【摘要】：本文所指房地產(chǎn)私募股權(quán)投資基金（簡(jiǎn)稱“房地產(chǎn)私募基金”）為私募股權(quán)投資基金中專(zhuān)門(mén)投資于房地產(chǎn)的一種基金類(lèi)型。房地產(chǎn)私募基金在中國(guó)是一種新興事物，在2007年6月新的修訂合伙企業(yè)法施行，有限合伙企業(yè)成為合法的企業(yè)組織形式后，有限合伙型的房地產(chǎn)私募基金成為房地產(chǎn)投資基金的主流形式。 目前中國(guó)對(duì)房地產(chǎn)行業(yè)的政策調(diào)整和資金緊縮政策，導(dǎo)致房地產(chǎn)開(kāi)發(fā)企業(yè)必須轉(zhuǎn)變傳統(tǒng)的運(yùn)營(yíng)模式和融資模式，尋找新的融資渠道，房地產(chǎn)基金以其靈活的投資方式，基本不受政策影響的決策優(yōu)勢(shì)，得到了快速的發(fā)展。 目前中國(guó)房地產(chǎn)私募基金普遍使用的投資決策方法是傳統(tǒng)房地產(chǎn)投資項(xiàng)目中以ROE和回收期為代表的靜態(tài)分析方法，部分基金也使用相對(duì)更加先進(jìn)些的基于折現(xiàn)現(xiàn)金流（DCF-NPV）的動(dòng)態(tài)分析方法。 傳統(tǒng)的靜態(tài)和動(dòng)態(tài)分析方法均無(wú)法把握房地產(chǎn)私募基金在目前復(fù)雜多變的房地產(chǎn)市場(chǎng)進(jìn)行項(xiàng)目投資各個(gè)階段中的不確定性；與之相比，不確定性環(huán)境下投資決策的實(shí)物期權(quán)方法在國(guó)際上已被廣泛應(yīng)用于項(xiàng)目的價(jià)值評(píng)估與投資決策和企業(yè)的柔性決策等方面。 本文結(jié)合房地產(chǎn)私募基金項(xiàng)目投資和管理的實(shí)踐，首先在房地產(chǎn)開(kāi)發(fā)項(xiàng)目（基金投資標(biāo)的）層面上回顧和研究了傳統(tǒng)房地產(chǎn)項(xiàng)目投資決策理論，指出了傳統(tǒng)房地產(chǎn)項(xiàng)目投資決策理論和方法的缺陷，在詳細(xì)闡述了實(shí)物期權(quán)理論后，，探討了實(shí)物期權(quán)在房地產(chǎn)開(kāi)發(fā)項(xiàng)目投資決策中的應(yīng)用； 其次探討了房地產(chǎn)私募基金自身的投資決策架構(gòu)、決策分析方法及相應(yīng)的法律、商務(wù)條件；研究了房地產(chǎn)私募基金如何利用實(shí)物期權(quán)的戰(zhàn)略思維觀進(jìn)行投資戰(zhàn)略和決策的思考及調(diào)整，并根據(jù)在中國(guó)實(shí)踐中，房地產(chǎn)私募基金的投資策略、投資方式和投資限制的不同，提出了實(shí)物期權(quán)在房地產(chǎn)私募基金投資決策中的應(yīng)用模型。 最后運(yùn)用實(shí)證分析方法，利用以往基金投資的房地產(chǎn)項(xiàng)目案例，對(duì)上述研究進(jìn)行了實(shí)證檢驗(yàn)。
[Abstract]:The real estate private equity investment fund (referred to as "real estate private equity fund") referred to in this paper is a kind of fund type which invests in real estate specially in private equity investment fund. Real estate private equity fund is a new thing in China. After the new revised partnership law came into effect in June 2007, the limited partnership enterprise became the legal form of enterprise organization. Limited partnership real estate private equity fund has become the mainstream form of real estate investment fund. At present, China's policy adjustment and capital tightening policy to the real estate industry have led real estate development enterprises to change the traditional operation mode and financing mode, find new financing channels, and the real estate fund has its flexible investment mode. The decision-making advantage, which is basically unaffected by policy, has been developed rapidly. At present, the investment decision-making method commonly used by real estate private equity funds in China is a static analysis method represented by ROE and payback period in traditional real estate investment projects. Some funds also use relatively more advanced dynamic analysis methods based on discounted cash flow (DCF-NPV). The traditional static and dynamic analysis methods can not grasp the uncertainty of real estate private equity funds in each stage of project investment in the current complex and changeable real estate market. In contrast, the real option method of investment decision in uncertain environment has been widely used in project value evaluation and investment decision and flexible decision of enterprises in the world. Based on the practice of real estate private equity fund project investment and management, this paper first reviews and studies the traditional real estate project investment decision theory on the level of real estate development project (fund investment target). This paper points out the defects of the traditional real estate project investment decision theory and methods, and discusses the application of the real option theory in the real estate development project investment decision after expounding the real option theory in detail. Secondly, it discusses the investment decision structure, decision analysis method and corresponding laws and business conditions of the real estate private equity fund itself. This paper studies how to make use of the strategic thinking view of real option to think and adjust the investment strategy and decision of real estate private equity fund, and according to the difference of investment strategy, investment mode and investment restriction of real estate private equity fund in Chinese practice. The application model of real option in real estate private equity fund investment decision is put forward. Finally, the empirical analysis method is used to test the above research by using the real estate project cases of fund investment in the past.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F832.48;F293.3;F224

【參考文獻(xiàn)】

相關(guān)碩士學(xué)位論文 前1條

1 戴明軍;房地產(chǎn)開(kāi)發(fā)項(xiàng)目的實(shí)物期權(quán)評(píng)價(jià)方法[D];同濟(jì)大學(xué);2007年

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