房地产资产证券化的风险评价研究

发布时间：2018-05-19 19:33

本文选题：房地产 + 资产证券化　；参考：《重庆工商大学》2017年硕士论文

【摘要】：资产证券化作为一个重大创新的金融工具,是衍生证券技术和金融工程技术相结合的产物,也是世界金融市场中近30年来发展最快的金融工具。由于资产证券化拓宽了投融资渠道,可以解决资金需求规模大、融资成本高、周期长等诸多现实问题而备受青睐,并在世界范围内得到蓬勃发展,目前已经被广泛应用到了很多行业和领域。房地产资产证券化,就是将直接的房地产投资转变成投资于有价证券形式的证券性投资,房地产资产证券化过程就是以房地产能够得到的预期收益为支撑,通过发行证券出售给投资者,使投资者与房地产的关系由拥有产权转变成拥有有价证券的权利。对房地产资产证券化的风险评价研究,一方面可以丰富关于我国房地产资产证券化的风险研究,另一方面也为投资者的投资决策提供了一种风险评价的方法和参考。本文在梳理并总结了国内外关于资产证券化相关理论和房地产资产证券化的发展及其风险等相关研究成果的基础之上,结合所学的知识,通过采用分类型的风险识别方法,从经济因素风险、政策因素风险、融资运作风险、项目风险、信用风险以及金融风险共六个方面识别出了二十多种影响房地产资产证券化的风险要素,并以此建立起了风险评价指标体系;又基于模糊层次分析法以及德尔菲法进行了问卷调研,确定了房地产资产证券化风险评价指标体系中各风险因素的权重;最终构建了房地产资产证券化的风险综合评价模型。根据所构建模型对J公司的房地产资产证券化项目进行了实际案例分析,对其证券化风险进行了评价,最后综合评价出J公司房地产资产证券化整体风险为一般。房地产资产证券化的风险影响因素很多,是一个复杂的系统。投资者应对房地产资产证券化风险的有效方式主要有:熟悉房地产资产证券化的运作模式;针对基础资产做好投资前调研;关注相关报告以及相关法律文件的形式和内容;寻求可行的风险评价方法及风险控制方法;对于机构投资者而言,还可以通过监察项目建设和购买投资保险来降低投资房地产资产证券化的风险。本论文的研究对于认识和把握房地产资产证券化风险具有积极的参考价值。
[Abstract]:As a major innovative financial instrument, asset securitization is the product of the combination of derivative securities technology and financial engineering technology. It is also the fastest developing financial instrument in the world financial market in the past 30 years. Because asset securitization widens the channels of investment and financing, it can solve many practical problems, such as large scale of capital demand, high financing cost, long period and so on. At present, it has been widely used in many industries and fields. Real estate asset securitization is to transform direct real estate investment into securities investment in the form of securities. The process of real estate asset securitization is supported by the expected income that real estate can obtain. By issuing securities for sale to investors, the relationship between investors and real estate is changed from ownership of property to ownership of securities. The research on risk evaluation of real estate asset securitization, on the one hand, can enrich the risk research of real estate asset securitization in China, on the other hand, it also provides a risk evaluation method and reference for investors. On the basis of combing and summarizing the related theories of asset securitization and the development and risk of real estate asset securitization at home and abroad, and combining the knowledge learned, this paper adopts the method of risk identification of different types. From six aspects: economic factor risk, policy factor risk, financing operation risk, project risk, credit risk and financial risk, more than 20 kinds of risk factors affecting securitization of real estate assets are identified. Based on the fuzzy analytic hierarchy process (AHP) and Delphi method, the weight of each risk factor in the risk evaluation index system of real estate asset securitization is determined. Finally, the risk comprehensive evaluation model of real estate asset securitization is constructed. According to the model, this paper analyzes the real estate asset securitization project of J Company, evaluates its securitization risk, and finally comprehensively evaluates the overall risk of real estate asset securitization of J Company. The risk of real estate asset securitization is a complex system with many risk factors. The effective ways for investors to deal with the risk of real estate asset securitization are as follows: familiarity with the operation mode of real estate asset securitization; doing a good job of pre-investment investigation on basic assets; paying close attention to the form and content of relevant reports and relevant legal documents; For institutional investors, the risk of real estate securitization can be reduced by monitoring project construction and purchasing investment insurance. The research of this thesis has positive reference value for understanding and grasping the risk of real estate asset securitization.
【学位授予单位】：重庆工商大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F299.23

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