opposite is not established.In portfolio analysis of the effect way, Sheridan (2009) to major cities in Europe and the United States 17 countries annual data for the cross section data regression analysis, the empirical results show that in the long run, stock returns, rent, and significantly positive correlation between real estate prices, and real estate prices and stock price synchronicity with GDP growth significantly. Wilson (2007) argue that the real estate market and stock market in the United States nonlinear relationship exists between the weak and they with Zurbrueg (2010) confirmed that Australia's real estate prices and stock prices there is a two-way linear Granger causality between. In the study of how monetary policy affects real estate prices at the same time, to study how the change of the real estate prices affect consumption and investment in the real economy.(1) The consumption effectConsumption effect mainly through the implementation of the wealth effect and family balance sheet effect two ways. The analysis of the wealth effect is based on the life-cycle theory and permanent income theory. Skinner (2008), the study found that the real estate wealth effect is significant effect on consumption. Shiller: an empirical study of (2010) and others found that real estate wealth effect was stronger than the stock, and the level of consumption changes by real estate wealth increase significantly, the influence of the real estate wealth reduce almost no reaction. At the same time, there are some contrary to the above conclusion of the study. Such as Elliott (2009) studied the relationship between consumer spending and wealth, theresults showed as non-financial wealth of real estate has no effect on consumption, property prices there is no effect of consumption. Levin (2009) of the empirical analysis results show that the real estate price change has no effect on consumption, consumption effect does not exist. Mishkin think family balance sheets have significant influence on consumers' willingness to spend, and then put forward the real estate price effect of household balance sheets, but few scholars devoted to the study, the related literature is less.(2) The investment effectFrom the Tobin q value effect and balance sheet effect two aspects inspects the investment of the real estate price effect. According to Tobin’s Q theory, real estate prices will improve the Q value of estate, Q value rise will bring the investment will increase, increasing investment spending. For balance sheet effect, foreign literature is mainly focused on the theoretical analysis, Breanne (2010) argues that if real estate prices rise, to buy property mortgage the borrower's balance sheet condition will get better, increase the possibility of loan, prompting financial institutions loans increased, the corresponding increase of loan able funds will make investment spending also increase accordingly. About the real estate price transmission mechanism of monetary policy research literature mostly just with the introduction of the relevant theories, and based on the theory of empirical research. Gatzlaff (2006) has carried on the theoretical and empirical analysis, argued that monetary policy should focus on real estate price changes, but the current monetary policy conduction through the real estate price is not very significant. Olmes (2007) the empirical test shows that by using the model of real estate prices on monetary policy transmission effect is significant; the overall transmission efficiency is higher. Crowe (2008) through empirical analysis it is concluded that: asset prices on macro economy has a certain impact, in particular, the role of house prices is more obvious. Therefore, the central bank in monetary policy should be on asset markets especially appropriate attention and control real estate prices. Alicia (2010) through the empirical analysis shows that the conduction in real estate prices on the real economy, consumer spending is influenced by the real estate price changes smaller; In respect of investment, theinvestment spending there were significantly positive correlation with real estate prices, real estate prices can affect the real economy through investment effect, the real estate price to conduction to the real economy. Igan (2010) on the basis of the V AR model is established by using co integration test, Granger causality test method, such as the bank credit, the relationship between real estate prices and macroeconomic are studied, to prove that there is a certain relationship between them. Some scholars begin to pay close attention to the relationship between monetary policy and real estate prices. Many literatures focused on the theoretical analysis of the real estate market in the central bank of the monetary policy will produce what kind of change. Rabanal (2011) point out that the central bank mainly through the personal housing mortgage loans and mortgage interest rate adjustment to regulate the real estate demand, thus influence the real estate price.3 Evaluate and analyzeFrom the results of the research literature concluded that, for the existence of the real estate price transmission mechanism of monetary policy, and the transmission mechanism in two areas of smoothness or not there exist certain differences. Differences that may be affected by different regional economic development status and the influence of such factors as variable selection standard, but overall, the study of this subject has made certain achievements, the research system, from two aspects of qualitative and quantitative analysis, systematic analysis of the monetary policy, the relationship between the real estate market and the real economy, affirmed the existence of the real estate price transmission channels of monetary policy. On the one hand, real estate prices as a monetary policy transmission are analyzed theoretically the rationality of the mediation, on the other hand, using the empirical model from the perspective of empirical analysis of real estate prices as a path to the effectiveness of monetary policy transmission.译文货币政策与房地产价格关系研究Geltner D摘要货币政策对实体经济有着重要的影响，货币政策从制定到发挥作用影响实体经济存在一个传导的过程，而货币政策效果的好坏直接取决于这一传导过程是否顺畅。
房产限购政策英语作文
房产限购政策英语作文In recent years, the rapid escalation of housing prices has become a major concern for many cities around the world. To address this issue, governments have implemented housing purchase restrictions policies to regulate the real estate market and prevent speculative buying. This essay will explore the reasons behind these policies, their potential benefits, and the challenges they face.Firstly, housing purchase restrictions are often introduced to curb the overheating of the housing market. When the demand for housing outstrips supply, prices can soar to unsustainable levels, making it difficult for averagecitizens to afford a home. By limiting the number of properties an individual or family can purchase, the government aims to reduce the speculative demand that drives up prices.Secondly, these policies can help to stabilize the economy. Excessive investment in real estate can lead to economic bubbles, which, when they burst, can have disastrous effects on the wider economy. By controlling the flow of money into the housing market, governments can mitigate the risk of such bubbles forming.However, the implementation of housing purchase restrictions is not without its challenges. One of the main criticisms is that it can limit personal freedom and the right to property.Some argue that it is not the role of the government to dictate how many homes a person can own.Additionally, there is the risk that these policies could have unintended consequences. For example, they may discourage investment in the housing market, which could lead to a slowdown in construction and a reduction in the availability of housing. This could, in turn, exacerbate the problem of housing affordability.In conclusion, housing purchase restrictions are a complex policy tool that can have both positive and negative effects. While they can help to stabilize the housing market and the economy, they must be carefully designed and implemented to avoid infringing on individual rights and causing unintended economic consequences. It is crucial for policymakers to strike a balance between controlling the housing market and respecting personal freedoms.。
