1、Unit21Real estate finance researchTextAlong with the rapid development of Chinas economy,the real estate industry has been developed rapidly.Now growth for the pillar industry of the national economy.The real estate industry is a very big of capital demand of industry,belongs to the capital intensiv
2、e.Therefore,the financing of real estate enterprises are particularly important.But many foreign real estate development and the higher levels of Chinas domestic,the real estate finance still exist many deficiencies.Based on the real estate enterprises of China for the purpose of financing channels,
3、in real estate enterprise financing system of foreign real estate enterprise financing theory,and the financing channels of practical experience,the choice for real estate enterprises in China and the financing channels of financing choice theory and practice of the current situation of the basis,to
4、 study based on real estate enterprise financing channel optimization measures1.In real estate enterprise financing theory,mainly discusses the concepts of real estate enterprise financing theoretical theory,mainly discusses the concepts of real estate enterprise financing theoretical connotation,th
5、e real estate and financial relationship of real estate industry,and the important function,analyzed the influence of the real estate enterprises to choose the financing channels of financing costs,the mainTextfactors:the enterprise internal management status,securities market conditions and the ove
6、rall economic environment,think of the estate enterprise financing channel selection principles mainly includes the benefit principle,proportion principle,the principle of credibility of related research achievements in theory are reviewed.In foreign real estate enterprise financing channels of fina
7、ncing and choose from the overall experience in practice,analysis and typical countries both practical experience,analysis the United States and Singapores actual operation method2.We summarized the main inspirations:one is to improve the financial market,real estate,two is to realize the financing
8、channels of diversification,three is to perfect loan guarantee system,and four is to have plenty of financial instruments.On the analysis of the real estate enterprise financing and the financing channels,to present choose bank loans,bonds,equity financing,utilizing foreign investment,real estate tr
9、usts,pre-sales,self-raised funds etc existing related financing channel are analyzed,based on the current real estate enterprises in China are summarized,the main problems of financing,financing channels,including rely heavily on bank lending,self-capital is seriously insufficient,imperfect system,e
10、tc.Think of these issues for real estate enterprises,and restricted bank financing for enterprise and the development of national economy and even bring a lot of risks,including the liquidity risk,debt risks,and the risk of bubbles.TextIn the paper,on the basis of the research in Chinas real estate
11、enterprise financing problems and optimize our real estate enterprise financing channels of actual need,from constructs diversified financing mode,construct different development stages of the estate enterprise financing channels,real estate enterprise financing optimized supporting system discussed
12、 in real estate enterprise are put forward the countermeasures of financing channels.Finally,the paper summarizes the research conclusion,pointed out the shortcomings of the research.The real estate as backbone industries of national economy,the development of the national economy plays an important
13、 role.While the real estate industry is a typical capital-intensive,sufficient fund to support the development of real estate industry is really relevant3.Chinas real estate industry,since 1998 in nine consecutive maintain growth than GDP growth in the countrys situation,on the macro control of the
14、real estate bubble,issued on land,the financial aspects of policies and regulations,for real estate development of the real estate enterprises limited capital chain,facing the increasingly serious challenges.How to solve the development of real estate is already each capital bottleneck for real esta
15、te enterprises are faced with the problem of major urgently to be solved.At present,Chinas real estate enterprise mainly rely on bank loans capital demand,a large enterprise started listing.TextHowever,only in this way can very good two real estate enterprises in solving capital requirements of smal
16、l and medium-sized enterprises,especially for real estate.So real estate fund,real estate investment trust and other financial innovation.We through its own characteristics and the real estate industry has greater influences on the relevant factors were studied,and discussed the current domestic rea
17、l estate enterprise financing channel and characteristics4.Based on the current real estate enterprise financing characteristics were analyzed and the scientific demonstration,using the system,the development view of Chinas real estate enterprises,this paper expounds the existing problems,and puts f
18、orward some improvement Suggestions of financing strategy.And through the analysis of the advantages and disadvantages of various main financing constraints and cost,policy,summarizes and real estate enterprises must adopt diversified financing mode,according to the different lifecycle stages to cho
19、ose appropriate oneself of financing mode,in order to better solve the financing difficulties of problem.China real estate enterprise financing theory to study late so for the Chinese real estate enterprise financing theory research is still in the initial stage of Chinas real estate enterprises,esp
20、ecially the financing efficiency of in-depth research,especially in China real estate enterprise most small scale,credit,and financial market imperfection of factors such as the study more real estate enterprise financing efficiency of complexity.TextTherefore,the research of real estate enterprise
21、financing efficiency and the corresponding institutional arrangement has important realistic meaning and theoretical significance.This is based on the background,capital input and output from the perspective of the estate enterprise financing efficiency,in order to improve the development of real es
