本文選題：不動(dòng)產(chǎn)證券化 + 信用風(fēng)險(xiǎn)��； 參考：《五邑大學(xué)》2013年碩士論文

【摘要】：自70年代起,在西方金融市場上逐漸有一系列新的金融產(chǎn)品嶄露頭角,例如一些新融資方式、支付清算手段、管理方法以及新的金融組織形式。其中，不動(dòng)產(chǎn)證券化作為各類新金融產(chǎn)品中最具特色的創(chuàng)新之一,成功地創(chuàng)造了一種模式,即將不動(dòng)產(chǎn)與金融業(yè)結(jié)合在一起,不僅為不動(dòng)產(chǎn)投資金融化帶來生機(jī),同時(shí)這種共同發(fā)展的創(chuàng)新也使得公司和個(gè)人理財(cái)?shù)挠^念上升到新的高度。近幾年來,我國經(jīng)濟(jì)的持續(xù)快速發(fā)展和基礎(chǔ)建設(shè)需求的加快,使得對于不動(dòng)產(chǎn)的相關(guān)金融服務(wù)的需求增長迅速,從我國口前資本市場發(fā)育條件和發(fā)展的資本需求來看,我國已具備了一定的開展不動(dòng)產(chǎn)證券化的基礎(chǔ)。 不動(dòng)產(chǎn)證券化的特點(diǎn)決定了它是一種具有很高的市場化程度以及眾多參與主體的結(jié)構(gòu)復(fù)雜金融工程,同時(shí)因?yàn)轱L(fēng)險(xiǎn)集中,所以需要非常嚴(yán)謹(jǐn)?shù)慕灰走^程。所以,不動(dòng)產(chǎn)證券化的結(jié)構(gòu)效益顯著,但同時(shí)它的風(fēng)險(xiǎn)也同樣是復(fù)雜多變的。因此,怎樣結(jié)合我國實(shí)際對不動(dòng)產(chǎn)證券化的風(fēng)險(xiǎn)進(jìn)行分析、度量和控制,并且.如何依照我國國情實(shí)施不動(dòng)產(chǎn)證券化,就成為一項(xiàng)既有理論意義又有實(shí)際意義的研究課題。 在亞洲地區(qū)不動(dòng)產(chǎn)證券化發(fā)展的歷史進(jìn)程中,臺(tái)灣地區(qū)不動(dòng)產(chǎn)證券化的發(fā)展最為迅速。相對于美國和日本來說,臺(tái)灣地區(qū)和大陸有著共同的社會(huì)歷史傳統(tǒng),相似的法律制度和經(jīng)濟(jì)環(huán)境,所以本文將重點(diǎn)在借鑒臺(tái)灣關(guān)于不動(dòng)產(chǎn)證券化及其信用風(fēng)險(xiǎn)管理的研究成果的基礎(chǔ)上,結(jié)合內(nèi)地國情對不動(dòng)產(chǎn)證券化信用風(fēng)險(xiǎn)產(chǎn)生的原因、制約因素以及如何防范進(jìn)行闡述和分析,為在不動(dòng)產(chǎn)證券化領(lǐng)域的投資者的提供一定價(jià)值的控制風(fēng)險(xiǎn)的依據(jù)。 信用風(fēng)險(xiǎn)義稱違約風(fēng)險(xiǎn),是指借款人、證券發(fā)行人或交易對方因種種原因,不愿或無力履行合同條件而構(gòu)成違約,致使銀行、投資者或交易對方遭受損失的可能性。由于不動(dòng)產(chǎn)投資信托(reale state investment trust,REIT)復(fù)雜的組織結(jié)構(gòu),REiTs中的信用風(fēng)險(xiǎn)也存在于不同的主體之中,本文將REITs信用風(fēng)險(xiǎn)分為三個(gè)板塊,分別從發(fā)起人信用風(fēng)險(xiǎn)、特殊目的機(jī)構(gòu)(Special Purpose Vehicle,SPV)信用風(fēng)險(xiǎn)、以及基礎(chǔ)資產(chǎn)池(Pool of Underlying Assets)信用風(fēng)險(xiǎn)三個(gè)主體出發(fā),分別探討各個(gè)主體中信用風(fēng)險(xiǎn)的來源、存在形式以及風(fēng)險(xiǎn)管理措施等內(nèi)容。其中,對于資產(chǎn)池信用風(fēng)險(xiǎn),本文進(jìn)行了定量分析,選取臺(tái)灣現(xiàn)存的六檔REITs的數(shù)據(jù),運(yùn)用Credit Metrics模型對REITs資產(chǎn)池信用風(fēng)險(xiǎn)進(jìn)行量化,得到REITs的VaR風(fēng)險(xiǎn)價(jià)值。最后,對廣東省江門市光博匯項(xiàng)目做出REITs設(shè)計(jì)。
[Abstract]:Since 70s, a series of new financial products have emerged in the western financial market, such as some new financing methods, payment and clearing means, management methods and new financial organization forms. In this case, real estate securitization, as one of the most distinctive innovation of various new financial products, has successfully created a model. The combination of real estate and financial industry not only brings vitality to the financing of real estate investment, but also makes the concept of corporate and personal financing up to a new height. In recent years, the sustained and rapid development of our economy and the acceleration of the demand for infrastructure have made the related financial services for real estate. The demand is growing rapidly. From the perspective of the growth conditions and the capital demand of the development of China's pre market capital market, China has already possessed certain foundation for developing the securitization of real estate.
The characteristics of real estate securitization decide that it is a complex structural financial project with a high degree of marketization and a large number of participants. At the same time, because of the concentration of risk, it needs a very strict transaction process. Therefore, the structural benefit of the real estate securitization is remarkable, but at the same time its risk is also complex and changeable. Therefore, How to analyze, measure and control the risk of the real estate securitization in China, and how to implement the real estate securitization in accordance with the national conditions of our country, has become a research subject with both theoretical and practical significance.
In the historical process of the development of the real estate securitization in Asia, the development of the real estate securitization in Taiwan is the fastest. Compared with the United States and Japan, the Taiwan region and the mainland have a common social and historical tradition, similar legal system and economic environment, so this article will focus on the reference to the real estate securitization in Taiwan and its application. On the basis of the research results of credit risk management, the reasons for the credit risk arising from the real estate securitization, the restrictive factors and how to prevent the credit risk management are expounded and analyzed on the basis of the research results of the credit risk management, which provide the basis for the investors to control the risk in the real estate securitization field.
Credit risk means that default risk refers to the possibility that the borrower, the issuer, or the other party is not willing or unable to perform the contract conditions for a variety of reasons, causing the banks, investors or trading parties to suffer losses. Because of the complex organizational structure of the reale state investment trust (REIT), REiTs The credit risk also exists in different subjects. This paper divides the REITs credit risk into three parts, respectively from the initiator's credit risk, the Special Purpose Vehicle (SPV) credit risk, and the basic asset pool (Pool of Underlying Assets) credit risk, respectively. The source of the risk, the form of existence and risk management measures, among which, for the asset pool credit risk, this paper carries out a quantitative analysis, selects the data of the existing six REITs REITs, quantifies the credit risk of the REITs pool using the Credit Metrics model, and obtains the VaR risk value of REITs. Finally, the Jiangmen city of Guangdong Province The project makes REITs design.
【學(xué)位授予單位】：五邑大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51

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