我国1998年开始实行住房分配货币化制度改革，房地产行业开始步入高速发展阶段。商品房预售资金伴随预售制度在房地产行业的普及而进入社会大众视野。房地产行业属于资金密集型行业，全国各地房地产开发市场都对商品房预售资金高度依赖，各主要房企将资金周转率列入经营管理的核心指标。资金高周转也带来了高风险，经济政策、人口数量和社会环境的变化对房地产市场影响都较大，国家和地方政府推行楼市管控制度或条例时，房地产市场的消费需求就会被抑制，整体楼市的销量就会下降，因为政府调控通常伴随信贷政策调整，也使得开发企业的融资更为困难，甚至触发资金链断裂危机。中小房企发展也容易受到实际控制人的影响，因实控人异常变故导致资金断裂的也较多。房地产开发风险和企业经营风险也变相转移到商品房购买人。购房人在向开发企业购买预售房屋时，在完成定金交付后，后续的首付款和房屋按揭贷款也会全款支付给开发企业，一旦开发企业无法按时交付商品房，就极有可能对购房人造成重大的损失。购房人无法顺利获得所购房屋，不断上访上诉也给政府部门也带来诸多压力。当前，我国关于商品房预售资金监管的法规体系尚不完善，未有统一标准和管控模式，各地都在试行探索有效监管模式。我国部分城市尽管已经推出了商品房预售资金监管制度，并且构建了各有特色的不同预售监管模式，但还是不断有烂尾项目涌现，整体管控成效欠佳。创新监管模式，对预售资金实行有效管控，是防范房地产出现完工风险的重要措施，能有效避免“烂尾楼”的出现。本文通过分析国内主要城市的监管模式优缺点，借鉴国外同类型资金监管模式，重点分析HY市有效监管构建的实践过程，使用了文献分析法、案例分析法和访谈法等研究方法，提出应构建多元监管的理想模式，以政府和银行作为核心主体，协同监理公司、担保公司等共同配合完成有效系统管控模式。在此理想管控模式中，由政府机构来制定相关法规制度和主导建设监管平台，银行和其他主体根据制度要求，进行资金收缴、使用申请、进度申报、拨付审批等具体操作，政府机构对于其他主体承担再监管职责，约束各主体的违规行为。最终通过规制来实现社会综合效益最大化。
Since the monetization reform of housing distribution in 1998, the pre-sale system of commercial housing has made great contributions to the rapid development of China's real estate market. Commercial housing pre-sale funds grow up with the pre-sale system and known to the public. The real estate industry is a typical capital-intensive industry, so almost every company worked in the real estate industry are highly dependent on the pre-sale funds of commercial housing, and the capital turnover rate was belived the core indicator of company operation and management. The high turnover of funds has also brought high risks. Changes in economic policies and social environment have a great impact on the real estate market. Because government regulation is usually accompanied by credit policy adjustment, it makes the financing of real estate development enterprises more difficult,the risk of capital chain rupture in real estate development enterprises is even greater. The development of small and medium-sized housing enterprises is also susceptible to their actual controllers, many real estate enterprises suffered capital chain rupture because of the controllers’ misfortunes. The risks of real estate development and business operation are also transferred to commercial housing buyers. When the buyers in a housing pre-sale precedure,they pay deposite first,then apply for a mortgage loan,the money will be fully transfered to the development enterprises.Once the development enterprises can’t hand over houses on time, it is very likely to cause great losses to buyers. If buyers can not get the houses easily,they will petitioning and appeal constantly,to give great presure to the government. At present, China's regulation system on the supervision of commercial housing pre-sale funds is not perfect, there is no unified standard and control mode, and all the cities are trying to explore an effective supervision mode. Although many cities in China have introduced the supervision system of pre-sale funds of commercial housing and set up different types of pre-sale supervision modes, there are still uncompleted projects emerging, and the overall control effect is not good. Innovating the supervision mode and controlling the pre-sale funds effectively are important measures to prevent the financial risks of real estate and can effectively avoid the emergence of "uncompleted buildings".By analyzing the advantages and disadvantages of the supervision mode in the main cities of China, drawing lessons from the same type of capital supervision mode of other countries, focusing on the analysis of the practice process of establishing effective supervision in HY city, using interview method, literature analysis method, case analysis method and other research methods, this paper puts forward that the ideal mode should be established with government agencies as the core ,banks as the main body,and supervision companies and guarantee companies as cooperators, to complete an effective system management and control mode mechanism. In this ideal management and control mode, government agencies formulate relevant laws and regulations and lead the construction of supervision platform, banks and other subjects carry out specific operations . Government agencies assume the responsibility of re-supervision for other subjects to restrain the violations of each subject.
