Abstract:

The project financing was a kind of important international financial tools, used in commercial real estate field, and was a kind of brand-new exploration. With the continuous development and deepening of economic restructuring, the development of China's real estate industry gradually became an important pillar of China's economic development, and was paid close attention by domestic and foreign personnel. Currently, there were many financing ways of the real estate project, but there were still many problems in financing risks which finally led to the entire project failure and brought great loss to China's economy. The real estate project financing risks were large and complex, but the fuzzy evaluation model could be established to analyze the risks through the summary on the financing risk of real estate project. The use of It was a large system of a multi-objective, multi-level, complex structure and factors to use fuzzy comprehensive evaluation method to evaluate the financing risk of commercial real estate project, and the system could do a very good interpretation and analysis of the financing risk of real estate project. As the real estate project selection, it was an important basis of financing scheme to reduce unnecessary loss for the real estate project financing.

Key words: Real estate, Project financing, Risk assessment, Fuzzy comprehensive evaluation, Internal rate of return, Net present value, Payback period

摘要： 项目融资作为一种重要的国际金融工具应用于商业房地产领域,是一种全新的探索。随着我国经济体质改革的不断发展和深入,我国房地产行业不断发展,已经逐渐成为我国经济发展的重要支柱之一,也越来越受到国内外的关注。目前,我国房地产项目融资方式众多,但仍然存在许多融资风险问题。这些风险可能最后导致整个项目的失败,给我国经济带来很大损失。房地产项目融资风险大且复杂,但是可以通过对房地产项目融资风险进行总结,并建立模糊评价模型进行风险分析。运用模糊综合评价方法对商业房地产项目融资风险进行评价是一个多目标、多层次、结构复杂和因素众多的大系统,能够对房地产项目融资风险做一个很好的诠释和解析,作为房地产项目选择融资方案的重要依据,可为房地产项目融资减少不必要的损失。

关键词: 房地产, 项目融资, 风险评价, 模糊综合评价, 内部收益率, 净现值, 投资回收期