本文關(guān)鍵詞：我國商業(yè)地產(chǎn)REITs風(fēng)險(xiǎn)治理　出處：《西安建筑科技大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

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【摘要】：房地產(chǎn)行業(yè)是關(guān)系到國民經(jīng)濟(jì)發(fā)展和社會(huì)穩(wěn)定的重要行業(yè)，隨著我國城市化進(jìn)程的加快以及消費(fèi)結(jié)構(gòu)的改變，商業(yè)地產(chǎn)在房地產(chǎn)行業(yè)的比重逐漸增大。商業(yè)地產(chǎn)具有資金需求量大，建設(shè)周期長的特點(diǎn)，屬于典型的資本密集型行業(yè)，但是長期以來其融資渠道單一，主要依靠銀行貸款，一旦信貸政策有所調(diào)控，，會(huì)給整個(gè)商業(yè)地產(chǎn)體系的運(yùn)行帶來極大的威脅，給社會(huì)帶來金融風(fēng)險(xiǎn)，這就迫切需要開辟銀行以外的融資渠道拓展新的資金來源。而房地產(chǎn)投資信托基金(REITs)是世界各國在房地產(chǎn)市場中發(fā)展比較成熟的一種特殊集合投資制度，不但能夠募集大量社會(huì)閑散資金投資于房地產(chǎn)行業(yè)，滿足地產(chǎn)行業(yè)對資金的需求，還可以分散房地產(chǎn)行業(yè)對銀行的過度依賴，在我國發(fā)展商業(yè)地產(chǎn)REITs將是必然趨勢。 本文介紹了商業(yè)地產(chǎn)的概念及其特點(diǎn)；REITs的概念、類型、構(gòu)成要素、運(yùn)作模式及制度優(yōu)勢；分析了我國商業(yè)地產(chǎn)REITs的發(fā)展現(xiàn)狀、存在的問題等。REITs作為一種新的房地產(chǎn)融資工具，肯定其優(yōu)勢的同時(shí)，所蘊(yùn)含的風(fēng)險(xiǎn)不能忽視，對商業(yè)地產(chǎn)REITs風(fēng)險(xiǎn)進(jìn)行有效的分析與治理，有利于我國商業(yè)地產(chǎn)REITs健康發(fā)展。對商業(yè)地產(chǎn)REITs的風(fēng)險(xiǎn)從投資風(fēng)險(xiǎn)、運(yùn)營風(fēng)險(xiǎn)和社會(huì)風(fēng)險(xiǎn)三方面進(jìn)行系統(tǒng)的分析研究，并重點(diǎn)研究了社會(huì)風(fēng)險(xiǎn)中委托代理風(fēng)險(xiǎn)，建立了委托代理模型，研究得出托管人的監(jiān)督作用十分重要，通過改變托管收入支付方式可以強(qiáng)化托管人的監(jiān)督。 為了合理有效的對商業(yè)地產(chǎn)REITs進(jìn)行風(fēng)險(xiǎn)治理、促進(jìn)其良性發(fā)展，從社會(huì)技術(shù)視角出發(fā)，提出了對商業(yè)地產(chǎn)REITs投資風(fēng)險(xiǎn)、運(yùn)營風(fēng)險(xiǎn)和社會(huì)風(fēng)險(xiǎn)的治理方式：通過對項(xiàng)目合理定位、優(yōu)化投資決策、利率對沖策略、完善法律及風(fēng)險(xiǎn)預(yù)警等措施進(jìn)行投資風(fēng)險(xiǎn)治理；通過建立財(cái)務(wù)監(jiān)督體系、提高運(yùn)營管理水平和董事會(huì)決策能力、培養(yǎng)專業(yè)人才等方法進(jìn)行運(yùn)營風(fēng)險(xiǎn)治理；通過引入受益人大會(huì)制度、完善組織結(jié)構(gòu)制度、完善信息披露制度、監(jiān)管制度、激勵(lì)機(jī)制和信用制度建設(shè)來治理社會(huì)風(fēng)險(xiǎn)。
[Abstract]:The real estate industry is an important industry related to the national economic development and social stability, along with our country city to speed up the process and the change of consumption structure, the proportion of commercial real estate in the real estate industry of commercial real estate has increased gradually. The demand for funds, long construction period, which belongs to the typical industry of capital intensive, but for a long time the single financing channels, mainly rely on bank loans, once the credit policy regulation, will bring great threat to the entire commercial real estate system, bring financial risk to the society, there is an urgent need to open up financing channels other than banks to develop new sources of funds and real estate investment trusts (REITs) is the world all developed a special system of collective investment in the real estate market, not only can raise a lot of social idle funds to invest in the real estate industry, full of The demand for funds in the real estate industry can also disperse the excessive dependence of the real estate industry on the banks. It will be an inevitable trend to develop commercial real estate REITs in China.
This paper introduces the concept and characteristics of commercial real estate; the REITs concept, types, elements, operation mode and system advantage; analyzes the current development of China's commercial real estate REITs,.REITs problems as a new tool for financing real estate, affirming its advantages at the same time, the risks can not be ignored. Analysis and effective governance of commercial real estate REITs risk, is conducive to the healthy development of commercial real estate in China REITs. REITs from the risk of commercial real estate investment risk, operational risk and social risk analysis of three aspects of the system, and focuses on the principal-agent risk and social risk, establish a principal-agent model, study shows the supervisory role of the custodian is very important, by changing the hosting revenue payment to strengthen supervision of the custodian.
In order to effectively carry out risk management of commercial real estate REITs, promote its healthy development, starting from the perspective of social technology, proposed to REITs commercial real estate investment risk, operation risk and social risk management: through the reasonable positioning of the project, investment decision, interest rate hedging strategies, improve the legal and risk warning measures for investment risk management; through the establishment of financial supervision system, improve the management level and the decision of the board of directors, methods of training professional personnel for operational risk management; through the introduction of the NPC will benefit system, improve the organizational structure system, perfecting the information disclosure system, supervision system, the construction of incentive mechanism and credit system to deal with social risks.

【學(xué)位授予單位】：西安建筑科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F299.23

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