摘要：在对传统金融监管政策实施效果进行简要述评的基础上，着重分析现阶段以融资需求侧“三道红线”与供给侧“贷款集中度”强监管为代表的金融调控长效机制的目标导向与压力传导路径；基于对当前金融调控长效机制的认识，建议房地产业从“投-融-管-退”全周期主动调整经营策略，强化现金流与负债管理，在平衡债务、现金流与利润的整体框架下，应对所处的新金融环境。

关键词：房地产；融资调控；经营策略

Abstract：Based on a brief review of the implementation effects of traditional financial regulatory policies，this article focuses on analyzing the goal orientation and pressure conduction path of a long-term financial regulation mechanism represented by the “three red lines” on the demand side of financing and the strong supervision of “loan concentration” on the supply side at this stage. Based on the understanding of the current long-term mechanism of financial regulation，suggests that the real estate industry take the initiative in the full cycle of “Investment-Finance-Management-Retirement”，strengthen cash flow and debt management，and respond to the new financial environment under the overall framework of balancing debt，cash flow and profits.

Keywords：real estate；financial regulation；business strategy

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建筑经济，2022（02）：22-27