鹏华前海万科REITs产品结构及其风险研究

发布时间：2018-02-01 04:32

本文关键词： 房地产投资信托(REITs) 产品结构风险研究　出处：《北京交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：房地产投资信托(Real Estate Investment Trusts,以下简称"REITs")是20世纪60年代在美国首次出现的一种金融产品,由于其相关政策优势众多,因而在海外市场发展迅速。目前已成为继货币、债券、股票之后的第四大类投资产品。海外市场REITs的发展十分迅速,REITs在国内的发展也在逐步提速。2015年6月,鹏华前海万科REITs获证监会批准发行,成为中国大陆第一支在交易所上市的公募REITs。鹏华前海万科REITs的发行标志着中国房地产金融行业的又一次金融创新。本文将采用文献研究法、统计分析法、对比分析法、模型分析法、风险分析法等研究方法对鹏华前海万科REITs的产品结构及其风险展开研究。本文对产品结构及其风险的研究从四个方面入手,分别是基础资产、投资收入、融资成本以及组织形式。在基础资产方面,鹏华前海万科REITs的基础资产为前海企业公馆的租金收益权而并非前海企业公馆BOT项目,由此出现法律风险,并且房地产产权并不在鹏华前海万科REITs手中,并没有实现真实出售与风险隔离。同时,由于产权的丧失,鹏华前海万科REITs也不能获得前海企业公馆的增值收入。在投资收入方面,投资于房地产项目的资产占基金资产总额的比例仅为23.32%。远低于美国的75%的标准线,较低的房地产资产却冠以REITs之名,难免会对投资者产生误导。鹏华前海万科REITs仅持有单一物业,容易产生非系统性风险,同时较低的房地产资产意味着较大的固定收益类、权益类投资,这使得鹏华前海万科REITs不能够很好的抵抗市场波动风险。在融资成本方面,从万科企业股份有限公司的角度来看,此次出让前海企业公馆项目未来租金收益权以获得当期现金流绝非一个好的融资选择。万科的总资产收益率只有4%左右,其出让一个收益率8.4%的项目实在是忍痛割腕之举,较高的融资成本意味着各家中介机构的利润都被压缩。而且为了获得较好的市场效应,鹏华前海万科REITs享受了较大的税收优惠,这一点其他REITs难以复制。在组织形式方面,在考量了不同组织形式的优缺点后,鹏华前海万科REITs选择了设立较为简单,免除双重征税的契约型组织形式。但契约型组织形式委托代理风险较高,这使得投资者难以对REITs的投资行为进行深度把控,容易产生委托代理风险。通过分析鹏华前海万科REITs的产品结构及其风险不难发现,其与成熟的REITs产品相比,仍存在许多不足。针对鹏华前海万科REITs的产品结构及其风险,以及为促进REITs在中国的进一步发展,笔者提出了明晰基础资产、优化投资组合、完善激励监督机制等相应的产品结构优化建议。
[Abstract]:Real Estate Investment Trusts. REITs is a kind of financial product that appeared for the first time in the United States in 1960s. Because of its numerous relative policy advantages, it has developed rapidly in overseas market. Now it has become a successor currency. Bonds, stocks after the 4th categories of investment products. Overseas market REITs development is very rapid in the domestic development is also gradually accelerating. June 2015. Penghua Qianhai Vanke REITs approved by the Securities and Futures Commission. To become the first public offering listed in the mainland of China REITs. Penghua Qianhai Vanke REITs issue marks another financial innovation in China's real estate financial industry. This paper will adopt the literature research method. Statistical analysis, comparative analysis, model analysis. Risk analysis and other research methods to Penghua Qianhai Vanke REITs product structure and risk research. This paper from four aspects of the product structure and risk research, respectively is the basic assets. Investment income, financing cost and organizational form. In terms of basic assets, the basic assets of Penghua Qianhai Vanke REITs are the rent-income rights of Qianhai enterprise building rather than the BOT project of Qianhai enterprise building. There is legal risk, and the real estate property right is not in the hands of Penghua Qianhai Vanke REITs, and has not realized the real sale and risk isolation. At the same time, due to the loss of property rights. Penghua Qianhai Vanke REITs can not obtain Qianhai Enterprise Hall value-added income. In terms of investment income. Assets invested in real estate projects account for only 23.32 percent of the fund's total assets. Far below the 75% standard line in the United States, the lower real estate assets are named REITs. It is inevitable to mislead investors. Penghua Qianhai Vanke REITs only holds a single property, easy to produce non-systemic risk, and lower real estate assets mean a larger fixed income class, equity class investment. This makes Penghua Qianhai Vanke REITs can not resist market volatility risk. In terms of financing costs, from the point of view of Vanke Enterprise Co., Ltd. The sale of Qianhai Enterprise House project in the future rent-income right to obtain cash flow is not a good financing option. Vanke's total return on assets is only about 4%. The sale of a project with a yield of 8.4% is a painful cut. Higher financing costs mean that the profits of various intermediaries are compressed, and in order to achieve better market effects. Penghua Qianhai Vanke REITs enjoys a large tax benefit, which other REITs is difficult to copy. In organizational form, after considering the advantages and disadvantages of different organizational forms. Penghua Qianhai Vanke REITs has chosen the contract organization form, which is simple to set up and exempt from double taxation. However, the contract organization form has a higher risk of principal-agent organization. This makes it difficult for investors to control the investment behavior of REITs deeply, and it is easy to produce principal-agent risk. By analyzing the product structure and risk of REITs in Penghua Qianhai Vanke, it is not difficult to find out. Compared with the mature REITs products, there are still many shortcomings. Aiming at the product structure and risk of REITs in Penghua Qianhai Vanke, and in order to promote the further development of REITs in China. The author puts forward some suggestions on product structure optimization, such as clarifying basic assets, optimizing investment portfolio, perfecting incentive supervision mechanism and so on.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.4;F832.49

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