城市综合体资产支撑证券化融资研究

发布时间：2018-06-18 00:43

本文选题：城市综合体 + ABS　；参考：《郑州大学》2014年硕士论文

【摘要】：人口增长和城市化进程的加深，对有限的城市土地供给形成了巨大的压力。进行土地集约化利用成为了城市发展的必然趋势，同时也对城市综合体提出了诉求。城市综合体作为城市建设的重要组成部分，在为城市居民提供生活、娱乐等服务配套设施的同时，也为社会提供成千上万个工作岗位，成为带动区域经济发展的重要引擎，其高额的投资收益也成为吸引投资者、开发商的亮点。然而对资金的渴求、对资金链的依赖却成为限制其发展的重要因素，因此，为城市综合体提供持续的、成本低廉的资金，成为一个急切而重要的工作。资产支撑证券化（ABS）是一种起源美国的新型融资工具,因其成本低、风险小、融资数额不受限制等优点而被全世界广泛接受。本文在国内首次尝试将ABS这一新型融资工具用于城市综合体的融资研究，在阐述城市综合体理论和ABS融资理论的基础上，重点分析了城市综合体运用ABS进行融资的必要性、可行性及有利条件，，在总结前人经验的基础上设计出一套适合我国国情的城市综合体ABS融资操作方法，并通过融资方案经济测算和敏感性分析验证了其优越的经济性能及一定的抗风险性，为城市综合体融资提供了一条新的融资途径。
[Abstract]:The growth of population and the deepening of urbanization have put great pressure on the limited urban land supply. Intensive use of land has become an inevitable trend of urban development, but also a demand for urban complex. As an important part of urban construction, urban complex provides urban residents with services such as living, entertainment and other supporting facilities, at the same time, it also provides thousands of jobs for society, and becomes an important engine to promote regional economic development. Its high return on investment has also become a bright spot to attract investors and developers. However, the demand for funds and the dependence on the financial chain have become an important factor restricting their development. Therefore, it is an urgent and important task to provide sustainable and low-cost funds for urban complexes. Asset-backed securitization (Asset-backed Securitization) is a new financing tool originating from the United States, which is widely accepted by the world because of its advantages of low cost, low risk and unlimited amount of financing. This paper tries to apply ABS, a new financing tool, to the financing of urban complex for the first time in China. On the basis of expounding the theory of urban complex and ABS financing theory, the necessity of using ABS to finance urban complex is analyzed. On the basis of summing up the previous experience, a set of ABS financing operation methods suitable for the national conditions of our country is designed. Through the economic calculation and sensitivity analysis of the financing scheme, its superior economic performance and certain risk resistance are verified, which provides a new financing way for the financing of urban complex.
【学位授予单位】：郑州大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.2;F832.51

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