论新形势下土地储备融资的风险管控——以北京市为例

A Study on Financing Risk Management of Land Reserve in New Situation——Taking Beijing as an Example

我国土地储备融资面临融资规模大、还款压力大、回款周期长等种种压力。文章以北京市为例,在分析北京市土地储备融资来源、项目成本的基础上,对土地储备开发项目的时间成本、运营成本、规模成本等进行剖析,总结出现有的土地储备融资风险为政策风险、利率风险、融资规模风险、项目管理风险等,并构建新形势下"土地储备机构回归政府职能、拓宽融资渠道、量化管理储备项目、加强内部控制"的土地储备融资风险管控机制。

Financing risks are concerned much during the course of land reserve development, due to their characters of huge in scale, long payment periods and difficulties of repayment. Some financial tools including bank loans, entrusted loans and insurance funds become common methods of funding for the land reserve. This paper analyzes the land reserve project costs in Beijing and categorizes the current financial risks as following four types： policy risk, interest rate risk of commercial banks, scale risk, and project operation risk. It suggests that we should establish a model of financing risk management of land reserve in new situation, which will include ＂Return to government functions＂, ＂extend the financing channels＂, ＂adopt quantitative managements＂ and ＂improve and enhance internal controls＂.