绿色建筑REITs模式融资风险管理研究

发布时间：2018-01-22 02:26

本文关键词： 绿色建筑 REITs融资模式风险管理灰色模糊综合评价夏普利值　出处：《青岛理工大学》2013年硕士论文　论文类型：学位论文

【摘要】：房地产业是我国国民经济的支柱产业，对国家的经济快速增长起到重要的拉动作用。近年来，我国房地产开发投资每年的平均增长都保持在25％以上，对我国GDP的增长有着巨大的提升作用，但建筑能耗也成为不容忽视的问题。目前，房地产业已成为我国的三大耗能领域之一，要想房地产业健康持续地发展，绿色转型势在必行，需要广泛推广绿色建筑。由于绿色建筑的开发与建设投入比普通建筑需要更多的资金，单纯依靠银行贷款，是远远不够的；国家一系列宏观调控政策的实施，银行也针对性的制定了紧缩性的贷款政策，给开发资金主要来源于银行的房地产行业一个沉重的打击，我国绿色建筑也因此遭遇融资瓶颈；另一方面国内民间资本的巨大蕴藏量却缺乏稳定高效的投资回报渠道。房地产投资信托基金（REITs）是解决我国房地业目前所面临的这两大问题的有效金融工具，促进绿色建筑和我国资本市场的发展。由于REITs在我国近几年才刚起步，该模式涉及的参与方较多，所面临的潜在风险不可忽视，对REITs模式融资的风险管理进行更深入的研究显得尤为迫切，以保证REITs模式融资在绿色建筑项目上的成功运用，进而促进国内绿色建筑的发展。首先，本论文综合论述了我国当前绿色建筑融资困境，对比分析了国内常见的融资模式的优劣势，将REITs融资模式引入到绿色房地产项目开发中，对绿色建筑REITs模式融资的运作机制和适用性进行了深入的分析，以风险管理的流程为主线，采用定性分析与定量计算相结合，理论研究与实证分析相结合的方法，从全过程风险管理的角度，构建了绿色建筑REITs模式融资的全面风险管理体系。其次，根据所建立的风险体系，论文对其进行了深入系统的风险管理研究。利用风险核对表法、专家调查法以及因素维分解，对绿色建筑REITs融资过程中的风险因素进行识别并分类；在此基础上，运用灰色模糊综合评价方法对绿色建筑项目REITs模式融资中所面临的风险进行科学定量的评估，构建了灰色模糊评价矩阵，确定各个风险指标的权重，明确项目所处的风险水平；同时，考虑到风险分担过程中各方在整个项目运作过程中所承担的风险程度的不同，，将合作博弈论中的夏普利值引入风险分担过程中，并对该算法进行改进，以提高各参与方合作的动力；基于识别出的风险因素和博弈结果，提出了绿色建筑REITs模式融资风险分担处理的相关方案。最后，本文将采用的综合风险管理理论研究方法应用于具体项目实践中，对LS绿色建筑项目融资全过程的风险管理进行了系统地分析与研究，验证了本文所采用的综合研究方法与技术路线的科学性，得出了符合实际的科学结论。在理论上丰富了绿色建筑领域REITs模式融资风险管理的研究内容，也为融资风险管理的研究方法上提供了一定参考。
[Abstract]:The real estate industry is the pillar industry of our national economy, the country's rapid economic growth plays an important role. In recent years, the average annual growth of investment in real estate development in China has remained above 25%, has a great role in promoting the growth of China's GDP, but the building energy consumption will not be ignored the problem. At present, the real estate industry has become China's three big energy field to the real estate industry healthy and sustainable development, green transformation imperative, need green building widely.
Due to require additional funds into the development and construction of green buildings than ordinary buildings, simply rely on bank loans, is not enough; the implementation of a series of national macro-control policies, the bank also targeted a tightening of lending policies, to development funds mainly from banks to the real estate industry a heavy blow, green building in our country and therefore encounter financing bottleneck; on the other hand, huge reserves of domestic private capital, but the lack of efficient and stable return on investment channels. Real estate investment trusts (REITs) is an effective financial instrument which solve two big problems in China's real estate industry is currently facing the promotion of green building and I in the development of the capital market. Since REITs in China in recent years has just started, the model involves multiple parties, facing potential risks can not be ignored, the risk management of REITs financing mode More in-depth research is particularly urgent to ensure the successful application of REITs model financing in green building projects, and further promote the development of green buildings in China.
Firstly, this paper discussed the current green building financing predicament, comparative analysis of the domestic common financing mode of the advantages and disadvantages of REITs financing model will be introduced to the green real estate project development and operation mechanism of financing green building REITs model and applicability are analyzed in depth, to the process of risk management. As the main line, using the combination of qualitative analysis and quantitative analysis, theoretical research and empirical analysis method of combining the whole process from the perspective of risk management, to build a comprehensive risk management system of financing green building REITs model.
Secondly, according to the established risk system, this paper study deeply on the system of risk management. By using the method of risk checklist, expert investigation method and factor dimension decomposition, identification and classification of the risk factors of REITs financing in green building; on the basis of scientific and quantitative risk assessment using grey fuzzy comprehensive evaluation the method of green building project REITs financing mode in the face of the construction of the grey fuzzy evaluation matrix to determine the weight of each risk index, clear the project's risk level; at the same time, considering the risk degree of risk sharing in the process of the parties in the operation of the entire project in different cooperation game theory the Shapley value is introduced in the process of risk sharing, and to improve the algorithm, to improve the participation of dynamic cooperation; the risk factors identified and based on Game Theory As a result, the relevant schemes for the risk sharing of the green building REITs model are put forward.
Finally, this article will adopt the comprehensive risk management theory research method is applied to the project practice, the risk management of the whole process of the LS green building project financing is analyzed and studied systematically, verify the scientific and technical research methods used in this paper route, draw a scientific conclusion in theory with practical situation. To enrich the research content of green architecture of REITs mode of financing risk management, but also provides a reference for research methods of financing risk management.

【学位授予单位】：青岛理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F299.23;F832.45

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