| Since2010, from the consideration of the overheated real estate market and people’s livelihood issues, the government tightened the the money supplement for the real estate enterprises and real estate investment in the credit market, which resulted in a huge gap between the funding supplement and demand in real estate financial market. Chinese real estate financial innovation has come in to being and developed under this background. Due to asymmetric information, opportunism and the principal-agent problem, there are still many problems in the development of our real estate financial innovation.Based on this background, how to overcome the immaturity and imperfect of the financial markets in China and promote the reasonable development of standard real estate financial innovation though building institutional arrangements is very new subject worthy of study.In this paper, comprehensive using the theory of transaction cost, property rights, contract theory and institutional change in new institutional economics, and the other relevant methods such as game theory, we redefined the connotation of the real estate finance innovation system. After the analysis of the microscopic interest structure of all stakeholders and the governance issues of the contractual relations in the innovative real estate financial investment instruments, we promoted some recommendations about institutional arrangements for our policy maker.The rest of the paper is structured as follows:Firstly, we defined related concepts of the real estate financial innovation. Based on these summarizes, this paper gave an overview of foreign real estate financial innovation, including the innovation of real estate financial instruments, organization and regulation. By constructing the analysis framework of the new institutional economics theory, introduced the concept into the scope of our study, such as financial transaction costs, financial contracts, financial property rights, financial institutional change. From the perspective of contract theory, we defined the contractual nature of the real estate financial innovation. So, the emergence and development of the system has its own inherent logic, which laid the foundation for later research.From the perspective of institutional innovation, we reviewed the innovation of real estate financial tool and organization. We believed that the contractual nature of financial innovation determined the necessity of transaction relation governance. Using the transaction cost theory and incomplete contract theory; we further analyzed the governance problem of contractual relationship in the process of real estate financial innovation, and proposed that standardization of financial contracts is an effective way to solve these complex relationships.From the interaction of financial innovation and regulation, this paper analyzed the supply and demand of the real estate financial regulation system, and then concluded the theoretical logic of real estate financial regulation innovation and changes. Only in view of real estate financial tool innovation and organizational innovation inherent problem, and implement the corresponding supervision institutional innovation. In this way, we can improve the effectiveness of financial regulation and control of financial risks.From game theory, we constructed the game model of real estate companies, financial institutions, financial investors and regulators, and analyzed the relationship of them. Based on these analyses, we further illustrated the important effect of real estate financial regulation in financial innovation.In the institution of innovation, this paper focuses on the background of real estate macro-economic control in China. Based on the analysis of empirical data, according to the characteristics of the domestic real estate financial innovation, problems and constraints, we believed that China should devote major efforts to developing real estate finance innovation combined with the capital requirements of the current real estate market. In the end, on the base of the theory analysis and Chinese specific national conditions, on the policy and legal system level, we put forward the relevant institutional arrangements and several policy suggestions to promote financial innovation of real estate in our country.Comprehensive content of each part, this paper argued that the idea of promoting China’s real estate financial innovation should focus on the financial regulatory system innovation and related supporting system construction. We should establish a "comprehensive" institutional framework which included property rights protection system, information disclosure system, talent cultivation mechanism and risk prevention mechanism to promote the sustainable development of real estate financial innovation in China from the macro and micro two aspects. |
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