关于中国房地产市场的英文文章
关于中国房地产市场的英文文章China's real estate market has experienced rapid growthin recent years. The article provides an accurate analysisand update on the current state of the market. It can be used as a reference for investors, economists, or individuals interested in understanding the dynamics of the Chinese real estate industry.以下是使用28句双语例句来回答关于中国房地产市场的问题：1. China's real estate market has been a key driver ofthe country's economic growth.中国的房地产市场一直是中国经济增长的重要引擎。
2. The high demand for property in China has led tosoaring housing prices.在中国，对房地产的高需求导致了房价飙升。
3. Many Chinese individuals see real estate as alucrative investment opportunity.许多中国人将房地产视为一种有利可图的投资机会。
4. The Chinese government has implemented various policies to cool down the real estate market.中国政府出台了多项政策以降温房地产市场。
5. A surge in property speculation has raised concerns about a potential real estate bubble.房地产投机热潮引发了对潜在房地产泡沫的担忧。
房地产投资和风险评估Real Estate Investment and Risk Analysis
Elements of Real Estate Investment Risk
Business risk → macroeconomic trends Inflation risk → time value loss Liquidity risk → real estate is illiquid Financial risk → loss of principal
levered returns to investment based on
Asking price of a property Limited equity resources Available debt financing
Evaluates investment in terms of IRR as well as NPV
C
Calculate levered and unlevered returns on purchase price
Before and after tax
The Due Diligence Process
Investigating and evaluating investment risks
Comparing Financial Analysis to DCF
DCF typically looks at an unlevered return, while most real estate investment are financed
Investment analysis looks at unlevered and
Real Estate Investment and Risk Analysis
Lecture Map
Review investor motivations Review investment objectives Investment Analysis
货币政策与房地产价格外文文献翻译最新译文
货币政策与房地产价格外文文献翻译最新译文XXX and real XXX over a d of several years to analyze the XXX real estate prices。
with lower interest XXX。
the study also finds that other factors。
such as economic growth and demographic changes。
also play a role in determining real XXX.nReal estate prices have been a topic of much n in recent years。
with many people concerned about the impact of high real XXX。
One factor that is often XXX high real XXX and real estate prices。
XXX XXX.XXXXXX and real estate prices。
with mixed results。
Some studies have found a strong XXX and real estate prices。
while others have found little or no n。
One reason for these mixed results may be the use of different methods and data sources in these studies.XXXThis XXX over a d of several years to analyze the XXX estate prices。
XXX may also impact real XXX.ResultsXXX real estate prices。
全能型住房交易契约英文版
全能型住房交易契约英文版All-In-One Housing Transaction ContractIn the realm of real estate transactions, a comprehensive and versatile housing contract is essential to ensure a smooth and successful deal. This document serves as a binding agreement between the buyer and seller, outlining the terms and conditions of the property transfer.The "All-In-One Housing Transaction Contract" covers every aspect of the transaction, from the purchase price and payment schedule to the closing date and possession terms. It also includes provisions for inspection contingencies, repairs, and any additional agreements between the parties.This contract is designed to protect the interests of both parties and provide clarity on their respective rights and obligations. By addressing all the key elements of the transaction in a single document, it streamlines the process and minimizes the risk of misunderstandings or disputes.Whether you are a first-time homebuyer or a seasoned investor, having a well-drafted and comprehensive housing contract is crucial to a successful real estate transaction. The "All-In-One Housing Transaction Contract" is a versatile and efficient tool that can help you navigate the complexities of property transactions with ease.In conclusion, the importance of a well-crafted housing contract cannot be overstated. With the "All-In-One Housing Transaction Contract," you can have peace of mind knowing that your interests are protected and your transaction is conducted in a clear and organized manner.。
企业偿债能力分析外文文献
外文文献原稿和译文原稿IntroductionAlthough creditors can develop a variety of protective provisions to protect their own interests, but a number of complementary measures are critical to effectively safeguard their interests have to see the company's solvency. Therefore, to improve a company's solvency Liabilities are on the rise. On the other hand, the stronger a company's solvency the easier cash investments required for the project, whose total assets are often relatively low debt ratio, which is the point of the pecking order theory of phase agreement. Similarly, a company's short-term liquidity, the stronger the short-term debt ratio is also lower, long-term solvency, the stronger the long-term debt ratio is also lower .Harris et al. Well, Eriotis etc. as well as empirical research and Underperformance found that the solvency (in the quick ratio and interest coverage ratio, respectively, short-term solvency and long-term solvency) to total debt ratio has significant negative correlation. Taking into account the data collected convenience, this paper represents short-term solvency ratios and to study the long-term solvency by the quick ratio and cash flow impact on the real estate debt capital structure of listed companies.Listed Companies Solvency AnalysisWhen companies need money, the choice of financing preference order, namely in accordance with retained earnings, issuance of bonds, financing order issued shares. According to this theory, strong corporate profitability, retained earnings more For financing first will consider retained earnings. Therefore, the profitability of the total debt ratio should be negatively correlated debt avoidance theory based natural surface that under otherwise identical conditions, a highly profitable company should borrow more debt, because they use avoidance of the need for greater debt, and therefore higher debt ratio. rapid growth of the company's financial leverage without the support, based on this, toselect 378 samples from the 500 largest US companies, the researchers found that regardless of whether there is an optimal capital structure, the company's liabilities are directly correlated with growth.Growth is the fundamental guarantee company solvency, so whether short-term loans or long-term loans and creditors, as the company's growth as a positive signal, so the listed companies in recent years of growth, the