鹏华前海万科房地产投资信托基金投资运作案例分析

发布时间：2018-05-24 02:23

本文选题：鹏华前海万科 + 房地产　；参考：《河北金融学院》2017年硕士论文

【摘要】：截止到2016年底,全球上市房地产投资信托基金(Real Estate Investment Trusts,REITs)共有800多只,36个国家或地区引入REITs架构,全球REITs市场的总市值已经超过了1.7万亿美元,REITs的相关金融创新不断推进。房地产信托投资基金是连接房地产行业与金融行业的重要桥梁。在如今房地产行业调控中,银行缩贷、债券发行困难等阻碍了房地产企业融资,而房地产信托投资基金却是政策鼓励的一种新的企业融资渠道。我国在健全多层次资本市场探索中,房地产信托投资基金是其中重要一笔。我国以深圳前海为试点,进行金融创新与改革。在国家宏观规划和相关部门配合下,2015年鹏华基金与万科合作推动了我国首只公募REITs的上市。本文首先从国外和国内两方面,运用归纳总结法对世界主要国家或地区REITs的市场规模和数量、REITs的法律法规设立、税收制度安排、REITs的成功经验和国内的REITs的探索进行介绍,进而引入鹏华前海万科REITs投资运作的分析案例。案例中针对鹏华前海万科REITs的参与主体、基础资产概况、投资运作过程进行介绍。然后,通过定量与定性方法的综合运用,从运作模式、资产配置、投资收益、杠杆投资、风险控制五个方面进行投资运作细节分析。根据分析,总结出鹏华前海万科REITs投资运作中的典型特征及不足,具有公私合作(Public-Private-Partnership,PPP)项目资产证券化和投资门槛低的典型特征,同时具有基金权益分配结构待改进、业绩比较基准过高、明股实债、股权投资有待市场接受、物业资产配置不合理等不足。基于鹏华前海万科REITs投资运作中的典型特征与不足提出建议:优化资产配置,强化信息披露,建立和完善法律法规,构建监管体制和自律体系,引入优质物业资产进入REITs市场,培养专业型及复合型人才,推动多方资金投资公募REITs。
[Abstract]:By the end of 2016, there were more than 800 real estate investment trust funds listed in the world, 36 countries or regions have introduced the REITs structure, the total market value of the global REITs market has exceeded $1.7 trillion, and the related financial innovation of REITs has been continuously promoted. Real estate trust investment fund is an important bridge between real estate industry and financial industry. In the regulation and control of the real estate industry nowadays, the banks shrink loans and the bond issue is difficult to prevent the real estate enterprises from financing, but the real estate trust investment fund is a new financing channel encouraged by the policy. The real estate trust investment fund is one of the most important in the exploration of the multi-level capital market in our country. Our country to Shenzhen Qianhai as a pilot, financial innovation and reform. With the cooperation of national macro planning and relevant departments, Penghua Fund and Vanke in 2015 promoted the listing of China's first public offering of REITs. This paper firstly introduces the establishment of the market size and quantity of REITs, the successful experience of tax system arrangement and the exploration of domestic REITs in the main countries or regions of the world by means of inductive summary method from both foreign and domestic aspects. Then the introduction of Penghua Qianhai Vanke REITs investment operation analysis case. This case introduces the main body, basic assets and investment process of Penghua Qianhai Vanke REITs. Then, through the comprehensive application of quantitative and qualitative methods, the details of investment operation are analyzed from five aspects: operation mode, asset allocation, investment income, leveraged investment and risk control. According to the analysis, the typical characteristics and shortcomings of Penghua Qianhai Vanke's REITs investment operation are summarized. It has the typical characteristics of public-private partnership Public-Private-Partnershipship REITs project asset securitization and low investment threshold, at the same time, it has the fund equity distribution structure to be improved. Performance comparison benchmark is too high, real debt, equity investment to be accepted by the market, property asset allocation unreasonable and so on. Based on the typical characteristics and shortcomings of Penghua Qianhai Vanke REITs investment operation, this paper puts forward some suggestions: optimizing asset allocation, strengthening information disclosure, establishing and perfecting laws and regulations, constructing supervision system and self-discipline system, introducing high-quality property assets into the REITs market. Train professional and compound talents, promote multi-fund investment and raise REITs.
【学位授予单位】：河北金融学院
【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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