本文關(guān)鍵詞：房地產(chǎn)信托風(fēng)險(xiǎn)管理的研究　出處：《西南財(cái)經(jīng)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 房地產(chǎn)信托 風(fēng)險(xiǎn)管理 產(chǎn)品設(shè)計(jì) 產(chǎn)品創(chuàng)新 并購(gòu)基金 風(fēng)險(xiǎn)緩沖機(jī)制

【摘要】：2003年以后至2005年,我國(guó)房地產(chǎn)信托處于摸索階段；2005年至2007年期間,房地產(chǎn)信托得到了初步發(fā)展期；隨著2008年房地產(chǎn)企業(yè)陷入融資困境,房地產(chǎn)信托得到了很好的發(fā)展機(jī)會(huì),開(kāi)始呈現(xiàn)出增長(zhǎng)態(tài)勢(shì)。從2009年開(kāi)始,我國(guó)房地產(chǎn)信托業(yè)務(wù)進(jìn)入快速發(fā)展時(shí)期,并于2011年的發(fā)行規(guī)模達(dá)到了歷年之最。此期間,房地產(chǎn)信托經(jīng)歷了快速發(fā)展和整頓時(shí)期,在嚴(yán)格的房地產(chǎn)調(diào)控政策下,房?jī)r(jià)下跌,房屋成交量停滯不前,開(kāi)發(fā)商資金流轉(zhuǎn)出現(xiàn)困難,房地產(chǎn)企業(yè)緊張的資金鏈?zhǔn)沟梅康禺a(chǎn)信托兌付風(fēng)險(xiǎn)加大。正是因?yàn)榉康禺a(chǎn)信托發(fā)展迅猛暴露出的風(fēng)險(xiǎn),引發(fā)了監(jiān)管層的對(duì)房地產(chǎn)信托的關(guān)注與限制,于是2010年起開(kāi)始陸續(xù)出臺(tái)了《關(guān)于加強(qiáng)信托公司房地產(chǎn)信托業(yè)務(wù)監(jiān)管有關(guān)問(wèn)題的通知》、《凈資本管理辦法》和《房地產(chǎn)信托風(fēng)險(xiǎn)提示通知》等政策,房地產(chǎn)信托業(yè)務(wù)也因此受到了一定抑制,融資渠道也在日益收緊。 2012年和2013年到期的房地產(chǎn)信托規(guī)模分別為2234億元和2816億元,再加上付息等額外支付,總還款額分別為2500億元和3100億元。雖然按期兌付問(wèn)題牽扯到了信托公司很多精力,但這卻并不是房地產(chǎn)信托的唯一風(fēng)險(xiǎn),房地產(chǎn)信托項(xiàng)目的自身情況、盡職調(diào)查過(guò)程、交易結(jié)構(gòu)以及信托公司監(jiān)管過(guò)程中還潛藏著諸多風(fēng)險(xiǎn)。房地產(chǎn)信托業(yè)務(wù)作為信托業(yè)務(wù)中的一個(gè)重要部分,如何持續(xù)健康的發(fā)展房地產(chǎn)信托業(yè)務(wù),對(duì)房地產(chǎn)信托風(fēng)險(xiǎn)管理的研究顯得十分必要。 本文首先對(duì)信托相關(guān)概念進(jìn)行介紹,分析了房地產(chǎn)信托的種類和特點(diǎn),并對(duì)房地產(chǎn)信托在國(guó)際的發(fā)展情況和國(guó)內(nèi)發(fā)展現(xiàn)狀及優(yōu)劣勢(shì)進(jìn)行分析和總結(jié)；然后歸納了房地產(chǎn)信托的風(fēng)險(xiǎn)表現(xiàn),主要從投資風(fēng)險(xiǎn)和運(yùn)作風(fēng)險(xiǎn)兩方面進(jìn)行；最后從國(guó)家政策及制度、相關(guān)機(jī)構(gòu)約束和監(jiān)督、事前和事后控制方面提出相關(guān)措施。 本文的一個(gè)顯著特點(diǎn)在于較為詳細(xì)介紹了房地產(chǎn)信托的產(chǎn)品設(shè)計(jì)和優(yōu)化及創(chuàng)新業(yè)務(wù),并對(duì)房地產(chǎn)信托風(fēng)險(xiǎn)管理中出現(xiàn)的案例進(jìn)行分析和解答。希望以此激發(fā)信托管理者的創(chuàng)新能力和投資者決策水平,實(shí)現(xiàn)房地產(chǎn)信托的平穩(wěn)健康發(fā)展。
[Abstract]:Since 2003 to 2005, China's real estate trust in the exploratory stage; during the period from 2005 to 2007, the real estate trust has got preliminary development period; with the 2008 real estate enterprise financing difficulties, the real estate trust has got very good development opportunities, began showing growth. From the beginning of 2009, the real estate trust business in China in the stage of rapid development, and in 2011 the issue reached a record. During this period, the real estate trust has experienced rapid development and consolidation period, real estate prices fell in the strict control policy, and housing turnover stagnant, developers cash flow difficulties, real estate enterprise capital chain tension makes real estate trust payment risk increase. It is because of the rapid development of the real estate trust risk exposed, sparked concern and restrictions on real estate trust regulators, so in 2010 Start gradually introduced "on Issues Concerning Strengthening the real estate trust business trust regulatory notice", "net capital management approach" and "real estate trust risk warning notification on the policy, the real estate trust business has been a certain extent, the financing channels are also increasingly tightened.
In 2012 and 2013 due to the size of the real estate trust were 223 billion 400 million yuan and 281 billion 600 million yuan, plus additional interest payments, the total amount was 250 billion yuan and 310 billion yuan. Although the payment schedule problem involves trust a lot of energy, but it is not only the risk of real estate trust, real estate trust the project itself, the due diligence process, transaction structure and regulatory trust in the process of hiding a lot of risk. The real estate trust business as an important part of the trust business, to the sustained and healthy development of the real estate trust business, it is necessary to study the real estate trust risk management appears.
Firstly, trust related concepts are introduced, analyzes the types and characteristics of the real estate trust, and the trust of real estate in the international development and the status of domestic development and the advantages and disadvantages were analyzed and summarized; and then summed up the risks of real estate trust, mainly from the aspects of investment risk and operational risk are two; finally from the national policy and system, the relevant agencies restriction and supervision, before and after control put forward related measures.
Is a detailed introduction of real estate trust products design and optimization and business innovation is a significant feature of this paper is to answer and analyze the real estate trust risk management case. Hope to stimulate the trust management innovation ability and decision-making level, to achieve stable and healthy development of the real estate trust.

【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.49;F299.23

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本文編號(hào)：1415990