higher its rate and short-term assets The higher rate of long-term assets and liabilities, total assets and liabilities naturally higher, but the impact on growth of real estate companies listed on a smaller debt ratio (coefficient is small). The risk of firm size and capital structure affect the growth has a similar conclusion, it appears that creditors, especially banks that the company scale is a measure of credit risk is an important consideration index, the greater the company size, the more stable cash flow, bankruptcy it is smaller, the creditors are more willing to throw an olive branch large-scale enterprises. The actual controller of the listed companies category to total debt ratio of the impact factor of a 0.040017, indicating that non-state-controlled listed company's total assets and liabilities higher than the state-owned holding companies. The reason for this phenomenon may be non-state-controlled listed companies pay more attention to control benefits, do not want to dilute their control over equity financing, and therefore more inclined to debt financing, which may also explain the non-state-controlled listed companies better use of financial leverage enterprises bigger and stronger impulses. In addition, the actual control of listed companies category short-term impact on asset-liability ratio is a 2.3 times its impact on long-term debt ratio, which shows the non-state-controlled listed companies prefer to take advantage of short-term debt to expand its operations.Current research on factors affecting capital structure point of view there are many factors in various industries concerned is not the same, according to industry characteristics and particularity, we mainly focus on the following aspects to analyze the factors industry capital structure. The article explained variable - capital structure for the asset-liability ratio, generally refers to the total debt ratio, but for more in-depth study of capital structure of listed companies, the paper from the total debt ratio, short-term assets and liabilities and long-term debt ratio of three angles of Capital structure explanatory.At present, domestic and foreign scholars analyzed factors on capital structure mostlyused multiple linear regression, as usual statistical regression function in the form of their choice is often subjective factors, but ordinary regression methods to make function with average resistance, most such functions excellent and objectivity are often difficult to reflect. base stochastic frontier model (Stochastic Frontier) in data envelopment analysis (DEA) method, estimate the effective production frontier using mathematical programming method, namely the experience of frontier production function, overcome DEA method assumes that there is no random error term, the better to reflect the objectivity and optimality ¨J function, currently in the field of economic management, sociology and medicine, began to get more and more applications. Therefore, in this paper, stochastic frontier model data on the capital structure factors listed real estate companies conducted a comprehensive analysis, in order to provide a better scientific basis for the study of the optimal capital structure of real estate enterprises.Listed company's solvency and overall asset-liability ratio was significantly negatively correlated with short-term liquidity has a decisive influence on the short-term asset-liability ratio. Similarly, long-term solvency also has a decisive influence on long-term assets and liabilities. Industry higher total debt ratio particularly high proportion of short-term debt is one of the main business risks, thus increasing solvency of listed companies, especially short-term liquidity (that is, to obtain a stable short-term cash flow). reduce its asset liability ratio and effective risk management choice ROA of listed companies is much greater influence than ROE of asset-liability ratio, and affect the relationship is inconsistent, ROE is higher, the higher the total debt ratio, while the ROA high, the lower the rate of the total assets and liabilities, and short-term liabilities ROA more obvious, this difference is mainly due to the special structure of listed companies due to the nature of the capital, and therefore need to improve the capital structure of listed companies, namely to reduce the total assets and liabilities rate debt structure and the need to reduce the proportion of short-term debt in particular, in order to enhance the company's profitability ROA. growth and company size has a significant positive impact on the capital structure, which is mainly due to the growth of the company's solvency is fundamental, The size of the company is the main indicator to measure the bankruptcy creditor risk. Therefore, listed companies should be radically to grow through continuous growth and development of enterprises, so that thetotal debt ratio has a high margin of safety, through growth to continue to resolve the financial risk than non-state-owned holding companies controlling more use of financial leverage motivation and apparently relied on short-term liabilities, which may lead to more serious financial risk especially short-term business risks, so that the non-state-owned holding listed companies should establish more strict risk prevention system.译文介绍虽然债权人可以通过制定各种保护性条款来保障自己的利益，但都是一些辅助性的措施，能够有效保障他们利益的关键还得看公司的偿债能力。
房地产企业的财务风险分析及防范 ——以碧桂园为例-会计-毕业论文
房地产企业的财务风险分析及防范——以碧桂园为例摘要：近年来，随着我国房地产企业飞速发展，投资和销售额在国内生产总值所占的比重持续增加,已逐渐成为我国国民经济的主要产业之一。
对于中国的房地产企业而言，具有投资数额巨大，风险程度较高的特点。
因此，及时的发现房地产企业的财务风险，对企业的发展具有重要意义。
通过对碧桂园的财务分析，发现由于汇率的波动大，给碧桂园造成了海外投资不确定的问题。
同时，较为单一的筹资方式使得碧桂园的负债比重大，也增加了企业的财务风险。
本文通过参考其他企业的的管理方式，针对碧桂园的经营过程中所遇到的具体问题提出了相应的改进措施。
关键词：房地产企业、财务风险、偿债能力Abstract: In recent years, with the rapid development of real estate enterprises in China, the proportion of investment and sales in GDP has continued to increase, and it has gradually become one of the major industries of China's national economy. For Chinese real estate companies, they have the characteristics of huge investment and high risk. Therefore, timely discovery of the financial risks of real estate enterprises is of great significance to the development of enterprises. Through the financial analysis of Country Garden, it was found that due to the fluctuation of the exchange rate, Country Garden caused uncertainty about overseas investment. At the same time, the relatively simple financing method makes Country Garden's debt ratio significant, which also increases the financial risk of the company. This paper proposes relevant improvement measures for the problems encountered in the operation of Country Garden by referring to the management methods of other enterprises.Key Words: Real estate enterprise Financial risk Solvency目录1 绪论 (II)1.1研究背景和意义 (II)1.1.1研究背景.................................................................................................................................... I I1.1.2 研究意义 (III)1.2 国内外研究现状 (III)1.2.1 国外研究现状 (III)1.2.2 国内研究现状 ........................................................................................................................ I V 1.3 研究内容及方法............................................................................................................ I V1.3.1 研究内容................................................................................................................................. I V1.3.2 研究方法 (V)2 房地产行业及碧桂园的现状分析 .................................................................. V