發(fā)布時(shí)間：2018-04-24 18:55

  本文選題：土地融資 + 土地證券化��； 參考：《哈爾濱工業(yè)大學(xué)》2012年碩士論文

【摘要】：我國(guó)現(xiàn)行的土地制度為土地資源的合理配置和高效利用提供了制度基礎(chǔ)。然而面臨新形勢(shì)的轉(zhuǎn)變，現(xiàn)行的土地制度面出現(xiàn)了融資、風(fēng)險(xiǎn)控制、流動(dòng)性等方面的困境，，土地證券化可以為解決這些問(wèn)題提供一種思路。土地證券化作為一種融資手段，可以拓寬土地開(kāi)發(fā)儲(chǔ)備經(jīng)營(yíng)融資渠道，分散土地貸款風(fēng)險(xiǎn)，完善城市土地制度和增強(qiáng)政府的土地調(diào)控能力。因此，本文以土地證券化為主線(xiàn)，在土地開(kāi)發(fā)項(xiàng)目中引入土地證券化運(yùn)作，以解決其融資和相關(guān)問(wèn)題，并以金融衍生品定價(jià)方法為基礎(chǔ)構(gòu)建土地證券定價(jià)模型，為土地證券化確定合適的價(jià)格。 本文從土地證券化的內(nèi)涵特性入手，分析適合進(jìn)行土地證券化的土地類(lèi)型，指出我國(guó)實(shí)施土地證券化順利實(shí)施所需要的條件，結(jié)合我國(guó)的土地市場(chǎng)形勢(shì)與政策，分析與我國(guó)的土地市場(chǎng)特征相適應(yīng)的土地證券化模式，為我國(guó)土地證券化的模式選擇提供依據(jù)。然而，土地證券化的順利實(shí)施需要為土地資產(chǎn)證券確定一個(gè)合理的價(jià)格，如何結(jié)合具體土地特征和證券化模式來(lái)構(gòu)建相應(yīng)定價(jià)模型成為亟需解決的問(wèn)題。本文從標(biāo)的資產(chǎn)的內(nèi)在價(jià)值、證券隱含期權(quán)和證券提前贖回三個(gè)角度來(lái)構(gòu)建土地證券化定價(jià)模型，在不同證券化模式下，根據(jù)三種定價(jià)方法的特點(diǎn)與條件，并結(jié)合具體土地特征和證券化模式，選擇恰當(dāng)?shù)亩▋r(jià)模型為土地證券確定價(jià)格。為了驗(yàn)證本文研究的有效性，本文以廣州白云商住綜合地塊開(kāi)發(fā)項(xiàng)目為案例，設(shè)計(jì)與該項(xiàng)目特點(diǎn)相適應(yīng)的土地資產(chǎn)證券化模式，并選擇適當(dāng)?shù)亩▋r(jià)模型為其定價(jià)。
[Abstract]:The present land system of our country provides the institutional basis for rational allocation and efficient utilization of land resources. However, in the face of the new situation, the current land system faces the difficulties of financing, risk control, liquidity and so on. Land securitization can provide a way to solve these problems. As a means of financing, land securitization can broaden the financing channels of land development and reserve management, disperse the risk of land loan, perfect the urban land system and strengthen the land control ability of the government. Therefore, this paper takes the land securitization as the main line, introduces the land securitization operation in the land development project, in order to solve its financing and related problems, and constructs the land securities pricing model based on the financial derivative pricing method. Determine the appropriate price for land securitization. Starting with the connotation characteristics of land securitization, this paper analyzes the types of land suitable for land securitization, points out the necessary conditions for the smooth implementation of land securitization in China, and combines the situation and policy of land market in our country. This paper analyzes the land securitization model which is suitable to the characteristics of the land market in China, and provides the basis for the choice of the land securitization model in our country. However, the smooth implementation of land securitization needs to determine a reasonable price for land asset securities. How to combine the specific land characteristics and securitization model to build the corresponding pricing model has become an urgent problem to be solved. This paper constructs the land securitization pricing model from the intrinsic value of the underlying assets, implied options of securities and early redemption of securities. Under different securitization models, according to the characteristics and conditions of the three pricing methods, Combined with specific land characteristics and securitization model, the appropriate pricing model is selected to determine the price of land securities. In order to verify the validity of this study, this paper takes the Guangzhou Baiyun Commercial and Residential Comprehensive Land Development Project as an example, designs the land asset securitization model suitable to the characteristics of the project, and selects the appropriate pricing model to price it.
【學(xué)位授予單位】：哈爾濱工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F832.51;F299.23

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