李夏

Research on the Investment Scale and Capital Sources Allocation of Real Estate Projects

LI Xia

（CCCC Real Estate Group Co.， Ltd.， Beijing 100088， China）

【摘  要】为巩固和扩大调控成果，确保政策的落地和目标的实现，政府对房地产市场的调控保持从严态势，密集出台各类政策加强调控。即使在2020年受疫情影响，经济出现衰退的环境下，仍多次多方面出台政策、措施对房地产行业进行规范调控。调控的根本目的并非打压房地产行业，而是促使房地产市场回归刚性居住需求和合理投资需求，促进行业长远健康发展。论文就房地产项目投资规模和资金来源进行研究和分析，并提出相应的建议。

【Abstract】In order to consolidate and expand the achievements of regulation and control， ensure the implementation of policies and the realization of objectives， the government maintains strict regulation and control over the real estate market， and intensively introduced various policies to strengthen regulation and control. Even in an environment of economic recession affected by the epidemic situation in 2020， the government has introduced many policies and measures to standardise， regulate and control the real estate industry. The fundamental purpose of regulation and control is not to suppress the real estate industry， but to promote the real estate market to return to the rigid residential demand and reasonable investment demand， and promote the long-term and healthy development of the industry. This paper studies and analyzes the investment scale and capital sources of real estate projects， and puts forward corresponding suggestions.

【关键词】房地产行业;资金来源;融资

【Keywords】real estate industry; capital sources; financing

【中图分类号】F299.23                                             【文献标志码】A                                                 【文章編号】1673-1069（2021）05-0112-02

1 行业发展趋势

房地产企业是资本密集企业，有明显的周期性，房地产业对资本高度依赖，与经济增长呈明显的正相关关系，政府往往通过信贷、货币政策干预经济。在经济处于低谷的时期，房地产业往往也随之处于萧条期，国家一般会通过降低利率、增加信贷、放松融资政策等方式刺激经济增长，较低的利率水平、较低房地产价格和没有更好的投资机会，都会逐步拉动房地产消费需求提升，从而推动整个房地产行业复苏。

近年来，国家明确坚持“房子是用来住的，不是用来炒”的定位，行业主管部门将全面落实房地产长效机制，推动房地产市场平稳健康发展。融资渠道监管收紧，融资“三条红线”试点或将扩大，监管机构进一步要求对银行房地产贷款集中度进行管理，房地产企业融资环境日益严格。同时，房地产业影响投资和消费，事关民生和发展，带动效应强，发挥其合理作用有助于经济平稳发展。……