I 2.1 房地产行业财务概况................................................................................................... V I2.2 碧桂园财务状况........................................................................................................... V II3 碧桂园房地产财务风险分析 (VIII)3.1 海外投资收益不确定 (VIII)3.2 进军一二线城市困难................................................................................................... I X 3.3 负债比重大. (X)3.4 产品质量下降 ................................................................................................................ X I4 碧桂园房地产财务风险的原因 ...................................................................... X II 4.1 汇率的不稳定 ............................................................................................................... X II 4.2 进军一二线起步晚竞争压力大 (XIII)4.3 单一筹资方式 (XIII)4.4 受政策影响大 (XIV)5 碧桂园财务风险的控制措施 (XVI)5.1 调整对外投资规模 (XVI)5.2 提升企业形象 (XVI)5.3 实现多元化筹资 (XVII)5.4 加强质量管控 (XVII)结语 (XIX)谢辞................................................................................................................................. X X 参考文献 (XXI)1绪论1.1研究背景和意义1.1.1研究背景近年来，随着经济的进步、我国房地产事业的飞速发展，房地产企业在国民经济中所占的比重越来越大。
地基不稳：金融危机冲击下的商业地产
地基不稳：金融危机冲击下的商业地产随着全球经济危机深化，各界对商业地产忧心忡忡。
尽管商业房地产以前常是给经济带来问题的领域，但到目前为止，与这场引发股价狂泻、消费信心垮塌和失业率高企的借贷危机相比，问题尚不太严重。
随着经济繁荣期发放的贷款即将到期，商业地产项目业主还要面对经济衰退带来的高空置率、租金下滑的局面。
这种情况下，债务再融资几乎不可能。
沃顿教授、行业分析师和政治家认为商业房地产有可能成为经济衰退中下一个重灾区。
“一只鞋已经落在地板上，”沃顿商学院房地产教授苏珊·沃切特（Susan Wachter）打了个比方，“商业地产项目的价值已经严重下滑。
空置率达20年来最高水平。
”美联储报告指出，因公司和零售商大批倒闭，过去一年间，商业地产项目贷款的违约率已经翻了一番，达7%。
通常来说，商业房地产开发商过度开发、贷款违约和影响借贷机构的稳定性，继而拖累经济从高涨转至衰退。
但这次问题出在金融领域，后波及到商业地产领域。
“这场危机是一场金融危机。
问题是金融市场失灵，而非以往的过度开发，”沃切特教授说。
“经济整体表现疲软并将进一步走软，拖累商业地产项目租金走低。
过去的房地产危机都是以房地产为核心，不会在整个经济层面爆发危机。
”随着融资渠道收紧，业主很难或者不可能在贷款到期时用短期融资手段借新抵旧。
例如，全美第二大购物中心公司通用增长物业公司（General Growth Properties）在借贷机构拒绝为其270亿美元贷款再融资而宣告申请破产保护。
华盛顿特区召开的房地产圆桌会议（The Real Estate Roundtable）预测今年到期的商业房地产贷款将达4000亿美元。
2012年，这一数字将达1.8万亿。
“商业房地产定时炸弹已经开始计时，”来自纽约城区的众议员卡罗琳.马洛尼（Carolyn Maloney）在国会联合经济委员会近期一次有关商业房地产业听证会上这样说道。
沃顿商学院房地产教授约瑟夫·吉尤科（Joseph Gyourko）指出，住宅房地产已经成为经济衰退一个主要因素。
房地产企业财务风险管理研究以金地集团为例
房地产企业财务风险管理研究以金地集团为例一、本文概述Overview of this article随着全球经济的不断发展和市场竞争的日益激烈，房地产企业面临着越来越多的财务风险。
这些风险不仅来自于市场环境的变化，还来自于企业内部管理和运营的不稳定。
因此，对房地产企业财务风险管理的研究具有重要的现实意义和理论价值。
本文旨在以金地集团为例，深入探讨房地产企业财务风险管理的问题，以期为相关企业提供有益的参考和启示。
With the continuous development of the global economy and the increasingly fierce market competition, real estate enterprises are facing more and more financial risks. These risks come not only from changes in the market environment, but also from the instability of internal management and operations within the enterprise. Therefore, the study of financial risk management in real estate enterprises has important practical significance and theoretical value. This article aims to take Jindi Group as an example to deeply explore the financial riskmanagement issues of real estate enterprises, in order to provide useful reference and inspiration for related enterprises.本文首先将对房地产企业财务风险的内涵、特点及其成因进行系统的梳理和分析，为后续研究奠定理论基础。
伯南克在美联储的讲演
- 3 - of Iraq in March 2003, as well as a series of corporate scandals in 2002, further clouded the economic situation in the early part of the decade. Slide 1 shows the path, from the year 2000 to the present, of one key indicator of monetary policy, the target for the overnight federal funds rate set by the Federal Open Market Committee (FOMC). The Federal Reserve manages the federal funds rate, the interest rate at which banks lend to each other, to influence broader financial conditions and thus the course of the economy. As you can see, the target federal funds rate was lowered quickly in response to the 2001 recession, from 6.5 percent in late 2000 to 1.75 percent in December 2001 and to 1 percent in June 2003. After reaching the thenrecord low of 1 percent, the target rate remained at that level for a year. In June 2004, the FOMC began to raise the target rate, reaching 5.25 percent in June 2006 before pausing. (More recently, as you know, and as the rightward portion of the slide indicates, rates have been cut sharply once again.) The low policy rates during the 2002-06 period were accompanied at various times by “forward guidance” on policy from the Committee. For example, beginning in August 2003, the FOMC noted in four post-meeting statements that policy was likely to remain accommodative for a “considerable period.”2 The aggressive monetary policy response in 2002 and 2003 was motivated by two principal factors. First, although the recession technically ended in late 2001, the recovery remained quite weak and “jobless” into the latter part of 2003. Real gross domestic product (GDP), which normally grows above trend in the early stages of an economic expansion, rose at an average pace just above 2 percent in 2002 and the first
房地产公司财务风险形成原因及防范--以碧桂园公司为例
房地产公司财务风险形成原因及防范——以碧桂园公司为例摘要如今我国进一步深化改革住房政策和房地产市场竞争激烈，房地产公司面临的财务风险也会随着增大。
如何合理有效降低公司所面临的财务风险，减少财务风险带来的损失，是确保公司可持续发展的重要因素。
本文根据碧桂园公司的财务状况分析公司偿债能力、盈利能力和营运能力，从筹资风险、投资风险、经营风险三个方面进行形成原因分析。
发现碧桂园公司存在资产负债率逐年增高、偿债压力增大、投资的房地产项目大多位于三四线城市、存货和应收账款增加、公司过于追求高周转等问题。
针对以上问题，本文提出了合理确定融资规模、筹资方式多样化、加强对投资项目的评估、采取有效措施降低风险、优化营销策略、与当地企业合作提高规模效益等措施。
帮助碧桂园公司提高财务风险应对能力和给其他房地产公司提出一定的参考意见。
关键词：财务风险；房地产公司；财务风险形成原因；风险防范Causes and prevention of financial risks of the real estatecompany——Taking Country Garden as an ExampleAbstractNowadays, as China deepens the reform of housing policy and the competition in the real estate market is acute, the financial risks faced by real estate companies will also increase. How to reasonably and effectively reduce the company's financial risks and the losses caused by financial risks is an important factor to ensure the sustainable development of the company.Based on the financial status of Country Garden, this paper analyzes the solvency, profitability and operating capacity of the company, and studies the causes of the formation from three aspects: financing risk, investment risk and operating risk. It is found that country garden company has the following problems: the asset-liability ratio is increasing year by year; the debt paying pressure is increasing; most of the invested real estate projects are located in third-tier and fourth-tier cities; the inventory and receivables are increasing; the company is overly pursuing high turnover and so on. To solve those problems, this paper suggests the company to reasonably determine the scale of financing; diversify financing methods; strengthen the evaluation of investment projects; take effective measures to reduce risks; optimize marketing strategies; cooperate with local enterprises to improve the efficiency of scale. Also, this paper help Country Garden with improve ability of due with financial risk and give some reference opinion to other real estate companies.Key words:Financial risk; Real estate company; Causes of financial risks; Risk prevention目录摘要 (I)Abstract (II)一、绪论 (1)(一)研究的目的和意义 (1)(二)研究内容和方法 (1)二、文献综述 (1)(一)国内文献 (1)(二)国外文献 (2)三、碧桂园公司概况及财务现状 (2)(一)碧桂园公司概况及组织结构 (2)(二)碧桂园公司财务现状 (3)1. 偿债能力分析 (3)2. 盈利能力分析 (5)3. 营运能力分析 (5)四、碧桂园公司财务风险分析 (6)(一)碧桂园公司筹资风险分析 (6)(二)碧桂园公司投资风险分析 (6)(三)碧桂园公司经营风险分析 (7)五、碧桂园公司财务风险形成原因 (7)(一)外部原因 (7)1. 宏观环境的变化 (7)2. 国家政策 (7)3. 同行业竞争 (8)(二)内部原因 (8)1. 资本结构较为单一 (8)2. 公司产品核心竞争力不足 (8)3. 公司过于追求高周转 (8)六、碧桂园公司财务风险防范措施 (9)(一)筹资风险方面 (9)1. 合理确定融资规模 (9)2. 筹资方式多样化 (9)(二)投资风险方面 (9)1. 加强对投资项目的评估 (9)2. 采取有效措施降低风险 (9)(三)经营风险方面 (10)1. 优化营销策略 (10)2. 与当地企业合作，提高规模效益 (10)七、结论 (10)参考文献 (11)致谢 (12)一、绪论(一)研究的目的和意义住房是衣食住行不可缺少的一环，购买需求的增加使得房地产市场愈来愈发繁荣。
专业英语结课作业人文地理学研究生二年级.
