大连万达集团跨境商业房地产抵押贷款支持证券案例分析

发布时间：2018-04-14 04:21

本文选题：房地产商业 + 房地产抵押贷款支持证券　；参考：《辽宁大学》2013年硕士论文

【摘要】：1998年我国房地产市场开始形成至今，居民住房类房地产逐步发展，同时商业地产业态也逐渐成熟，房地产业逐渐发展成为我国经济的重要产业之一，其兴衰程度与一国经济的发展程度与周期性变化关系密切。同时，房地产行业作为资本密集型产业，由于其商品具有高价值、开发建设期长、投资回报期漫长的特点，其发展需要一国金融体系的长期稳定支持。另一方面，由于其与金融系统的密切互动，前者的异常波动必将对后者形成冲击，产生房地产金融风险甚至形成金融、经济危机。我国房地产业近几年经历了非理性发展、房价猛涨的粗放发展，但国内房地产金融体系发展程度却远落后于发达国家，同时我国现有的融资制度也滞后于房地产实体经济的发展，造成房地产企业资金来源单一、过于依赖间接融资等现象。加上国家对房地产行业近年来非理性发展出台的调控政策愈发严厉，使得房地产企业的融资环境愈发严苛，开发商融资过程普遍存在较大的难度。本文尝试从中国第一例商业房地产抵押贷款支持证券（下文称CMBS），大连万达集团发行境外CMBS案例入手，，借个案管中窥豹，反映了包括商业地产在内的房地产开发企业的种种融资难题，而房地产企业自身在MBS证券化融资方面进行了积极探索。在案例和现状分析的基础上，讨论了推广资产证券化对分散与控制我国房地产金融市场风险以及房地产宏观调控的作用，并尝试提出了一些措施发展我国房地产金融市场MBS和REITs，提升房地产金融的效率，建设并规范资产证券化制度，最终改善融资环境。
[Abstract]:Since the beginning of the real estate market in China in 1998, the residential housing real estate has developed gradually, and the commercial real estate industry has gradually matured. The real estate industry has gradually developed into one of the important industries in our country's economy.The degree of rise and fall is closely related to the degree of development of a country's economy and periodic changes.At the same time, as a capital-intensive industry, the development of real estate industry needs the long-term stable support of a country's financial system because of its high commodity value, long period of development and long period of return on investment.On the other hand, because of its close interaction with the financial system, the former's abnormal fluctuations will inevitably impact the latter, resulting in real estate financial risks and even financial and economic crisis.In recent years, the real estate industry of our country has experienced irrational development and the extensive development of house price skyrocketing, but the development of domestic real estate financial system lags far behind that of developed countries.At the same time, the existing financing system of our country also lags behind the development of the real estate economy, which causes the real estate enterprises to have a single source of funds and to rely too much on indirect financing.In addition, the national regulation and control policies on the irrational development of the real estate industry in recent years have become more stringent, making the financing environment of real estate enterprises more stringent, and the financing process of developers is generally difficult.This paper attempts to start with the first commercial real estate mortgage-backed securities in China (hereinafter referred to as CMBSX, Dalian Wanda Group issued overseas CMBS case),It reflects the various financing problems of real estate development enterprises including commercial real estate, while the real estate enterprises themselves actively explore the financing of MBS securitization.Based on the analysis of cases and current situation, this paper discusses the role of promoting asset securitization in dispersing and controlling the risk of real estate financial market and real estate macro-control.It also tries to put forward some measures to develop MBS and REITs in China's real estate financial market, improve the efficiency of real estate finance, build and standardize the system of asset securitization, and finally improve the financing environment.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.45

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