中文摘要：

商业地产的发展对于刺激消费、扩大内需、城市化进程及更新已有商业设施促进房地产行业乃至国民经济的稳定发展有着重要的现实意义。在“五力模型”价值链的理论基础上，结合商业地产目前运营的现状与资金障碍分析，基于拓宽融资渠道，提出商业地产的全价值链股权投资基金模式，并说明整合政府、建设总包方、潜在购买客户等价值链上的金融资源，挖掘其经济价值并利用股权基金的平台实现各参与方对项目融资价值最大化的实际操作过程，并对该过程的完善提出了建议。

英文摘要：

The development of commercial real estate has great practical significance to stimulating consumption, expanding domestic demand, boosting urbanization process, updating existing com- mercial facilities, promoting the steady development of the real estate industry and even the national economy. On the theoretical basis of the ＂Five Force Model＂ value chain, this paper analyzes the present operational situation of the commercial real estate and the financial barriers. From the point of expanding financing channels, it sets forth the mode of total value chain equity investment fund for commercial real estate. It makes an explanation of the practical operation process of integrating the financial resources on the value chain of the government, the general contractor of construction and the potential purchasing customers, excavating their economical value, and making use of the platform of equity fund to realize project financing value maximization of each participant. Finally, it puts forward some suggestions for the improvement of the process.