房地产夹层融资法律问题研究

房地产夹层融资法律问题研究

引言 ............................................................................................................. 3

一、房地产夹层融资概述 .................................................................. 4

（一）夹层融资的概念和特征 .................................................... 4

（二）房地产夹层融资的模式及其法律结构 ............................ 5

（三）房地产夹层融资在美国的发展 ........................................ 6

（四）小结 .................................................................................... 8

二、房地产夹层融资与中国的法制环境 .......................................... 8

（一）有关房地产企业融资的宏观调控政策 ............................ 8

（二）有关房地产夹层融资的法律规范 .................................. 10

（三）小结 .................................................................................. 11

三、房地产夹层融资法律问题研究 ................................................ 11

（一）国内房地产夹层融资的尝试－－联信 保利7号 ........ 11

（二）房地产夹层融资的主要法律问题及其解决 .................. 12

（三）完善与房地产夹层融资相关的法律制度 ...................... 17

（四）小结 .................................................................................. 18

结语 ........................................................................................................... 18

内容摘要

近几年，我国房地产业高速发展，房地产企业的融资需求迫切，但在宏观调控政策的背景下，房地产企业的融资渠道却进一步变窄。经济利益的驱使和政策环境的变化，促使房地产企业寻求新的融资方式。夹层融资作为一种介于股权和债权之间的融资方式，进入了房地产企业的视野。

由于房地产夹层融资兼具股权融资和债权融资双重特性的独特优势，在我国房地产融资市场上有较大的发展空间。鉴于这一融资模式比较新颖，我国目前的法律对此问题并没有专门的规定，但相关的法律又似乎能够支撑其运行。基于此，本文力图从中国现行法律框架出发，来探讨我国房地产夹层融资所涉及的相关法律问题。本文首先探讨了房地产夹层融资的概念，分析了两种典型的房地产夹层融资模式的法律结构，并通过考察房地产夹层融资在美国的起源和发展状况，探究房地产夹层融资产生和发展的推动因素；其次梳理了我国近年来的房地产金融宏观调控政策和与房地产夹层融资相关的法律规范，勾勒出当前我国房地产夹层融资的法制环境；第三部分是本文的重点，在分析了一个典型案例之后，讨论了房地产夹层融资在中国现行法律框架下运行将会面临的法律问题，结合我国现行法律规范并借鉴美国房地产夹层融资的运作经验，针对性地提出了一些解决方法。本章的最后提出了完善与房地产夹层融资相关的法律的建议。

关键词：房地产 夹层融资 夹层贷款 优先股

Abstract

Recent years have seen a great increase in the real estate market, accordingly, real estate enterprises are eager for capital, but the way to real estate financing became narrow because of macroeconomic control policy. The demand on money made real estate enterprises tries hard to find a new resolution to suffice their capital requirement. As a source between the equity ownership and the overriding primary debt，mezzanine financing is a possible solution.

In real estate, since mezzanine financing which is junior to mortgage loan but senior to the equity investor has some advantages of both debt financing and equity financing, this financing tool will be popular in the real estate capital market in China. It is such a new type of real estate financing technique for China capital marker that the law of china has not special rules for this financing technique, but relative laws of china seemly permit the process of this financing deal. This article focuses on the legal issues of mezzanine financing based on the law system of China. Section I of this article discussed the concept of mezzanine financing and analyzed the legal structure of the two types of mezzanine financing model, this part also stated the origins and the development of the mezzanine financing in US, and discovered the reason why real estate mezzanine financing growing so rapid in recent years. In

section II, I reviewed the real estate financing regulation policy in five years and discussed the relative rules of law in China, then introduced the legal background of real estate mezzanine financing in China. The third part is the key section of this paper, after analyzed a typical mezzanine financing case, I discussed the legal problem of mezzanine financing which may appear if mezzanine financing be practiced in China, based on the rules and laws of china, I put up some resolution to these problems with the reference of the experience of US mezzanine financing practice. At the last part of this section, I brought some suggestion on how to perfect the rules and regulations which are relative to real estate mezzanine financing in China.

Key words：Real estate Mezzanine Financing Mezzanine Loans Preferred Equity

引言

夹层融资作为一种介于股权和债权之间的融资方式，有其独特的优势，在我国目前的房地产市场状况下，房地产企业对夹层融资有较大的需求，房地产夹层融资在我国有较大的发展空间。但是，由于这一融资模式比较新颖，我国目前的法律对此问题并没有专门的规定，但夹层融资作为一种融资方式，法律并不禁止，而市场上亦已有践行者。因此从实践运用的角度出发，有必要梳理相关的法律规定，以明确当前我国法制环境下房地产夹层融资的定位。从理论研究的角度来看，目前国内关于房地产夹层融资的讨论，主要是从金融学的角度展开，而作为一种涉及多个法律部门的融资方式，其交易结构所涉及的法律问题也相当复杂，从法律规范其运作的角度进行系统地探讨似乎也有必要，基于此，本文力图从法律的视角来探讨房地产夹层融资所涉及的相关问题。

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