专业英语结课作业——李宁 2012级人文地理On Financing Models of Real Estate Enterprise房地产公司的融资模式Abstract: Against the background that the central government is strengthening macro control and tightening credit scale of real estate businesses, financing capacity becomes the determinant for a real estate enterprise's development. Domestic enterprises nave many ways of financing, and this paper describes ten common models, simply analyses the advantages and disadvantages of each model, while explains and recommends three financing examples models with practical examples : individual entrusted loan, trust financing and assets securitization.摘要:在国家加大宏观调控力度、紧缩房地产信贷规模的背景下, 房地产企业面临严峻的资金压力,融资能力成为决定房地产持续发展的决定因素。
国内房地产企业的融资方式较多, 本文深入浅出地介绍了常见的十种模式, 简单地分析了各种模式的优缺点, 并结合工作实际, 推荐和较详细地介绍了三种融资模式:个人委托贷款、信托融资、资产证券化。
Keywords: real estate enterprise, enterprise financing, individual entrusted loan, trust financing, assets securitization, equity financing 关键字:房地产企业;企业融资;个人委托贷款;信托融资;资产证券化;股权融资文章分为四部分:1、 Introduction 介绍2、 Common financing model for real estate enterprises 房地产公司的一般融资模式3、 Comparison and selection of real estate enterprise financing models 对比选择房地产公司融资模式4、 Conclusion 结论1、 Introduction 介绍Real estate industry features in capital intensive, long development cycle, great input, high risk and so on. Traditional financing ways for real estate enterprises mainly include self-funded plus bank loans. Since the People's Bank of China issued No.121 Paper, financial institutions tightened cash flows, enterprises dependent on commercial banksfor financing get into difficulties, meaning financing capacity has become a determinant for the sustainable development of a real estate enterprise.The financial system in China is not mature, so real estate enterprises should not only be confined to bank loans, but also seek for more financing channels and fully play the diversified financing functions of the society, for survival and further development. Only enterprises with timely innovation in financing and plenty of capital can survive and develop. Therefore, it is necessary and meaningful to study and analyze various financing ways.2、 Common financing model for real estate enterprises 房地产公司的一般融资模式Domestic real estate enterprises have different financing models, each with advantages and disadvantages, and they are summarized as follows:2.1 Bank loans 银行贷款This is a traditional financing method. According to statistics, before No.121 Paper from the People’s Bank of China, real estate projects sourced about 60% of the fund directly or indirectly from banks. Bank loans include credit loans, mortgage loans, etc.Some enterprises used to mortgage the land they take for loans, arrear part of land transferring fees, stage the project development, subcontract the project with advance capital and forward sale, etc. to rapidly recover funds. Nowadays, these ways are not workable.2.2 Institutional investments + bank loans 机构投资 +银行贷款Institutional investments plus bank loans, this model is also referred as bridge loans. When real estate enterprises are not able to self-fund for land grant fee, etc., institutional investors provide short-term capital support (bridging, to keep the project moving (crossing bridge. When the projects have cash inflow, Banks began to loan. For enterprises targeting at further development, this model only ease the cash tightness for a while, not a guarantee for long-term financial support.2.3Equity financing 股权融资Equity financing model is broadly adopted in real estate industry. In order to get financed, many real estate project developers are willing to attract funds through capital and equity increase. The largest shortcoming缺点 of this model is that the developers have to give out分发 a large part of profits, which is not quite acceptable for companies with good projects这一点并不能为拥有好项目的公司所接受 . In addition, as equity financing involves management and administrative power由于股权融资包括管理和行政权力 , enterprises for long-term development would not prefer this method企业长期发展并不喜欢这种方式 .2.4Corporate bonds 公司债券This method is often used for new projects, with a higher interest rate than that of banks of the same period比银行同期利率更高的利息 . Large enterprises generally issue more bonds, while general real estate projects seldom can get a chance to issue bonds大公司通常会发行很多债券,但通常不动产项目很少能有这样的机会 . Therequirements on the bond-issuer are strict, only exclusively-state-owned companies, public companies, and limited liability companies established by two state-owned investment subjects are qualified 债券发行人的要求是严格的 , 只有完全国有企业 , 上市公司 , 有限责任公司建立了两个国有投资主体才有资格。
房地产行业财务杠杆效应及财务风险分析以万科集团为例-财务风险-毕业论文
---文档均为word文档，下载后可直接编辑使用亦可打印---摘要当今社会，社会经济的发展可谓是突飞猛进，在拉动社会经济的众多行业中，房地产企业的作用是不容小觑的。
房地产行业是典型的高资产负债率和经营风险大的行业，具有投资大、收益高、风险高等特点。
房地产企业最主要的筹资方式为银行贷款，其次是购房者所付的期房定金。
财务杠杆的存在基础是负债经营，为了追求企业价值最大化，合理举债经营，规避财务风险，选择合适的筹资决策是房地产企业发展最为关键的问题。
本文对当前国内外学者有关财务杠杆相关诸多理论观点进行整理归纳，重点阐述财务杠杆的原理、以及财务风险产生的原因，以及财务杠杆与财务风险之间的关系。
具体以万科集团为样本，对其近三年财务数据进行分析，阐述其财务情况，进而深入分析万科集团财务杠杆效应，列出财务风险和利益的具体表现，最后对合理规避财务风险，以及解决财务杠杆与企业筹资效益问题提出合理建议。
关键词：财务杠杆财务风险筹资决策房地产企业AbstractIn today's world, with the rapid development of social economy, the role of real estate enterprises cannot be underestimated in many industries that drive social economy. The real estate industry is a typical high asset-liability ratio and business risk, with large investment, high returns and high risks. When real estate companies face the choice of multiple financing methods, loans have become the main financing method.The basis of financial leverage is debt management. In order to maximize corporate value, manage debts rationally, and avoid financial risks, choosing the right financing decision are the most critical issues for real estate development.This paper summarizes and summarizes the current theories of financial leverage related by domestic and foreign scholars, and focuses on the principle of financial leverage, financial risk and risk prevention. The Vanke Group is used as a sample to analyze its financial data for the past three years and explain its financial situation. In turn, it analyzes the financial leverage effect of Vanke Group, lists the specific performance of financial risks and interests, and finally puts forward reasonable suggestions for reasonable avoidance of financial risks and solving financial leverage and corporate financing benefits.Keywords: financial leverage financial risk financing decision real estate enterpris目录1 绪论1.1 研究背景及意义1.1.1 研究背景众所周知，房地产企业是典型的资金密集型企业，其投资量巨大，决定了房地产企业融资最基本的特点就是融资的资金量大，事实上也的确如此，“国家统计局月度形势报告显示，1-8月，房地产开发企业本年资金来源33689亿元，同比增长34.2%，房地产开发企业自有资金占资金来源的32.79%，其余67%以上的资金约为人民币22644亿元来自于融资，可见房地产融资资金量之大。
房地产市场风险中英文对照外文翻译文献
中英文对照外文翻译(文档含英文原文和中文翻译)原文:The research of risk prevention in real estate marketAbstractOn April 2, 2007, the second largest in the United States subprime mortgage company new century financial filed for bankruptcy protection to sign, the US subprime mortgage crisis. In September 2008, America's fourth-largest investment bank Lehman brothers filed for bankruptcy protection for logo, America's subprime crisis could worsen. The financial industry, with the further development of the subprime crisis, the crisis of an industry began to spread to the variety of the real economy, retail, auto industry, catering industry, and other fields of sales decline, shrinking demand situation. Not only that, influenced by the subprime crisis, thedomestic unemployment rising, continue to dollar depreciation, the stock index continues to decline, real estate prices continue to fall, falling consumer confidence index, economic prospects are grim. Contradictions in the real estate industry has been highlighted, real estate development project is overly dependent on bank capital, transfer all the risk to commercial Banks, the commercial Banks face huge real estate financial risks, is one of