房地产私募基金投资决策中的实物期权应用研究

发布时间：2019-05-19 06:29

【摘要】：本文所指房地产私募股权投资基金（简称“房地产私募基金”）为私募股权投资基金中专门投资于房地产的一种基金类型。房地产私募基金在中国是一种新兴事物，在2007年6月新的修订合伙企业法施行，有限合伙企业成为合法的企业组织形式后，有限合伙型的房地产私募基金成为房地产投资基金的主流形式。目前中国对房地产行业的政策调整和资金紧缩政策，导致房地产开发企业必须转变传统的运营模式和融资模式，寻找新的融资渠道，房地产基金以其灵活的投资方式，基本不受政策影响的决策优势，得到了快速的发展。目前中国房地产私募基金普遍使用的投资决策方法是传统房地产投资项目中以ROE和回收期为代表的静态分析方法，部分基金也使用相对更加先进些的基于折现现金流（DCF-NPV）的动态分析方法。传统的静态和动态分析方法均无法把握房地产私募基金在目前复杂多变的房地产市场进行项目投资各个阶段中的不确定性；与之相比，不确定性环境下投资决策的实物期权方法在国际上已被广泛应用于项目的价值评估与投资决策和企业的柔性决策等方面。本文结合房地产私募基金项目投资和管理的实践，首先在房地产开发项目（基金投资标的）层面上回顾和研究了传统房地产项目投资决策理论，指出了传统房地产项目投资决策理论和方法的缺陷，在详细阐述了实物期权理论后，，探讨了实物期权在房地产开发项目投资决策中的应用；其次探讨了房地产私募基金自身的投资决策架构、决策分析方法及相应的法律、商务条件；研究了房地产私募基金如何利用实物期权的战略思维观进行投资战略和决策的思考及调整，并根据在中国实践中，房地产私募基金的投资策略、投资方式和投资限制的不同，提出了实物期权在房地产私募基金投资决策中的应用模型。最后运用实证分析方法，利用以往基金投资的房地产项目案例，对上述研究进行了实证检验。
[Abstract]:The real estate private equity investment fund (referred to as "real estate private equity fund") referred to in this paper is a kind of fund type which invests in real estate specially in private equity investment fund. Real estate private equity fund is a new thing in China. After the new revised partnership law came into effect in June 2007, the limited partnership enterprise became the legal form of enterprise organization. Limited partnership real estate private equity fund has become the mainstream form of real estate investment fund. At present, China's policy adjustment and capital tightening policy to the real estate industry have led real estate development enterprises to change the traditional operation mode and financing mode, find new financing channels, and the real estate fund has its flexible investment mode. The decision-making advantage, which is basically unaffected by policy, has been developed rapidly. At present, the investment decision-making method commonly used by real estate private equity funds in China is a static analysis method represented by ROE and payback period in traditional real estate investment projects. Some funds also use relatively more advanced dynamic analysis methods based on discounted cash flow (DCF-NPV). The traditional static and dynamic analysis methods can not grasp the uncertainty of real estate private equity funds in each stage of project investment in the current complex and changeable real estate market. In contrast, the real option method of investment decision in uncertain environment has been widely used in project value evaluation and investment decision and flexible decision of enterprises in the world. Based on the practice of real estate private equity fund project investment and management, this paper first reviews and studies the traditional real estate project investment decision theory on the level of real estate development project (fund investment target). This paper points out the defects of the traditional real estate project investment decision theory and methods, and discusses the application of the real option theory in the real estate development project investment decision after expounding the real option theory in detail. Secondly, it discusses the investment decision structure, decision analysis method and corresponding laws and business conditions of the real estate private equity fund itself. This paper studies how to make use of the strategic thinking view of real option to think and adjust the investment strategy and decision of real estate private equity fund, and according to the difference of investment strategy, investment mode and investment restriction of real estate private equity fund in Chinese practice. The application model of real option in real estate private equity fund investment decision is put forward. Finally, the empirical analysis method is used to test the above research by using the real estate project cases of fund investment in the past.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.48;F293.3;F224

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