22、tate enterprises in China.From the Angle of enterprises,the microstructure with real estate enterprise as the research object,the input-output efficiency,financing theory,information asymmetry theory,based on the theory of efficiency,using knowledge of economics and the number of operations,empirica
23、l analysis and correlation analysis,the qualitative analysis with quantitative analysis method,from two aspects of theory and empirical analysis of the Chinese real estate enterprise financing efficiency5.First,in the current studies on the financing efficiency analysis and based on the analysis of
24、this enterprise,established the financing efficiency of meaning.Second,based on the theory of supply and demand,supply and demand from the capital and capital financing equilibrium analysis of the estate enterprise capital supply and demand,Chinas real estate enterprise mechanism;the effectiveness o
25、f the money supply.Thirdly,on the basis of theoretical analysis,using DEA method of Chinas real estate enterprise financing efficiency measurement and evaluation.TextFourthly,based on the principle of efficiency,discusses the choice of the financing way of real estate enterprises and real estate ent
26、erprise financing efficiency of ascension path.Finally,draw the conclusion:the Chinese real estate enterprises financing efficiency is low,the overall efficiency of the enterprises in the most obvious in the unit,the increasing return to scale,most of the DEA efficiency,low value standard of real es
27、tate enterprises should through the financial system and capital control and management,the development of diversified financing channels of financing costs,reduce real estate enterprises to improve the organizational performance for real estate enterprises,strengthening the construction of enterpri
28、se system,perfect the corporate governance structure,perfect the enterprise information disclosure,set up the good credit concept,strengthening the estate enterprise management innovation,cultivating the core competitiveness of the real estate enterprises and other measures to improve the efficiency
29、 of financing for real estate enterprises.deficiency n.缺乏，不足；缺点，缺陷；不足额theoretical connotation理论内涵diversification n.变化，多样化；多种经营consecutive adj.连续的，连贯的；语表示结果的asymmetry n.不对称；adj.不对称的，不对等的empirical adj.凭经验的；经验主义的；以观察或实验为依据的ascension n.上升，升高New Words and PhrasesNotes（1）Based on the real estate enterpris
30、es of China for the purpose of financing channels,in real estate enterprise financing system of foreign real estate enterprise financing theory,and the financing channels of practical experience,the choice for real estate enterprises in China and the financing channels of financing choice theory and
31、 practice of the current situation of the basis,to study based on real estate enterprise financing channel optimization measures.本文以优化我国房地产企业融资渠道为目的，在系统探讨房地产企业融资的理论、国外房地产企业融资及融资渠道选择的实践经验、我国房地产企业融资及融资渠道选择的现状等理论依据和实践依据的基础上，去研究探索优化我国房地产企业融资渠道的对策措施。（2）In foreign real estate enterprise financing channels
32、 of financing and choose from the overall experience in practice,analysis and typical countries both practical experience,analysis the United States and Singapores actual operation method.在国外房地产企业融资及融资渠道选择的实践方面，从总体经验分析和代表性国家实践经验两个层面进行考察，分析了美国和新加坡的实际运作方法。Notes（3）While the real estate industry is a ty
33、pical capital-intensive,sufficient fund to support the development of real estate industry is really relevant.同时房地产业是一个典型的资金密集型产业，充足的资金支持对房地产业的发展至关重要。（4）We through its own characteristics and the real estate industry has greater influences on the relevant factors were studied,and discussed the curre
34、nt domestic real estate enterprise financing channel and characteristics.文章通过对房地产自身特点和对房地产业有较大影响的相关因素进行全面的研究，论述了现今国内房地产企业融资的方式渠道和各自特点。（5）From the Angle of enterprises,the microstructure with real estate enterprise as the research object,the input-output efficiency,financing theory,information asymme
35、try theory,based on the theory of efficiency,using knowledge of economics and the number of operations,empirical analysis and correlation analysis,the qualitative analysis with quantitative analysis method,from two aspects of theory and empirical analysis of the Chinese real estate enterprise financ
36、ing efficiency.本文从微观的企业角度出发，以房地产企业为研究对象，从投入产出的效率视角，以融资理论、信息非均衡理论、效率理论等为基础，运用数量经济学和运筹学的知识，采用实证分析与规范分析、定性分析与定量的分析的方法，从理论与实证两方面研究分析了我国房地产企业的融资效率。1.如果本店房在合同终止之前依法被没收，双方同意本合同遂告终止，双方不得向对方提出索赔。只要承租人还在本商店，承租人必须交纳租金，直至其搬出，把店房还给出租人为止。2.承租人应允许出租人及其代表在适当的时间进入该房进行检查。3.平均售价约港币五百万元，你可以看看价目表。有八间银行提供七成按揭贷款，而发展商亦可提供另
37、外一成的按揭给认购者。4.停车场在第二层和第三层，共一百六十个车位，其中十二个为访客车位，而其余的是供住客使用的。5.最划算的交易也可以被焦急的卖方接受，即口语所谓的“大出血”卖主。他们可能刚刚离婚（或是结婚或是有了孩子）房子的大小已经不太合适，抑或搬家、失业，急需一套还款较低的房子。6.It is said that the three basics of real estate are location,location,and location.That is true,all other things being equal.It means that you should not b
38、uy in a poor location.But it is also does not mean that you should necessarily“pay up”for the best.Exercises（Translate the following Chinese into English,or English into Chinese）7.And the said Chen Jianmin undertakes to pay the land tax and the property tax,and to keep the said flat in all necessary
39、 repairs,so long as the said Zhang Jie shall continue therein.And the said Zhang Jie shall undertake to take the said flat of Chen Jianmin for and at the before mentioned term and rent,and pay all taxes except those on land or property,and to abide by the other conditions aforesaid.8.A bankruptcy in
40、 real estate terms is known as a foreclosure.This is when the bank or other lender takes possession of the building because the buyer cant meet payments for a period of time.Foreclosures are the closest thing to personal bankruptcy,and stay on a persons credit record for seven years.(Bankruptcy stay
41、s for ten.)9.The Lessee agrees to maintain the leased building in good condition and not allow it to further deteriorate.Any modifications or additions carried out on the leased building by the Lessee may be done only with the Lessor s prior written permission.10.The real secret is to buy only in situations in which debt servicing costs are less than rental income minus expenses.Investors most often get into trouble in negative cash flow situations.Exercises（Translate the following Chinese into English,or English into Chinese）