the prominent contradictions. This risk once the outbreak, poses a great threat to the entire system will be. Therefore, study how to prevent the real estate financial risks has the significant theory and realistic significance. Keywords: Real estate; Financial risk; Bank loan1 IntroductionReal estate industry is a high-risk industry, real estate finance in support of the rapid development of the real estate industry at the same time, inevitably bears the risk of real estate industry. Finance as the main suppliers of real estate funds, once appear, the financial crisis, the financial sector funds problems, will influence the development of the real estate industry. Multiplier effect in the real estate industry, real estate loans in bank portfolios accordingly trigger a multiplier effect, and this will lead to increase of bank's risk. When real estate prices continue to fall, real estate mortgage guarantee foundation will be weakened, and real estate financial risks is cumulative, once the outbreak, will expand rapidly, a large area of the financial turmoil. The main characteristic of this paper lies in the integrated use of knowledge of finance, statistics, theoretical analysis and empirical analysis, qualitative analysis with quantitative analysis, general analysis and specific analysis the way ofcombining analysis of real estate financial risks, the commercial bank loan balance relations empirical test with the theory of real estate prices, real estate prices is not content to get bank loans is granger cause test results, but set up a new variable, the real estate price and the bank loan and the relationship between a specific index of granger causality test again. Finally on the basis of test results, in the aspect of reading a large number of relevant literatures basis, put forward advice on how to prevent the real estate financial risks in commercial bank.2 Literature review2.1 Theory researchDavis (2008) from the perspective of the borrower and the bank demonstrates the real estate prices will affect the bank credit. The authors think that real estate price changes affect the borrower's expectations of their wealth, will affect their consumption plans, and further affect their credit demand. And from the perspective of the bank, the bank lending for real estate development loans and real estate assets mortgage is one of the most in all of its loan business pro-cyclical characteristics, the most volatile assets. Herring (2009) based on the international perspective, the study on the relationship between the real estate bubble and the banking crisis, the credit market model was constructed, caused the real estate bubble is pointed out that the focus of bank loans, real estate bubble would be likely to cause a banking crisis. Gale (2009) proposed the asset price model based on credit expansion, think the assets on the basis of value is formed by the investors to use its own funds asset prices, when investors use borrowed money to invest, as investors to borrow money only forlimited liability, they appear to be more preference for risk assets, so will continue to push up asset prices. In the theory, the bank loan is the important reason for the formation of asset bubbles. Krug (2010) through the study, almost all of the real estate bubble is caused by the bank financing. Collins (2010) pointed out that when real estate prices, the bank was willing to ease lending conditions and provide more real estate loans, proposed a link on the real estate industry and economic cycle of transmission mechanism, and stressed that in the case of weak regulation and foreign capital inflows, the role of the mechanism may be enlarged.2.2 Empirical researchCoolly (2012) of southeast Asia financial crisis in real estate prices and GDP per capita, loan balance vector auto regression analysis, points out that real estate prices will rise in six quarters of loans increase. Hofmann (2013) of 20 major industrialized countries real estate prices and GDP, the relationship between interest rates and lending was studied, and found that the 20 countries in the country can refuse to under 10% significance level real estate prices and GDP and bank loans null hypothesis does not exist co-integration relationship, and further points out that the changes in the real estate price cycle will lead to the change of the bank credit cycle for a long time. Davis (2010), selected sample data of 17 countries on commercial real estate prices and the relationship between the bank lending has carried on the empirical analysis, it is concluded that real estate prices will lead to the conclusion of bank credit expansion.3 Commercial Banks and real estate financial risks3.1 Real estate financeMany scholars have done how to define the connotation and extension of the real estate financial aspects of the discussion and research. Is widely recognized, real estate finance generalized refers to all and housing development, construction, trade, consumption and management of financing activities related to the economic activity and the narrow sense of real estate finance refers to the nonprofit housing agencies or consumer with the residents of housing development, construction, trade, consumption and management and other economic activities related to the financing activities. In this study, tend to use the broad scope of real estate finance, and real estate finance is in real estate development, construction, trade, consumption and management in the process of a series of the floorboard of the financial activities, including through currency circulation and credit channel of monetary financing, financing and other related financial activities. The basic function of real estate finance is by using a variety of financial instruments and tools for the real estate industry and raise money, for the development of the real estate industry, circulation and consumption to provide financial support, to ensure the smooth progress of the real estate development activities. According to the types of business can put the real estate finance is divided into five categories, absorption of the real estate industry, housing savings deposit and lending for real estate, real estate investment pawn, trust, insurance, currency settlement and real estate agents in securities offerings. According to the service object can be the real estate finance is divided into two categories, for the real estate industry of real estate development, construction, trade, consumptionand management activities such as the service of "real estate financial" and for the residents of the residential building, purchasing, maintenance, and decoration and consumption activities such as service "housing finance". Real estate finance is the great combination of financial activity and the real estate industry. First of all, the real estate finance to asymmetric, the borrower usually in proportion to pay a small amount of down payment for the right to use house, then borrow the rest of the money from financial institutions, amortization: secondly, the real estate loan repayments guaranteed, if the borrower can't timely payment, so the mortgage houses, cars and other property will being reclaimed by lenders, then realized by the mortgaged property to offset loan losses.3.2 Summaries of real estate financial risksReal estate finance risk refers to the financial institutions, real estate finance business, due to the decision-making errors, poor management or the change in the objective environment causes the return on assets, or the possibility of credit losses. General real estate financial risk refers to a system of real estate finance faces all the risk, not just refers to a financial institution or a project risks. Typical real estate risk, the risk of commercial