我国商业地产REITs风险治理

发布时间：2018-01-03 17:44

本文关键词：我国商业地产REITs风险治理　出处：《西安建筑科技大学》2013年硕士论文　论文类型：学位论文

更多相关文章： 商业地产 REITs 风险分析 风险治理

【摘要】：房地产行业是关系到国民经济发展和社会稳定的重要行业，随着我国城市化进程的加快以及消费结构的改变，商业地产在房地产行业的比重逐渐增大。商业地产具有资金需求量大，建设周期长的特点，属于典型的资本密集型行业，但是长期以来其融资渠道单一，主要依靠银行贷款，一旦信贷政策有所调控，，会给整个商业地产体系的运行带来极大的威胁，给社会带来金融风险，这就迫切需要开辟银行以外的融资渠道拓展新的资金来源。而房地产投资信托基金(REITs)是世界各国在房地产市场中发展比较成熟的一种特殊集合投资制度，不但能够募集大量社会闲散资金投资于房地产行业，满足地产行业对资金的需求，还可以分散房地产行业对银行的过度依赖，在我国发展商业地产REITs将是必然趋势。本文介绍了商业地产的概念及其特点；REITs的概念、类型、构成要素、运作模式及制度优势；分析了我国商业地产REITs的发展现状、存在的问题等。REITs作为一种新的房地产融资工具，肯定其优势的同时，所蕴含的风险不能忽视，对商业地产REITs风险进行有效的分析与治理，有利于我国商业地产REITs健康发展。对商业地产REITs的风险从投资风险、运营风险和社会风险三方面进行系统的分析研究，并重点研究了社会风险中委托代理风险，建立了委托代理模型，研究得出托管人的监督作用十分重要，通过改变托管收入支付方式可以强化托管人的监督。为了合理有效的对商业地产REITs进行风险治理、促进其良性发展，从社会技术视角出发，提出了对商业地产REITs投资风险、运营风险和社会风险的治理方式：通过对项目合理定位、优化投资决策、利率对冲策略、完善法律及风险预警等措施进行投资风险治理；通过建立财务监督体系、提高运营管理水平和董事会决策能力、培养专业人才等方法进行运营风险治理；通过引入受益人大会制度、完善组织结构制度、完善信息披露制度、监管制度、激励机制和信用制度建设来治理社会风险。
[Abstract]:The real estate industry is an important industry related to the national economic development and social stability, along with our country city to speed up the process and the change of consumption structure, the proportion of commercial real estate in the real estate industry of commercial real estate has increased gradually. The demand for funds, long construction period, which belongs to the typical industry of capital intensive, but for a long time the single financing channels, mainly rely on bank loans, once the credit policy regulation, will bring great threat to the entire commercial real estate system, bring financial risk to the society, there is an urgent need to open up financing channels other than banks to develop new sources of funds and real estate investment trusts (REITs) is the world all developed a special system of collective investment in the real estate market, not only can raise a lot of social idle funds to invest in the real estate industry, full of The demand for funds in the real estate industry can also disperse the excessive dependence of the real estate industry on the banks. It will be an inevitable trend to develop commercial real estate REITs in China.
This paper introduces the concept and characteristics of commercial real estate; the REITs concept, types, elements, operation mode and system advantage; analyzes the current development of China's commercial real estate REITs,.REITs problems as a new tool for financing real estate, affirming its advantages at the same time, the risks can not be ignored. Analysis and effective governance of commercial real estate REITs risk, is conducive to the healthy development of commercial real estate in China REITs. REITs from the risk of commercial real estate investment risk, operational risk and social risk analysis of three aspects of the system, and focuses on the principal-agent risk and social risk, establish a principal-agent model, study shows the supervisory role of the custodian is very important, by changing the hosting revenue payment to strengthen supervision of the custodian.
In order to effectively carry out risk management of commercial real estate REITs, promote its healthy development, starting from the perspective of social technology, proposed to REITs commercial real estate investment risk, operation risk and social risk management: through the reasonable positioning of the project, investment decision, interest rate hedging strategies, improve the legal and risk warning measures for investment risk management; through the establishment of financial supervision system, improve the management level and the decision of the board of directors, methods of training professional personnel for operational risk management; through the introduction of the NPC will benefit system, improve the organizational structure system, perfecting the information disclosure system, supervision system, the construction of incentive mechanism and credit system to deal with social risks.

【学位授予单位】：西安建筑科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F299.23

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