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论文编号：	4520
作者编号：	2120092774
上传时间：	2012/6/14 9:59:59
中文题目：	我国房地产股权投资基金业务模式研究——以津和系地产基金为例
英文题目：	Business model on Chinese Private Equity Real Estate——Take Jinhe Group Private Equity Real Estate For Example
指导老师：	刘建
中文关键字：	私募基金,房地产股权投资基金,业务模式
英文关键字：	PE Fund,Real Estate PE Fund,Business Model
中文摘要：	房地产业作为国家的支柱性产业在我国的经济发展和社会稳定方面具有举足轻重、不容忽视的作用。房地产业属于资本密集型行业，与金融密切相关，没有良好稳定的金融支持，房地产企业便会陷入财务危机甚至濒临破产的境地。房地产股权投资基金作为最重要的金融创新工具，不仅可以很好的解决房地产企业的融资难题，而且有利于促进传统股权投资基金的进一步发展，因此，在我国发展房地产股权投资基金具有重要的现实意义。本文正是站在为房地产企业解决融资难题和促进传统股权投资基金进一步发展的角度来研究房地产股权投资基金，并深入研究我国房地产股权投资基金业务模式，指出我国房地产股权投资基金在沿用传统股权投资基金业务模式的过程中存在的问题，针对存在的问题，通过对我国房地产股权投资基金业务模式中的组织模式、投融资模式及退出模式等分部模式进行了系统的可行性分析，选择出最优分部模式进行合理组合，并结合现实情况，进一步加入本人的想法和见解，最终改进设计出适合我国房地产股权投资基金发展的业务模式。在本文的结构安排上，本文分为六章。第一章是导论，交代本文的研究背景与意义、研究目的与方法、相关概念界定、结构安排与内容框架。第二章是相关理论综述，对国内外在这一领域的研究进行系统梳理和概括，主要包括融资理论、投资理论、委托代理理论和金融中介理论，为后续研究的开展做好理论准备。第三章是中国房地产股权投资基金现状分析，介绍了我国房地产业的发展特点以及融资现状，回顾了股权投资基金的发展历程，并进一步介绍了我国房地产股权投资基金发展与现状，并重点介绍了我国房地产股权投资基金目前主要的业务模式，指出了该种传统模式在发展中遭遇的不畅和存在的问题。第四章是本文的重点，在前三章理论分析和现实情况分析的基础上，结合国外发展经验及我国实际情况，针对我国房地产股权投资基金业务模式中存在的问题，提出了改进设计原业务模式的设计思路和设计原则，并通过对组织模式、投融资模式以及退出模式等分部模式系统的可行性分析，在合理组合和整体改进的基础上最终改进设计出适合我国房地产股权投资基金发展的业务模式。第五章选取天津津和股权投资基金管理有限公司及其旗下四只房地产股权投资基金为例，对第四章改进设计后的股权投资基金的业务模式进行了应用、分析和实践。第六章是全文的总结和对未来的展望。本文的主要创新点：在国内，股权投资基金行业处于起步阶段，专业房地产股权投资基金更是刚刚开始，对于房地产股权投资基金的学术性研究很少，对房地产股权投资基金业务模式的研究更是寥寥无几。本文的创新点，一是本文系统地梳理了房地产股权投资基金业务模式的各个环节，并对各分部模式的优劣势尤其是是否更适和房地产股权投资基金进行了现实性的可行性分析，二是本文在结合房地产股权投资基金的自身特点的基础上，联系现实做法、加入了符合实际的新想法，改进设计出我国房地产股权投资基金的业务模式，解决了我国房地产股权投资基金沿用传统PE模式而遭遇的诸多难题。在中国尚未探索出房地产股权投资基金成熟发展模式的今天，希望本文能为房地产股权投资基金的业务模式设计提供合理性依据并为房地产股权投资基金业未来发展出成熟的业务模式提供理论和实证参考。
英文摘要：	As one of the country's pillar industries, the real estate industry plays an important role which can’t be ignored in China's economic development and social stability. The real estate industry is a capital-intensive industry, and is related to financial closely. Without stable financial support, real estate enterprises will fall into a financial crisis and even on the verge of bankruptcy. Real Estate Private Equity (PE) Fund, as the most important financial innovations, not only can solve the financing problems, but also help to promote the further development of the traditional Private Equity. Therefore, the development of Real Estate Private Equity in China has the important practical significance. This paper is standing on the point of solving the financing problems of the real estate enterprises and promoting the development of the traditional Private Equity, and study deeply of the business model of the real estate PE Fund in China. Through the comparative analysis and choices of various modes, selecting the best mode, and joining my ideas and opinions, the paper constructs the operational mode of the Real Estate PE Fund. The structure of the paper is divided into six chapters. The first chapter is the introduction, accounting for the writing background, the meaning of the article, the research purposes and methods, the definition of related concepts, the planning of the structure, the frame of the article content. The second part concerns the former literature on the research of this realm at home and abroad, including financing theory, investment theory, the principal-agent theory and financial intermediary theory, to prepare for the follow-up study. The third chapter focuses on the development characteristics, the financing status of China's real estate as well as the PE Fund development course and the present situation of China Real Estate PE Fund development. The fourth chapter is the focus of this paper. On the basis of the theory and reality analysis in the first three chapters, combined with the overseas development experience and the actual situation in our country, the chapter puts forward the organization model, investment and financing mode and exit mode, which in line with China's national conditions and suitable for the Real Estate PE Fund, and construct the whole operational mode suitable for the Real Estate PE most. Chapter 5 selects JINHE Equity Investment Fund Management Co., LTD. and the four real estate equity funds as an example, to carry out the case analysis of the operational mode in Chapter 4. The sixth chapter is a summary of the full text and the vision for the future. The main innovation of this paper is the practical analysis and the construction of business of the Real Estate PE Fund. This paper may provide rational basis for the construction of the business mode of the Real Estate PE Fund, and provide theoretical and empirical reference in the future development of the mature operation mode of the Real Estate PE Fund.
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