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摘要：房地产业是我国社会经济建设的顶梁柱，在我国社会经济中占有重要作用，承担着经济发展的重任。商业地产的发展促进了商品的流通，保障人民的基本生活，并有效扭转地产开发秩序、提高中国城镇化速度。房地产产业是典型的资产密集型产业，有效解决商业房地产融资问题是促进其健康发展的必经之路。
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本论文从我国当前商业房地产企业融资现状出发，在总结房地产融资模式的研究成果的基础上，针对我国商业房地产的特点进行分析研究。并得出以下结论：从金融信托业、房地产业、房地产证券化的发展及REITs发展所需的外部环境方面分析可以得出REITs与我国商业房地产结合是可行的。项目融资模式是项目融资整体结构中的核心部分。融资模式的设计是多种融资工具组合的过程。从企业融资角度，以REITs为核心，传统融资工具为辅助的融资组合能为商业房地产企业构建持续健康的资金链条。从项目融资的角度，利用项目融资相关理沦，设立项目公司从而实现风险分担和有限追索，并且根据项目生命周期资金的需求特点，组合各种融资工具，融得各阶段所需的资金，以达到提升商业房地产项目融资的效率。7059
关键词：商业房地产；融资模式；REITs
Research on commercial real estate financing model in China
Abstract: The real estate industry is a pillar of the social and economic construction of our country. It plays an important role in our social economy and economic development. The development of commercial real estate can promote the circulation of commodities, guaranteeing the basic livelihood of the people and reversing the estate development order effectively, improving the speed of urbanization in China. The real estate industry is typically a capital-intensive industry. It effectively solve the problem of financing of commercial real estate is the only way which must be passed to promote its healthy development. The only way to promote its healthy development lies on effectively solving the problem of financing of commercial real estate.
This thesis departured from current situation of our commercial real estate corporate finance and on the basis of summing up the research of the real estate financing mode and analysed the characteristics of China's commercial real estate. We reached the following conclusions: REITs combined with China's Commercial Real Estate is feasible. It can be drawn from the development of financial trust industry, real estate, real estate securitization and REITs develop the necessary external environment analysis. Project financing model is the core part of the overall structure of the project financing. Financing model design is the process of a variety of financing instruments portfolio. From the angle of enterprise financing and taking REITs as the core, the traditional financing tools for building healthy chain of funds for commercial real estate enterprise can be supplementary financing combinations. From the point of view of project financing and using project financing theory, establishment of the project company can achieve a risk-sharing and limited recourse. According to the demand characteristics of the project life cycle funds, combination of various financing tools are required for each stage, raising funds, in order to achieve the efficiency of commercial real estate project financing.
Key words: commercial real estate； financing model；REITs
目 录
1 绪论 1
1.1 研究背景和意义 1
1.1.1 研究背景 1
1.1.2 研究意义 1
1.2 国内外研究现状 2
1.3 研究内容 4
2 我国商业房地产融资理论基础 6
2.1 我国商业房地产概述 6