《专业英语》课件Unit-21

Unit 21RealestatefinanceresearchText AlongwiththerapiddevelopmentofChina’seconomy,therealestateindustryhasbeendevelopedrapidly.Nowgrowthforthepillarindustryofthenationaleconomy.Therealestateindustryisaverybigofcapitaldemandofindustry,belongstothecapitalintensive.Therefore,thefinancingofrealestateenterprisesareparticularlyimportant.ButmanyforeignrealestatedevelopmentandthehigherlevelsofChina'sdomestic,therealestatefinancestillexistmanydeficiencies. BasedontherealestateenterprisesofChinaforthepurposeoffinancingchannels,inrealestateenterprisefinancingsystemofforeignrealestateenterprisefinancingtheory,andthefinancingchannelsofpracticalexperience,thechoiceforrealestateenterprisesinChinaandthefinancingchannelsoffinancingchoicetheoryandpracticeofthecurrentsituationofthebasis,tostudybasedonrealestateenterprisefinancingchanneloptimizationmeasures[1].Inrealestateenterprisefinancingtheory,mainlydiscussestheconceptsofrealestateenterprisefinancingtheoreticaltheory,mainlydiscussestheconceptsofrealestateenterprisefinancingtheoreticalconnotation,therealestateandfinancialrelationshipofrealestateindustry,andtheimportantfunction,analyzedtheinfluenceoftherealestateenterprisestochoosethefinancingchannelsoffinancingcosts,themainTextfactors:theenterpriseinternalmanagementstatus,securitiesmarketconditionsandtheoveralleconomicenvironment,thinkoftheestateenterprisefinancingchannelselectionprinciplesmainlyincludesthebenefitprinciple,proportionprinciple,theprincipleofcredibilityofrelatedresearchachievementsintheoryarereviewed.Inforeignrealestateenterprisefinancingchannelsoffinancingandchoosefromtheoverallexperienceinpractice,analysisandtypicalcountriesbothpracticalexperience,analysistheUnitedStatesandSingapore’sactualoperationmethod[2].Wesummarizedthemaininspirations:oneistoimprovethefinancialmarket,realestate,twoistorealizethefinancingchannelsofdiversification,threeistoperfectloanguaranteesystem,andfouristohaveplentyoffinancialinstruments. Ontheanalysisoftherealestateenterprisefinancingandthefinancingchannels,topresentchoosebankloans,bonds,equityfinancing,utilizingforeigninvestment,realestatetrusts,pre-sales,self-raisedfundsetcexistingrelatedfinancingchannelareanalyzed,basedonthecurrentrealestateenterprisesinChinaaresummarized,themainproblemsoffinancing,financingchannels,includingrelyheavilyonbanklending,self-capitalisseriouslyinsufficient,imperfectsystem,etc.Thinkoftheseissuesforrealestateenterprises,andrestrictedbankfinancingforenterpriseandthedevelopmentofnationaleconomyandevenbringalotofrisks,includingtheliquidityrisk,debtrisks,andtheriskofbubbles.TextInthepaper,onthebasisoftheresearchinChina’srealestateenterprisefinancingproblemsandoptimizeourrealestateenterprisefinancingchannelsofactualneed,fromconstructsdiversifiedfinancingmode,constructdifferentdevelopmentstagesoftheestateenterprisefinancingchannels,realestateenterprisefinancingoptimizedsupportingsystemdiscussedinrealestateenterpriseareputforwardthecountermeasuresoffinancingchannels. Finally,thepapersummarizestheresearchconclusion,pointedouttheshortcomingsoftheresearch.Therealestateasbackboneindustriesofnationaleconomy,thedevelopmentofthenationaleconomyplaysanimportantrole.Whiletherealestateindustryisatypicalcapital-intensive,sufficientfundtosupportthedevelopmentofrealestateindustryisreallyrelevant[3].China’srealestateindustry,since1998innineconsecutivemaintaingrowththanGDPgrowthinthecountry’ssituation,onthemacrocontroloftherealestatebubble,issuedonland,thefinancialaspectsofpoliciesandregulations,forrealestatedevelopmentoftherealestateenterpriseslimitedcapitalchain,facingtheincreasinglyseriouschallenges.Howtosolvethedevelopmentofrealestateisalreadyeachcapitalbottleneckforrealestateenterprisesarefacedwiththeproblemofmajorurgentlytobesolved.Atpresent,China’srealestateenterprisemainlyrelyonbankloanscapitaldemand,alargeenterprisestartedlisting.TextHowever,onlyinthiswaycanverygoodtworealestateenterprisesinsolvingcapitalrequirementsofsmallandmedium-sizedenterprises,especiallyforrealestate.Sorealestatefund,realestateinvestmenttrustandotherfinancialinnovation.Wethroughitsowncharacteristicsandtherealestateindustryhasgreaterinfluencesontherelevantfactorswerestudied,anddiscussedthecurrentdomesticrealestateenterprisefinancingchannelandcharacteristics[4].Basedonthecurrentrealestateenterprisefinancingcharacteristicswereanalyzedandthescientificdemonstration,usingthesystem,thedevelopmentviewofChina’srealestateenterprises,thispaperexpoundstheexistingproblems,andputsforwardsomeimprovementSuggestionsoffinancingstrategy.Andthroughtheanalysisoftheadvantagesanddisadvantagesofvariousmainfinancingconstraintsandcost,policy,summarizesandrealestateenterprisesmustadoptdiversifiedfinancingmode,accordingtothedifferentlifecyclestagestochooseappropriateoneselfoffinancingmode,inordertobettersolvethefinancingdifficultiesofproblem. ChinarealestateenterprisefinancingtheorytostudylatesofortheChineserealestateenterprisefinancingtheoryresearchisstillintheinitialstageofChina’srealestateenterprises,especiallythefinancingefficiencyofin-depthresearch,especiallyinChinarealestateenterprisemostsmallscale,credit,andfinancialmarketimperfectionoffactorssuchasthestudymorerealestateenterprisefinancingefficiencyofcomplexity.TextTherefore,theresearchofrealestateenterprisefinancingefficiencyandthecorrespondinginstitutionalarrangementhasimportantrealisticmeaningandtheoreticalsignificance.Thisisbasedonthebackground,capitalinputandoutputfromtheperspectiveoftheestateenterprisefinancingefficiency,inordertoimprovethedevelopmentofrealestateenterprisesinChina. FromtheAngleofenterprises,themicrostructurewithrealestateenterpriseastheresearchobject,theinput-outputefficiency,financingtheory,informationasymmetrytheory,basedonthetheoryofefficiency,usingknowledgeofeconomicsandthenumberofoperations,empiricalanalysisandcorrelationanalysis,thequalitativeanalysiswithquantitativeanalysismethod,fromtwoaspectsoftheoryandempiricalanalysisoftheChineserealestateenterprisefinancingefficiency[5].First,inthecurrentstudiesonthefinancingefficiencyanalysisandbasedontheanalysisofthisenterprise,establishedthefinancingefficiencyofmeaning.Second,basedonthetheoryofsupplyanddemand,supplyanddemandfromthecapitalandcapitalfinancingequilibriumanalysisoftheestateenterprisecapitalsupplyanddemand,China’srealestateenterprisemechanism;theeffectivenessofthemoneysupply.Thirdly,onthebasisoftheoreticalanalysis,usingDEAmethodofChina’srealestateenterprisefinancingefficiencymeasurementandevaluation.TextFourthly,basedontheprincipleofefficiency,discussesthechoiceofthefinancingwayofrealestateenterprisesandrealestateenterprisefinancingefficiencyofascensionpath.Finally,drawtheconclusion:theChineserealestateenterprise’sfinancingefficiencyislow,theoverallefficiencyoftheenterprisesinthemostobviousintheunit,theincreasingreturntoscale,mostoftheDEAefficiency,lowvaluestandardofrealestateenterprisesshouldthroughthefinancialsystemandcapitalcontrolandmanagement,thedevelopmentofdiversifiedfinancingchannelsoffinancingcosts,reducerealestateenterprisestoimprovetheorganizationalperformanceforrealestateenterprises,strengtheningtheconstructionofenterprisesystem,perfectthecorporategovernancestructure,perfecttheenterpriseinformationdisclosure,setupthegoodcreditconcept,strengtheningtheestateenterprisemanagementinnovation,cultivatingthecorecompetitivenessoftherealestateenterprisesandothermeasurestoimprovetheefficiencyoffinancingforrealestateenterprises.deficiencyn.缺乏，不足；缺点，缺陷；不足额theoreticalconnotation理论内涵diversificationn.变化，多样化；多种经营consecutiveadj.连续的，连贯的；[语]表示结果的asymmetryn.不对称；adj.不对称的，不对等的empiricaladj.凭经验的；经验主义的；以观察或实验为依据的ascensionn.上升，升高NewWordsandPhrasesNotes（1）BasedontherealestateenterprisesofChinaforthepurposeoffinancingchannels,inrealestateenterprisefinancingsystemofforeignrealestateenterprisefinancingtheory,andthefinancingchannelsofpracticalexperience,thechoiceforrealestateenterprisesinChinaandthefinancingchannelsoffinancingchoicetheoryandpracticeofthecurrentsituationofthebasis,tostudybasedonrealestateenterprisefinancingchanneloptimizationmeasures. 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）Inforeignrealestateenterprisefinancingchannelsoffinancingandchoosefromtheoverallexperienceinpractice,analysisandtypicalcountriesbothpracticalexperience,analysistheUnitedStatesandSingapore’sactualoperationmethod. 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）Whiletherealestateindustryisatypicalcapital-intensive,sufficientfundtosupportthedevelopmentofrealestateindustryisreallyrelevant. 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）Wethroughitsowncharacteristicsandtherealestateindustryhasgreaterinfluencesontherelevantfactorswerestudied,anddiscussedthecurrentdomesticrealestateenterprisefinancingchannelandcharacteristics. 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）FromtheAngleofenterprises,themicrostructurewithrealestateenterpriseastheresearchobject,theinput-outputefficiency,financingtheory,informationasymmetrytheory,basedonthetheoryofefficiency,usingknowledgeofeconomicsandthenumberofoperations,empiricalanalysisandcorrelationanalysis,thequalitativeanalysiswithquantitativeanalysismethod,fromtwoaspectsoftheoryandempiricalanalysisoftheChineserealestateenterprisefinancingefficiency. 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.Itissaidthatthethreebasicsofrealestatearelocation,location,andlocation.Thatistrue,allotherthingsbeingequal.Itmeansthatyoushouldnotbuyinapoorlocation.Butitisalsodoesnotmeanthatyoushouldnecessarily“payup”forthebest.Exercises （TranslatethefollowingChineseintoEnglish,orEnglishintoChin