中国养老地产证券化

发布时间：2018-02-26 02:05

本文关键词： 养老地产融资模式资产证券化案例分析　出处：《上海交通大学》2013年硕士论文　论文类型：学位论文

【摘要】：本文首先分析了中国养老地产证券化的研究背景：中国人口老龄化呈现加速发展之势，养老需求巨大，传统养老模式逐渐力不从心，社会化养老模式的发展是必然途径。随着中国人均GDP达到5500美元以上，社会保障体系的不断完善，老年人独立居住的养老观念被社会认同和接受，养老地产的需求开始进入释放期。其次，研究和分析了中国养老地产现阶段的融资模式和融资渠道，剖析养老地产的融资困境。由于中国养老地产依然处于刚起步阶段，缺乏可行的盈利模式，因此传统的融资模式无法匹配养老地产的资金需求。进而，分析和借鉴美国等发达国家的养老地产融资模式，提出借鉴美国房地产证券化经验，积极推行中国养老地产证券化。在此基础上，分析了中国推行养老地产证券化的必要性、可行性和制约因素。最后，，通过理论分析和养老地产案例研究，得出以下结论：中国养老地产证券化已经具备可行性，包括，初步具备实施房地产证券化的宏观和微观基础，主要参与方都相对成熟，基本运作流程可以在现有的养老地产项目中进行操作。
[Abstract]:This paper first analyzes the research background of China's pension real estate securitization: China's aging population presents a trend of accelerated development, pension demand is huge, the traditional pension model is gradually unable to do. The development of socialized old-age support model is an inevitable way. With China's per capita GDP reaching more than US $5,500 and the continuous improvement of the social security system, the concept of the elderly living independently is recognized and accepted by the society. Pension real estate demand began to enter the release period. Secondly, the paper studies and analyzes the financing mode and channel of Chinese old-age real estate at the present stage, and analyzes the financing dilemma of the pension real estate. Because the pension real estate in China is still in its infancy, it lacks the feasible profit model. Therefore, the traditional mode of financing can not match the funding needs of pension real estate. Then, this paper analyzes and draws lessons from the old-age real estate financing model of the developed countries such as the United States, and proposes to actively promote China's pension real estate securitization by drawing lessons from the experience of American real estate securitization. This paper analyzes the necessity, feasibility and restrictive factors of implementing endowment real estate securitization in China. Finally, through theoretical analysis and case study, the following conclusions are drawn: China pension securitization has been feasible, including the preliminary implementation of real estate securitization macro and micro basis, The main participants are relatively mature, the basic operation process can be operated in the existing pension real estate projects.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F299.23;F832.51

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