摘要：近年来，随着我国经济的蓬勃发展，商业地产也处于方兴未艾的大好形势。然而，我国商业地产的起步较晚，与之相关的金融机制尚未成熟，法律政策也不够完善。尤其在面临宏观调控趋紧的状况下，现有的融资模式暴露了很多问题。目前，我国商业地产项目的资金主要还是来自开发运营商自身的资金积累，融资模式单一，过多依赖以银行贷款为主的传统融资方式。而商业地产项目的开发需要巨额资金的支持，因此，解决融资难问题、拓宽融资渠道对发展商业地产项目起着重要作用。82111

本文首先阐述了商业地产融资的相关理论，相比于住宅项目的不同，对商业地产项目开发的特点进行总结分析。其次，结合我国商业地产项目活动中现金流的特性提出融资中存在的问题，并对现有的几种主要融资方式进行分析。第三，将互联网金融引入商业地产融资活动中，结合商业地产项目阶段性融资的特性，进一步研究应如何选择以及构建商业地产项目特有的组合融资模式，并通过万达集团的案例将理论与实践相结合。最后提出我国商业地产项目融资的一些建议。

毕业论文关键词：  商业地产；融资问题；融资组合

Study on the financing of Commercial Real Estate Projects

Abstract: In recent years, along with the rapid development of China’s economy, commercial real estate develops like a raging fire。 Nevertheless, China’s commercial real estate started late, the corresponding financial mechanism is still immature, laws and policies are also not complete; especially under circumstances of the increasingly tightening macroeconomic regulation and control, plenty of issues arise corresponding to the existing financing mode。 Currently, funds for commercial real estate projects in China are mainly from accmulation of funds of developers and operators themselves; the financing mode is simple and relies too much on the conventional financing mode that focuses on bank loans。 On the other hand, commercial real estate projects normally require a large sum of funds。 It is necessary to expand the existing commercial real estate financing channels to resolve financing difficulties。

The article firstly elaborated relevant theories on commercial real estate financing, compared the differences between commercial real estate financing and that of residential projects, summarized and analyzed features of development of commercial real estate projects。 Secondly, by integrating with characteristics of cash flow in China`s commercial real estate project activities, the article proposed relevant financing problems, and analyzed several major financing modes available at this moment。 Thirdly, by introducing Internet Finance into commercial real estate financing activities and integrating with characteristics of phased financing of commercial real estate projects, the article further studied how to select and establish the unique financing mode portfolio for commercial real estate projects。 Finally, by taking the example of WANDA Group and integrating theories with practices, the article proposed some suggestions for financing of commercial real estate projects in China。

Key Words: commercial real estate; financing problems; financing combination

目  录

1 绪论 1

1。1 研究背景 1

1。2 研究意义 2

2 商业地产融资概述 3

2。1 商业地产的概念 3

2。2 商业地产与住宅地产的比较 3

2。2 商业地产的特点 4

2。3 商业地产融资概述