Banks are facing, as in the real estate finance business will also encounter, only form different, here is a typical real estate financial risks, mainly includes:3.2.1 Interest rate riskIn the real estate finance business, the commercial bank is the main basis risk and option risk. Basis risk refers to the reprising of assets and liabilities of time even ifBanks are the same, but as long as the deposit interest rate and loan interest rate adjustment is not completely consistent, Banks will face the risk. The decision is not commercial bank deposit and lending rates, is likely to see the central bank in order to achieve control target and make the regulation range of the two is not consistent, the profit space may be compressed, commercial Banks face a loss; Option refers to the risk due to various reasons in advance if the borrower repay the housing loan principal and interest of risk. If the central bank cut interest rates continuously, rational and will have the ability of borrowers to repay the outstanding loan lent a lower interest rate of loan, the default behavior will make the commercial bank profit losses.3.2.2 The risk of defaultAccording to the reasons, it can be divided into moral credit risk and the risk of credit moral credit risk. In real estate finance business, the morality risk refers to the borrower has the ability to clearly reimbursement, but due to interest, malicious or deferred payment is directly to stop paying and brings to the commercial bank credit risk. The moral hazard refers to the borrower under the influence of the factors of force majeure unable to complete the credit risk caused by payment. Among them, the morality is can control and manage credit risk, the current promoting credit reporting system is one of the preventive measures. According to the object can be divided into developers default risk and personal risk of default.3.2.3 Systemic riskAlso it is called undiversifiable risk, policy risk, mainly involved in the business of real estate finance economic cyclical fluctuation risk, purchasing power risk, etc. Inorder to prevent a housing bubble after the international financial crisis, countries enacted some inhibition of the real estate market economic policies and regulations, which have an impact on the real estate market, indirect affect the development of real estate finance business and innovation, so the policy risk can cause a loss to commercial Banks. Economic cycle fluctuation on economic blow is huge, and cannot be spread out, when the economy is in a low, the real estate market are not immune to the possibility of considerable commercial bank losses. Purchasing power risk, also known as inflation, changes in the price level leads to the real burden of borrowers and lenders and real earnings uncertainty, the possibility of actual loss of the commercial Banks.译文:房地产市场风险防范研究摘要2007年4月2日，以美国第二大次级抵押贷款公司新世纪金融公司申请破产保护为标志，美国次贷危机爆发。
房地产金融 英语
房地产金融英语Real Estate FinanceReal estate finance refers to the financial activities and transactions related to the acquisition, development, and management of real estate properties. It involves various financial instruments, strategies, and methods used to raise funds for real estate projects, manage real estate portfolios, and maximize returns on real estate investments.Investment in real estate requires significant capital, and real estate finance plays a crucial role in providing the necessary funds. Here are some key aspects and concepts related to real estate finance: 1. Real Estate Investment Analysis:Real estate investment analysis involves evaluating the financial viability and potential returns of a real estate investment opportunity. It includes analyzing factors such as the property's location, market conditions, rental income potential, expenses, and overall investment risk. Various methods such as cash flow analysis, income capitalization, and discounted cash flow analysis are used to assess the investment's profitability.2. Real Estate Loans and Mortgages:Real estate loans and mortgages are common methods of financing property acquisitions. Commercial banks, mortgage lenders, and specialized real estate finance companies provide loans secured by the property itself. The terms of the loan, including interest rates, loan duration, and repayment schedules, vary depending on factors like the borrower's creditworthiness and the property's value.3. Real Estate Investment Trusts (REITs):REITs are investment vehicles that enable individual and institutional investors to invest in real estate properties indirectly. REITs own, operate, or finance income-generating properties such as apartments, offices, retail centers, or hotels. Investing in REITs provides investors with the opportunity to invest in real estate without directly owning properties. REITs typically distribute a significant portion of their income as dividends to the investors. 4. Commercial Mortgage-Backed Securities (CMBS):CMBS involves pooling multiple commercial mortgages and creating tradable securities backed by these mortgages. These securities are then sold to investors in the capital market. CMBS allows financial institutions to transfer the risk associated with long-term real estate loans, providing liquidity to the lending market. Investors in CMBS receive interest payments from the underlying mortgage loans.5. Real Estate Development Financing:Real estate development involves various stages, such as land acquisition, construction, and marketing. Developers often require financing during each stage of the development process. Financing sources can include private equity, commercial loans, mezzanine financing, and government-sponsored programs. Developers need to carefully structure their financing to ensure the project's financial viability and manage the associated risks.6. Real Estate Investment Analysis:Real estate investment analysis involves evaluating the financialviability and potential returns of a real estate investment opportunity. It includes analyzing factors such as the property's location, market conditions, rental income potential, expenses, and overall investment risk. Various methods such as cash flow analysis, income capitalization, and discounted cash flow analysis are used to assess the investment's profitability.7. Real Estate Risk Management:Real estate investment carries inherent risks, including market risk, liquidity risk, interest rate risk, and credit risk. Risk management strategies aim to identify, assess, and mitigate these risks to protect investors and lenders. Techniques such as diversification, hedging, and risk transfer mechanisms are used to manage these risks effectively.In conclusion, real estate finance plays a vital role in facilitating investment, development, and management of real estate properties. Various financial instruments and strategies, along with proper risk management techniques, contribute to the success of real estate projects and investments. Understanding real estate finance is essential for investors, developers, and professionals involved in the real estate industry.。
住房抵押贷款证券化的SPV风险及防范
Ｋｅｙ ｗｏｒｄｓ： Ｍｏｒｔｇａｇｅ—ｂａｃｋｅｄ ｓｅｃｕｒｉ ｔｉｚａｔｉｏｎ（ＭＢＳ）
Ｓｐｅｃｉａｌ ｐｕｒｐｏｓｅ ｖｅｈｉｃｌｅ（ＳＰＶ） Ｒｉｓｋ ｒｅｓｏｕｒｃｅ
Ｒｉｓｋ ｆｌｏｗｉｎｇ
Ｒｉｓｋ ｃｏｎｔｒｏｌ
住房抵押贷款证券化的ＳＰＶ风险及防范
第一章证券化的运行机制及风险来源
住房抵押贷款证券化（Ｍｏｒｔｇａｇｅ—Ｂａｃｋｅｄ Ｓｅｃｕｒｉｔｉｚａｔｉｏｎ，ＭＢＳ）始创于二 十世纪七十年代的美国，初衷是用于规避银行开展住房抵押贷款的风险，经过几 十年的发展，到目前已成为美国证券市场上的主要产品之～，并且极大的促进了 住房金融业的发展。美国开展ＭＢＳ的成功，促进了ＭＢＳ在世界许多国家的成功实 施，并形成了与美国不同的模式。但我们在看到ＭＢＳ对促进金融业发展的有利方 面的同时，也应注意到ＭＢｓ是一个复杂的金融工程，由于参与主体众多，并且专 业性强，在实施ＭＢＳ过程中，其可能存在的各种风险。
ｉｎｓｔｒｕｍｅｎｔｓ ｉｎ ｍａｎｙ ｃｏｕｎｔｒｉｅｓ ｉｎ Ｎｏｒｔｈ Ａｍｅｒｉｃａ，Ｅｕｒｏｐｅ，Ａｓｉａ…ｅｔｃ．
Ｈｏｗｅｖｅｒ，ｗｅ ｍｕｓｔ ｒｅａｌｉｚｅ ＭＢＳ ｉＳ ｏｎｌＹ ａ ｐｒｏｃｅｓｓ ｏｆ ｒｉｓｋ ｓｈｉｆｔｉｎｇ．Ｉｔ ｃａｎ’ｔ ｅｌｉｍｉｎａｔｅ ａｌｌ ｋｉｎｄｓ ｏｆ ｒｉｓｋ ｂｒｏｕｇｈｔ ｂｙ ｒｅａｌ ｅｓｔａｔｅ ｃｏｌｌａｔｅｒａｌ ｌｏａｎ，ａｔ ｔｈｅ ｓｓ／ｎｅ ｔｉｍｅ，ＭＢＳ ｗｉ １１ ｂｒｉｎｇ ｒｉｓｋ ｉｎ ｍａｎｙ ａｓｐｅｃｔｓ ｄｕｒｉｎｇ ｉｍＤｌｅｍｅｎｔａｔｉｏｎ ｐｒｏｃｅｓｓ， ｗｈｉｃｈ ｉｓ ｆｒｏｍ ｒｅａｌ ｅｓｔａｔｅ ｃｏｌ ｌａｔｅｒａｌ ｌｏａｎ，ｔｈｅ ｐｒｏｃｅｓｓ ｏｆ ｓｅｃｕｒｉｔｉｚａｔｉｏｎ ａｎｄ ＳＯ ｏｎ，ｂｅｃａｕｓｅ ＭＢＳ ｉ Ｓ ａ ｃｏｍｐｌｉｃａｔｅｄ ｆｉｎａｎｃｉａｉ ｐｒｏｊｅｃｔ．
