房地产信托风险管理的研究

发布时间：2018-01-12 21:08

本文关键词：房地产信托风险管理的研究　出处：《西南财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：2003年以后至2005年,我国房地产信托处于摸索阶段；2005年至2007年期间,房地产信托得到了初步发展期；随着2008年房地产企业陷入融资困境,房地产信托得到了很好的发展机会,开始呈现出增长态势。从2009年开始,我国房地产信托业务进入快速发展时期,并于2011年的发行规模达到了历年之最。此期间,房地产信托经历了快速发展和整顿时期,在严格的房地产调控政策下,房价下跌,房屋成交量停滞不前,开发商资金流转出现困难,房地产企业紧张的资金链使得房地产信托兑付风险加大。正是因为房地产信托发展迅猛暴露出的风险,引发了监管层的对房地产信托的关注与限制,于是2010年起开始陆续出台了《关于加强信托公司房地产信托业务监管有关问题的通知》、《净资本管理办法》和《房地产信托风险提示通知》等政策,房地产信托业务也因此受到了一定抑制,融资渠道也在日益收紧。 2012年和2013年到期的房地产信托规模分别为2234亿元和2816亿元,再加上付息等额外支付,总还款额分别为2500亿元和3100亿元。虽然按期兑付问题牵扯到了信托公司很多精力,但这却并不是房地产信托的唯一风险,房地产信托项目的自身情况、尽职调查过程、交易结构以及信托公司监管过程中还潜藏着诸多风险。房地产信托业务作为信托业务中的一个重要部分,如何持续健康的发展房地产信托业务,对房地产信托风险管理的研究显得十分必要。本文首先对信托相关概念进行介绍,分析了房地产信托的种类和特点,并对房地产信托在国际的发展情况和国内发展现状及优劣势进行分析和总结；然后归纳了房地产信托的风险表现,主要从投资风险和运作风险两方面进行；最后从国家政策及制度、相关机构约束和监督、事前和事后控制方面提出相关措施。本文的一个显著特点在于较为详细介绍了房地产信托的产品设计和优化及创新业务,并对房地产信托风险管理中出现的案例进行分析和解答。希望以此激发信托管理者的创新能力和投资者决策水平,实现房地产信托的平稳健康发展。
[Abstract]:Since 2003 to 2005, China's real estate trust in the exploratory stage; during the period from 2005 to 2007, the real estate trust has got preliminary development period; with the 2008 real estate enterprise financing difficulties, the real estate trust has got very good development opportunities, began showing growth. From the beginning of 2009, the real estate trust business in China in the stage of rapid development, and in 2011 the issue reached a record. During this period, the real estate trust has experienced rapid development and consolidation period, real estate prices fell in the strict control policy, and housing turnover stagnant, developers cash flow difficulties, real estate enterprise capital chain tension makes real estate trust payment risk increase. It is because of the rapid development of the real estate trust risk exposed, sparked concern and restrictions on real estate trust regulators, so in 2010 Start gradually introduced "on Issues Concerning Strengthening the real estate trust business trust regulatory notice", "net capital management approach" and "real estate trust risk warning notification on the policy, the real estate trust business has been a certain extent, the financing channels are also increasingly tightened.
In 2012 and 2013 due to the size of the real estate trust were 223 billion 400 million yuan and 281 billion 600 million yuan, plus additional interest payments, the total amount was 250 billion yuan and 310 billion yuan. Although the payment schedule problem involves trust a lot of energy, but it is not only the risk of real estate trust, real estate trust the project itself, the due diligence process, transaction structure and regulatory trust in the process of hiding a lot of risk. The real estate trust business as an important part of the trust business, to the sustained and healthy development of the real estate trust business, it is necessary to study the real estate trust risk management appears.
Firstly, trust related concepts are introduced, analyzes the types and characteristics of the real estate trust, and the trust of real estate in the international development and the status of domestic development and the advantages and disadvantages were analyzed and summarized; and then summed up the risks of real estate trust, mainly from the aspects of investment risk and operational risk are two; finally from the national policy and system, the relevant agencies restriction and supervision, before and after control put forward related measures.
Is a detailed introduction of real estate trust products design and optimization and business innovation is a significant feature of this paper is to answer and analyze the real estate trust risk management case. Hope to stimulate the trust management innovation ability and decision-making level, to achieve stable and healthy development of the real estate trust.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.49;F299.23

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