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在包括紧缩银根在内的房地产政策调控下,中国严控外资和民间资本市场的做法,实际上加大了金融风险。一方面中国的金融部门很无奈,无法适应快速变化的资本市场国际化趋势,另一方面资金过度依赖银行信贷的国内房地产企业,也陷入了自身资金链即将断裂的困境。在这种情形下,外资基金、外资银行、外资投资顾问机构进入中国,带来了全新的国际资本市场运作机制、投资管理理念,使中国企业可以充分尝试银行信贷以外的融资方式,上市融资、私募融资等方式变得越来越普遍。不过,外资究竟能在多大程度上解决中国房地产企业的困局,却是一个很难做出准确评价的问题。
Under the control of real estate policies including the austerity measures, China’s strict control of foreign capital and private capital markets has actually increased its financial risks. On the one hand, China’s financial sector is helpless and unable to adapt to the rapidly changing international trend of capital markets. On the other hand, domestic real estate enterprises whose funds are overly dependent on bank credit have also plunged into difficulties that their own capital chain is about to break down. Under such circumstances, the entry of foreign funds, foreign banks and foreign investment advisory agencies into China has brought about a new operating mechanism for international capital markets and an investment management philosophy so that Chinese enterprises can fully try out financing methods other than bank lending, listing and financing, Private financing has become more and more popular. However, the extent to which foreign investment can solve the dilemma of China’s real estate enterprises is an issue that is difficult to make an accurate assessment.