可持续建设视角下公租房BT融资模式的回购方案优化研究

发布时间：2018-06-10 09:22

本文选题：可持续建设 + 公租房　；参考：《重庆交通大学》2015年硕士论文

【摘要】：中低收入人群的住房问题关系到居民的生存、国家经济的发展与社会的稳定。公租房作为一种住房保障形式具有覆盖面大、灵活多样、可持续发展等优势,发展公租房将成为我国城镇住房制度中需长期坚持的一项政策。但是庞大的建设工程与财政资金之间的矛盾会给政府带来巨大的压力,在公租房建设中引入BT模式,不但可通过注入社会资金减轻政府的财政压力,而且能够提高公租房建设专业化水平与企业的管理水平。从可持续建设视角下分析公租房BT项目的回购方案不仅影响企业的参与兴趣与竞标的成败,也影响政府是否能够在运营中收回回购价款以及解决租售价格制定的随意性。本文从可持续发展的角度针对公租房发展中存在的问题,结合BT融资模式的特点,研究了公租房BT融资模式回购方案的确定及优化问题。本文首先对公租房、BT融资模式等相关理论基础进行了概述;其次对公租房可持续发展中遇到的问题、公租房建设中应用BT模式的可行性、项目的运行主体、合同关系进行了辨别,并阐述了回购方案的要点,制定了最优回购方案的决策准则;第三,通过国内外公共住房可持续发展理论与观点的评述,针对我国公租房的可持续发展遇到的问题建立了公租房BT融资模式的可持续模型。并对可持续模型中的关键因素的确定进行识别与分析;第四,针对现有BT项目回购方案中回购价款确定的模糊性,界定了回购基价与投资回报的构成,运用蒙特卡洛模拟构建风险因素影响下公租房建设回购基价的数学模型,通过CAPM方法确定项目的投资收益水平,从而确定不同回购支付方式下的投资回报率,运用层次分析法与模糊集的方法对CAPM的风险系数进行确定;第五,本文对公租房运营收益进行分析,并提出了根据公租房的可持续建设模型选择最优回购方案的方法;最后以重庆市最著名的公租房“民心佳园”为例通过可持续模型以及回购价款和运营收益的动态分析确定最优的回购方案。
[Abstract]:The housing problem of low-and middle-income people is related to the survival of residents, the development of national economy and the stability of society. As a form of housing security, public rental housing has the advantages of large coverage, flexible and diverse, sustainable development and so on. The development of public rental housing will become a long-term policy in our country's urban housing system. However, the contradiction between huge construction projects and financial funds will bring great pressure to the government. The introduction of BT mode in the construction of public rental housing can not only reduce the financial pressure of the government by injecting social funds. Moreover, it can improve the specialization level of public rental housing construction and the management level of enterprises. From the perspective of sustainable construction, this paper analyzes the buy-back scheme of BT project of public rental housing, which not only affects the interest of enterprises and the success or failure of bidding, but also affects whether the government can recover the repurchase price in operation and solve the arbitrariness of pricing. This paper aims at the problems existing in the development of public rental housing from the perspective of sustainable development and studies the determination and optimization of the repurchase scheme of BT financing mode of public rental housing based on the characteristics of BT financing mode. Firstly, this paper summarizes the related theoretical basis of BT financing model of public rental housing, secondly, the problems encountered in the sustainable development of public rental housing, the feasibility of applying BT model in the construction of public rental housing, the main operation of the project. The contract relationship is distinguished, the key points of the repurchase scheme are expounded, and the decision criteria for the optimal repurchase scheme are formulated. Thirdly, through the comments on the theory and viewpoint of sustainable development of public housing at home and abroad, Aiming at the problems of sustainable development of public rental housing in China, the sustainable model of BT financing mode of public rental housing is established. The key factors in the sustainable model are identified and analyzed. Fourthly, the composition of the repo base price and the return on investment is defined in view of the fuzziness of the repurchase price in the existing BT project repurchase scheme. Using Monte Carlo simulation to construct the mathematical model of repurchase base price of public rental housing construction under the influence of risk factors, through CAPM method to determine the investment income level of the project, so as to determine the return on investment under different repurchase payment methods. Using analytic hierarchy process and fuzzy set method to determine the risk coefficient of CAPM. Fifth, this paper analyzes the operating income of public rental housing, and puts forward the method of selecting the optimal repurchase scheme according to the sustainable construction model of public rental housing. Finally, taking Chongqing's most famous public rental housing "people's heart good garden" as an example, through the sustainable model and the dynamic analysis of repurchase price and operating income, the best repurchase scheme is determined.
【学位授予单位】：重庆交通大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F283;F299.23

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