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摘 要
实现住有所居是国家和政府义不容辞的大事。近年来房价居高不下，在这种形势下，
国家和政府出台了一系列针对房地产企业的宏观调控措施，如 2011 年央行就曾连续 6
次上调存款准备金率，导致银行等金融机构对房地产企业提高了融资门槛，房地产企业
融资陷入了困境，进入了融资“冬天”。而房地产作为推动国民经济发展的一大产业，对
百姓生活和经济增长都有比较大的影响。如何拓宽房地产企业融资渠道，进而实现房地
产企业的可持续发展，就具有了很重要的现实意义。

国内外关于房地产企业融资的理论研究比较丰富，对我国房地产企业融资具有重要
的借鉴意义。但毕竟国情不同，文化不同，我国房地产企业不可能全盘照搬国外房地产
企业融资渠道，而是需要因地制宜地作出调整。我国房地产企业数量在几十万左右，而
上市企业只有 148 家，这说明我国的房地产企业几乎是中小型房地产企业。这些中小型
企业在资金实力、规模和信誉等方面都很欠缺，大多数不能提供有效的抵押和担保，导
致金融机构对房地产企业“惜贷”。目前我国房地产企业存在几大问题：一是融资渠道比
较单一，主要是以银行信贷为主；二是直接融资渠道不通畅，融资成本偏高；三是外资
在房地产企业融资来源中占比极低；四是债券融资受到严格控制；五是信托融资受到限
制；六是房地产金融创新工具稀缺。这些问题如果不能得到很好地解决，对于房地产企
业来说可能真的要“重新洗牌”了。

针对这些问题，论文首先从理论研究出发，主要涉及了企业金融成长周期理论、房
地产企业与政府的博弈模型、信息不对称理论、优序融资理论、房地产企业的抵押模型。

接着结合现实，针对房地产企业在融资方面的问题提出了新的融资渠道：一是以政府为
担保的融资渠道。这种融资渠道要求房地产企业转变发展思路，与政府进行换位思考，
从而真正理解政府密集调控的真正目的。通过帮助政府开发房地产项目来获得政府的担
保，使得融资问题迎刃而解。二是房地产投资信托基金融资渠道。这种模式在国外已经
发展得比较成熟，在我国也具有很大的发展潜力。三是房地产企业之间合作开发融资渠
道。这对于各种规模的房地产企业都适用，小企业联合就成了大中型企业，这种就可以
在一定程度上解决融资问题。四是房地产抵押贷款证券化融资渠道，它充分利用了资本
杠杆，将资金来源范围不断扩大，给广大投资者提供了一个投资平台。

关键词：密集调控；房地产企业；融资渠道；拓展Abstract
To make everybody have a house to live is a major event for the state and government.
In recent years, the house price keeps high, in this situation, the state and government issued a
series of macro-control measures for the real estate enterprises, such as in 2011, the Central
Bank raise the deposit reserve rate for six times, thus causing the financial institutions such as
banks raised the threshold of the financing for the real estate enterprises, the real estate
enterprise’s financing channels is in trouble, which lead to the winter for the real estate
enterprises. As real estate is a big industry to the development of national economy, and has a
big impact to the people’s life and economic growth. How to broaden the financing channels
and realize the sustainable development of real estate enterprises, has an important practical
significance.
Theory research on the real estate enterprise financing is rich at home and abroad, and
has an important significance to our country’s real estate enterprises’ financing. But, after all,
because of the different national conditions and culture, our country’s real estate enterprises
can not completely follow the experience of foreign real estate enterprise financing, so we
need to do some adjustment measures according to the local conditions. The number of real
estate enterprises in China is around hundreds of thousands, but the number of listed
enterprises is only 148, which shows that China's real estate enterprise is almost small and
medium-sized. These small and medium enterprises are very lack in such aspects as financial
strength, size and reputation, most of them can't provide effective mortgage and guarantee,
which cause financial institutions don’t want to lend money to the real estate enterprises. At
present, there are mainly six problems for our country’s real estate enterprise: the first is that
the financing pattern is unitary and mainly from bank credit. The second is that the direct
financing channels is not unobstructed which caused higher financing costs; the third is that
the proportion of foreign investment in real estate enterprise financing is extremely low; the
fourth is that the bond financing is under strict control, the fifth is that the trust financing is
limited; the sixth is that the financial innovation tools for real estate enterprises are scarce. If
these problems can’t be well resolved, the real estate enterprises may really suffer reshuffle.
To solve these problems, this paper starts from theoretical research that mainly related to