财产建议英语作文
财产建议英语作文IntroductionIn the world of finance, property investment stands out as a popular and potentially lucrative avenue. For those looking to venture into this market, it is essential to be well-informed and make prudent decisions. This essay aims to provide a comprehensive guide on property investment, highlighting key considerations and strategies for success.Understanding the MarketBefore diving into property investment, it is crucial to understand the real estate market. This involves researching market trends, identifying growth areas, and assessing the economic climate. One should also consider the type of property that is in demand, such as residential, commercial, or industrial.Financial PlanningInvesting in property requires a significant financial commitment. It is important to have a clear financial plan, which includes setting a budget, securing loans, and planning for ongoing costs such as maintenance and taxes. It is also wise to have a contingency fund for unexpected expenses.Location, Location, LocationThe success of a property investment is often determined by its location. Properties in prime locations tend to appreciate in value and are easier to rent or sell. Factorsto consider when choosing a location include proximity to amenities, transportation links, and the presence of educational and employment opportunities.Property ManagementEffective property management is key to maximizing returns on investment. This involves regular maintenance, tenant relations, and ensuring the property is well-occupied. Hiring a professional property manager can be beneficial, especially for those who are new to property investment or have limited time to manage their properties.Legal and Tax ConsiderationsInvestors must be aware of the legal and tax implications of property investment. This includes understanding property laws, tax deductions, and any potential liabilities.Consulting with a legal expert and a tax advisor can help navigate these complexities.Risk ManagementAll investments come with risks, and property is no exception. It is important to assess and manage these risks, which may include market fluctuations, interest rate changes, and property damage. Diversifying one's property portfolio can be a strategy to mitigate risk.ConclusionProperty investment can be a rewarding venture for those who approach it with the right knowledge and strategies. By understanding the market, planning financially, choosing the right location, managing properties effectively, being awareof legal and tax considerations, and managing risks, investors can set themselves up for success in the property market.RecommendationsTo conclude, here are a few recommendations for aspiring property investors:1. Stay updated with market news and trends.2. Network with experienced investors and professionals.3. Attend property investment seminars and workshops.4. Consider seeking advice from financial advisors and real estate experts.5. Always conduct thorough due diligence before making an investment.Investing in property is not just about buying a piece of land or a building; it is about making a strategic financial decision that can yield long-term benefits. With careful planning and consideration, property investment can be a cornerstone of a robust investment portfolio.。
工程不动产资产评估报告范文
工程不动产资产评估报告范文英文回答：Real Estate Asset Valuation Report.Introduction:In this report, I will discuss the evaluation of engineering real estate assets. Real estate assets play a significant role in the engineering sector, as they contribute to the overall value and profitability of a project. Valuation of these assets is crucial for decision-making, financing, and investment purposes.Methods of Valuation:There are several methods used for the valuation of real estate assets in the engineering sector. The most commonly used methods include the market approach, income approach, and cost approach.1. Market Approach:The market approach involves comparing the subject property with similar properties that have recently sold in the market. This method relies on the principle of substitution, which assumes that a buyer will not pay more for a property when similar alternatives are available at a lower price. For example, when valuing a commercial building, the market approach would consider the recent sale prices of similar buildings in the same area.2. Income Approach:The income approach focuses on the potential income generated by the real estate asset. This method is commonly used for income-producing properties such as rental apartments or office buildings. The valuation is based on the net operating income (NOI) generated by the property. For instance, when evaluating an engineering office building, the income approach would consider the rental income generated by the office spaces.3. Cost Approach:The cost approach determines the value of a property by estimating the cost to replace it or reproduce it. This method is often used for unique or specialized properties that do not have comparable sales or income data. For example, when appraising a specialized engineering laboratory, the cost approach would consider the cost of constructing a similar laboratory from scratch.Conclusion:In conclusion, the valuation of engineering real estate assets is essential for making informed decisions in the engineering sector. The market approach, income approach, and cost approach are commonly used methods to determine the value of these assets. Each method has its advantages and limitations, and the choice of method depends on the specific characteristics of the asset being evaluated. By accurately valuing real estate assets, engineers and investors can make sound financial decisions and maximizethe profitability of their projects.中文回答：工程不动产资产评估报告范文。
房地估价原则英文作文
房地估价原则英文作文英文：Real estate appraisal is an important process in the real estate industry. As a professional appraiser, I follow several principles when conducting an appraisal. The first principle is the principle of highest and best use. This principle requires me to determine the most profitable use of a property, which can affect its value. For example, if a property is located in a commercial area, it may have a higher value if it is used for commercial purposes rather than residential purposes.The second principle is the principle of substitution. This principle states that a buyer will not pay more for a property than the cost of acquiring a similar property. For example, if a property is overpriced compared to similar properties in the same area, it may not sell quickly or at all.The third principle is the principle of supply and demand. This principle states that the value of a property is affected by the supply and demand for similar properties in the same area. For example, if there are more buyers than available properties in a certain area, the value of the properties in that area will increase.The fourth principle is the principle of conformity. This principle states that the value of a property is affected by its conformity to the surrounding properties. For example, if a property is significantly different from the surrounding properties in terms of size or style, it may have a lower value.The fifth principle is the principle of contribution. This principle states that the value of a property is affected by the contribution of its individual components to the overall value of the property. For example, if a property has a swimming pool, the value of the property may increase, but if the swimming pool is in poor condition, it may decrease the value of the property.中文：房地产估价是房地产行业中的重要过程。