【发展战略】中融国际信托有限公司房地产私募基金业务发展研究

（高级管理人员工商管理硕士）

中融国际信托有限公司房地产私募基金业

务发展研究

THE STUDY OF ZRT’S REAL-ESTATE

PRIVATE EQUITY FUND

滕 丹

2010年6月

国内图书分类号：F270.7 学校代码：10213 国际图书分类号：658.115 密级：公开

高级管理人员工商管理硕士学位论文

中融国际信托有限公司房地产

私募基金业务发展研究

硕 士 研究生：滕 丹

导 师：曲世友 教授

申 请 学 位：高级管理人员工商管理硕士

所 在 单 位：中融国际信托有限公司

答 辩 日 期：2010年6月

授予学位单位：哈尔滨工业大学

Classified Index: F270.7

U.D.C.: 658.115

A Dissertation for the Degree of EMBA

THE STUDY OF ZRT’S REAL-ESTATE PRIVATE EQUITY FUND

Candidate：Teng Dan

Supervisor：Prof. Qu Shiyou

Academic Degree Applied for：EMBA

Ltd Affiliation： Zhongrong

Co.

Trust

International

Date of Defense：June, 2010

Degree-Offering-Institution：Harbin Institute of Technology

哈尔滨工业大学高级管理人员工商管理硕士学位论文

摘 要

房地产业是一个特殊的行业，与其他行业相比具有高收益、高风险的明显特征，它对经济发展的带动力很强，是关系国计民生、拉动经济增长、改善居民生活条件的重要支柱产业。另一方面，房地产业又是一个资本密集性的产业，其发展与金融业的支持密不可分，两个行业互相影响、互为依托。长期以来，房地产企业的主要资金来源就是银行贷款，自有资金只占很小的一部分，房地产金融体系结构单一。由于没有形成风险分担的机制，房地产融资的绝大部分风险都集中在银行身上，巨大的不良资产风险使银行难以为继。

2008年后，国务院、央行相继出台了一系列房地产金融政策，对房地产信贷作了进一步规范，各家银行对房地产开发贷款将更为慎重，房地产企业的融资渠道越来越狭窄。在当前房地产企业公开发行证券进行融资受条件制约的情况下，本文在对房地产私募基金发展历程、发展特点以及发展趋势的分析基础上，结合中融国际信托有限公司房地产私募基金业务的发展，从融资渠道、操作模式、风险控制机制、收益分配模式以及在新的市场条件下行为的变化等几个方面对其具体行为进行系统的阐述与分析，并对这些具体行为对市场所产生的效应加以归纳总结，在此基础上从新制度经济学的角度出发分析私募基金行为选择的制度根源，并最终得出相应的政策建议。

关键词：房地产私募基金；运作模式；风险管理

哈尔滨工业大学高级管理人员工商管理硕士学位论文

Abstract

Comparing with some other industry, the real estate is a special industry, which has some characteristics, such as high yield, high risks. The real estate can drive economy development, which is relevant to people’s livelihood, economy increment, people’s living condition improvement, so it is a pillar industry. On the other hand, the real estate is also a capital intensive industry, whose development is close to finance. These two industries influence each other, and rely on each other. In a long time, the main capital source of real estate industry is bank loan, owned funds takes a very small part of the total fund, the finance system of real estate is very single. Owing to lack of risk-sharing system, the most risks of real estate financing is on bank, large bad capital risk make bank run difficultly.

After 2008, the state council and the central bank unveil a series of real estate financing policies, which makes a further specification on real estate credit, after that, the banks are more careful of loan on real estate, so the financing ways of real estate is narrower.

On this condition, on the base of analyzing the real estate private equity funds, such as its development, its characteristics of development , considering the real estate private equity business of Zhongrong international trust CO. LTD. this text analyzes this company’s actions in details from many aspects, such as financing ways, the mode of manipulation, the system of risks controlling, the text also makes a summary on some detailed action how to affect the market, taking these as basis, the text analyzes the source of private equity funds system from new system economics and at last give some advices of policies as a conclusion.

Key words：real estate private equity funds, the mode of manipulation, risk management