美国商业地产融资情况及对经济的影响

The Financing of US Commercial Property and Its Impact on the Economy

无论是参与主体、融资结构、证券化率,还是银行贷款质量,美国商业地产融资状况与住房市场相比均存在较大差异,从而对房地产市场本身以及宏观经济产生不同的影响。次贷危机以来,美国商业地产也经历了上世纪90年代以来最大的波动,一度有观点认为商业地产可能是令美国经济受损的"第二只鞋",监管当局也对商业地产市场衰退拖累银行体系和整体经济存在担忧,而新近发生的迪拜事件再次使商业地产问题引起公众的关注。本文从市场基本面和融资的角度,分析了美国商业地产运行现状及对经济的影响。

The financing of US commercial property market is different from that of real estate market in aspects of participants, financing structure, securitization ratio or the quality of bank loans. Since the subprime crisis, US commercial property have experienced the biggest turbulence since 1990s. There are concerns that the recession of commercial property would affect the banking system and the overall economy. The paper analyzes the operation of US commercial property and its impact on the economy from the perspective of market and financing.