我国城市土地资产证券化定价研究

发布时间：2018-04-24 18:55

本文选题：土地融资 + 土地证券化　；参考：《哈尔滨工业大学》2012年硕士论文

【摘要】：我国现行的土地制度为土地资源的合理配置和高效利用提供了制度基础。然而面临新形势的转变，现行的土地制度面出现了融资、风险控制、流动性等方面的困境，，土地证券化可以为解决这些问题提供一种思路。土地证券化作为一种融资手段，可以拓宽土地开发储备经营融资渠道，分散土地贷款风险，完善城市土地制度和增强政府的土地调控能力。因此，本文以土地证券化为主线，在土地开发项目中引入土地证券化运作，以解决其融资和相关问题，并以金融衍生品定价方法为基础构建土地证券定价模型，为土地证券化确定合适的价格。本文从土地证券化的内涵特性入手，分析适合进行土地证券化的土地类型，指出我国实施土地证券化顺利实施所需要的条件，结合我国的土地市场形势与政策，分析与我国的土地市场特征相适应的土地证券化模式，为我国土地证券化的模式选择提供依据。然而，土地证券化的顺利实施需要为土地资产证券确定一个合理的价格，如何结合具体土地特征和证券化模式来构建相应定价模型成为亟需解决的问题。本文从标的资产的内在价值、证券隐含期权和证券提前赎回三个角度来构建土地证券化定价模型，在不同证券化模式下，根据三种定价方法的特点与条件，并结合具体土地特征和证券化模式，选择恰当的定价模型为土地证券确定价格。为了验证本文研究的有效性，本文以广州白云商住综合地块开发项目为案例，设计与该项目特点相适应的土地资产证券化模式，并选择适当的定价模型为其定价。
[Abstract]:The present land system of our country provides the institutional basis for rational allocation and efficient utilization of land resources. However, in the face of the new situation, the current land system faces the difficulties of financing, risk control, liquidity and so on. Land securitization can provide a way to solve these problems. As a means of financing, land securitization can broaden the financing channels of land development and reserve management, disperse the risk of land loan, perfect the urban land system and strengthen the land control ability of the government. Therefore, this paper takes the land securitization as the main line, introduces the land securitization operation in the land development project, in order to solve its financing and related problems, and constructs the land securities pricing model based on the financial derivative pricing method. Determine the appropriate price for land securitization. Starting with the connotation characteristics of land securitization, this paper analyzes the types of land suitable for land securitization, points out the necessary conditions for the smooth implementation of land securitization in China, and combines the situation and policy of land market in our country. This paper analyzes the land securitization model which is suitable to the characteristics of the land market in China, and provides the basis for the choice of the land securitization model in our country. However, the smooth implementation of land securitization needs to determine a reasonable price for land asset securities. How to combine the specific land characteristics and securitization model to build the corresponding pricing model has become an urgent problem to be solved. This paper constructs the land securitization pricing model from the intrinsic value of the underlying assets, implied options of securities and early redemption of securities. Under different securitization models, according to the characteristics and conditions of the three pricing methods, Combined with specific land characteristics and securitization model, the appropriate pricing model is selected to determine the price of land securities. In order to verify the validity of this study, this paper takes the Guangzhou Baiyun Commercial and Residential Comprehensive Land Development Project as an example, designs the land asset securitization model suitable to the characteristics of the project, and selects the appropriate pricing model to price it.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F299.23

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