试论我国房地产金融发展存在的问题及对策

试论我国房地产金融发展存在的问题及对策

摘要：随着我国市场经济体制的逐步建立和完善,房地产业对调整经济结构、促进经济增长发挥了重要作用,而房地产金融成长对房地产业的发展起着重要的推动作用。在当前我国宏观经济持续快速发展,金融深化进程不断推进的背景下,房地产金融在国家金融业中的地位作用也日益突出。加快我国房地产金融在市场、制度、机构等方面的建设成为现阶段深化发展的现实需要。

目前,国内外关于房地产金融的研究多是从实务角度出发,针对房地产金融工具、方式、制度等方面的系统性研究较少，本文对于我国房地产金融问题和改进措施的探析具有重大的理论和现实意义。本文通过相关的现实数据和一定的实质性材料，整理分析总结归纳出我国现阶段房地产金融发展存在的如融资渠道多元化不全面，制度不合理，法制不健全等等一系列的问题并和产生因素一起分析，然后针对这些问题提出建立个人住房贷款数据库并加强管理和维护等等的解决对策，强化我国房地产金融理论和发展道路。

关键词：房地产金融多元化制度政策监管

Abstract

Since 2010, from the consideration of the overheated real estate market and people's livelihood issues, the government tightened the money supplement for the real estate enterprises and real estate investment in the credit market, which resulted in a huge gap between the funding supplement and demand in real estate financial market. Chinese real estate financial innovation has come in to being and developed under this background. Due to asymmetric information, opportunism and the principal-agent problem, there are still many problems in the development of our real estate financial innovation.

Based on this background, how to overcome the immaturity and imperfect of the financial markets in China and promote the reasonable development of standard real estate financial innovation though building institutional arrangements is very new subject worthy of study.

In this paper, comprehensive using the theory of transaction cost, property rights, contract theory and institutional change in new

institutional economics, and the other relevant methods such as game theory, we redefined the connotation of the real estate finance innovation system. After the analysis of the microscopic interest

structure of all stakeholders and the governance issues of the contractual relations in the innovative real estate financial investment instruments, we promoted some recommendations about institutional arrangements for our policy maker.

The rest of the paper is structured as follows:

Firstly, we defined related concepts of the real estate financial innovation. Based on these summarizes, this paper gave an overview of foreign real estate financial innovation, including the innovation of real estate financial instruments, organization and regulation. By constructing the analysis framework of the new institutional economics theory, introduced the concept into the scope of our study, such as financial transaction costs, financial contracts, financial property rights, financial institutional change. From the perspective of contract theory, we defined the contractual nature of the real estate financial innovation. So, the emergence and development of the system has its own inherent logic, which laid the foundation for later research. From the perspective of institutional innovation, we reviewed the innovation of real estate financial tool and organization. We believed that the contractual nature of financial innovation determined the necessity of transaction relation governance.

Using the transaction cost theory and incomplete contract theory; we further analyzed the governance problem of contractual relationship in the process of real estate financial innovation, and proposed that standardization of financial contracts is an effective way to solve these complex relationships.

From the interaction of financial innovation and regulation, this paper analyzed the supply and demand of the real estate financial regulation system, and then concluded the theoretical logic of real estate financial regulation innovation and changes.