Study On Real Estate Finance Theory Framework From A View Of Financial Resource

With Chinese urbanization, economic financialization, financial globalization,financial complication and frequent occurrence of financial crisis in China, real estatefinance becomes an important field and is paid attention by financial theory researchersas a branch of finance that is accompanied by real estate industry. However, it can bediscovered that there are fewer researchers who are devoted to studying the basictheories about nature and function of real estate finance than those who are devoted totechnology and some specific problems for real estate finance by the literature analysison real estate financing. It makes research on real estate finance theory not deep and notenough systematic, makes it difficult to form a theory system that is suitable for Chineseurbanization and real economy development and can be used to explain systematicallyand forecast effectively the practice of China’s real estate finance.The shortcomings of basic theory research on real estate finance are embodied onthe guidance of real estate finance practices, in which a series of problems of real estatefinance and real estate development are appeared. These problems are as follows. Realestate financing channel is narrow and impeccable financial system in the developmentof Chinese urbanization is lack; Real estate finance development is not rational, supplyand demand of real estate are imbalance; The development of economic financializationis rapid and real estate financial innovation and asset bubble are imbalance; Tendency offinancial globalization is obvious; the world-wide allocation of estate resources is facingchallenges; strategy and top design in macro-control policies are lack; real estate financemacro regulatory system is incomplete; short-term policies problem is severe, and so on.On one hand, these connected and contradictory problems of real estate finance reflectthe imbalance among real estate financial resource allocation and economics, society,ecological resources. On the other hand, it shows that the economic and financialtheoretical understanding of the nature and function of real estate finance are not clearand systematic enough. Thus it is necessary to change the existing real estate financialtheory paradigm and construct a new theoretical analysis framework on real estatefinance using a new method, by which real estate financial theory can be deepen andinnovate.Based on the above background and problems, the thesis conducts a systematicresearch on deepen problems of Chinese real estate financial theory in the assumption offinancial complication and in the theoretical view of financial resources, historical materialism and complex system science theory as main research methodologies, realestate financial resources as research object, constructing real estate financial resourcetheoretical analysis framework as aim, the coordination of the protection of economic,social and ecological resources and the development of real estate financial resourcesallocation as principle line.In the logic and the route of this thesis, real estate finance is studied as a specificfinancial field and complex system. Thus real estate financial resource theory is made athorough studied by including real estate finance into the logical framework of financialdevelopment, regarding financial resource as a theory view and logical starting point,real estate financial resource as a core concept, the relationship of real estate financeand real estate, economy, society, ecological as a complex giant system. It draws theconclusion that real estate finance is the outcome of the development of finance andeconomy, and it is an important reflection of financial complication and an extension offinancial development and financial function.In the research methods, the methodology of complexity theory of the systemscience is introduced with financial complex as a background and an assumption. Thecomplexity, integrality and systematicness of real estate finance are studied from a viewof financial complex giant system, instead of a segment or a part or a specific question,which makes the emerge of real estate finance be revealed by the interactive relationshipof the components of real estate financial complex giant system, that is to say, thecharacteristics of national important strategic financial resources are revealed.In structural arrangements, gradual progress of resource and financial complexityis reviewed and the evolving process of resource theory including three productionfactors and the development of financial resource theory are discussed at first. The basicframework of real estate financial resource theory is designed and conceivedpreliminarily by introducing the financial resource paradigm and system sciencecomplexity theoretical methodology.Secondly, regarding financial attribute of real estate as breakthrough point, the coreconcepts of real estate financial resources is studied and put forward, the core contentsof real estate financial resources theories are described, and coordinating mechanism forresource allocation of real estate finance is studied on constraint of social attribute ofreal estate finance.Finally, the strategic framework and policy recommendations for the developmentof China’s real estate finance based on real estate finance resource theory are advanced through analyzing and using for reference of real estate financial resource allocation insome typical countries and regions all over the world and internal and externalenvironments of China’s real estate financial development.By proposing a core concept of real estate financial resources and basic studyabout the theoretical analysis frame, a new visual angle and paradigm for the deepeningof China’s real estate finance theory and innovation are provided. From two aspects oftheoretical and practical significance, main innovation points are as follows.First, the core concept of real estate financial resources is proposed. In the thesis,the core concept of real estate financial resources is proposed for the first time byreferencing the viewpoints of financial resources theory, which makes the connotationand denotation of real estate finance concept be extended, the resource properties andessential feature of the real estate finance be revealed, the interactive relationship offinance and economy and its real estate financial function be included into financialdevelopment logic framework.Second, the social property of real estate financial resource is advanced. Based onreal estate financial resource properties, social property of real estate financial resourcesis put forward, and it is studied as a constraint of real estate financial resourcesallocation to study the real estate financial resources theories.Third, research methodology of complex theory is introduced into real estatefinancial theory. Some components like finance, real estate, economy, society andecological are included into research on real estate financial resources complexity giantsystem and its theory analysis framework, which is an innovation to traditional realestate financial theory methodology.At the same time, in the research process of financial resources theory frameworkof the real estate, the thesis are focus on the core concept of real estate finance resource,the social property of real estate finance and real estate financial resources allocationcoordination mechanism. But quantification and empirical studies about the real estatefinancial resources are insufficient and some related specific issues for real estatefinancial resource theory are not deep enough due to the limited research time anddevoted energy.The shortcomings of theoretical research in the thesis will be further effortdirection in the future for me, and I hope to be helped by some scholars and teachers inthis field, in order that I can make new contributions to China’s real estate financialtheory research and exploration.