金融与房地产发展新模式良性循环的路径研究

New Model of Real Estate Development:Financial Empowerment and Support Path

在城镇化水平提升、人口增长等因素驱动下,传统房地产业的“高负债、高杠杆、高周转”开发模式逐渐形成,但由于驱动因素转变,房地产业潜在的高风险逐渐暴露,并向金融业传导,因此,构建发展新模式,形成金融与房地产良性循环是助力经济高质量发展的重要保障。本文阐述金融支持房地产传统模式的作用机制和风险传导机理,从土地供给方式、房地产开发模式、经济社会影响因素及预期转变等角度剖析构建发展新模式的必要性,并从近年来的探索实践中解析新模式的内涵,包括土地要素供给多元化、“租购并举”房地产模式、健全“市场化+保障性”住房体系、推动城市更新等四方面;从融资方式、政策工具、微观层面监管、金融宏观审慎管理四方面研究金融服务新模式的实现路径。

Driven by factors such as the improvement of urbanization level and population growth,the development model of“high debt,high leverage and high turnover”of the traditional real estate industry has been formed.However,due to the change of driving factors,the potential high risks of the real estate industry have been gradually exposed and transmitted to the financial industry.Therefore,the construction of a new development model and the formation of a virtuous circle between finance and real estate are important guarantees for the high-quality development of the economy.This paper expounds the function mechanism and risk transmission mechanism of the traditional model of financial support for real estate,analyzes the necessity of building a new development model from the perspective of land supply mode,real estate development mode,economic and social influencing factors and expected changes,and analyzes the connotation of the new model from the exploration practice in recent years.It includes the diversification of land factor supply,the“rent and purchase simultaneously”real estate model,the improvement of the“market-oriented+affordable”housing system,and the promotion of urban renewal.It studies the realization path of the new financial service model from four aspects:financing methods,policy tools,micro-level supervision,and financial macro-prudential management.