本文選題：房地產(chǎn)商業(yè) + 房地產(chǎn)抵押貸款支持證券　； 參考：《遼寧大學(xué)》2013年碩士論文

【摘要】：1998年我國(guó)房地產(chǎn)市場(chǎng)開(kāi)始形成至今，居民住房類房地產(chǎn)逐步發(fā)展，同時(shí)商業(yè)地產(chǎn)業(yè)態(tài)也逐漸成熟，房地產(chǎn)業(yè)逐漸發(fā)展成為我國(guó)經(jīng)濟(jì)的重要產(chǎn)業(yè)之一，其興衰程度與一國(guó)經(jīng)濟(jì)的發(fā)展程度與周期性變化關(guān)系密切。同時(shí)，房地產(chǎn)行業(yè)作為資本密集型產(chǎn)業(yè)，由于其商品具有高價(jià)值、開(kāi)發(fā)建設(shè)期長(zhǎng)、投資回報(bào)期漫長(zhǎng)的特點(diǎn)，其發(fā)展需要一國(guó)金融體系的長(zhǎng)期穩(wěn)定支持。另一方面，由于其與金融系統(tǒng)的密切互動(dòng)，前者的異常波動(dòng)必將對(duì)后者形成沖擊，產(chǎn)生房地產(chǎn)金融風(fēng)險(xiǎn)甚至形成金融、經(jīng)濟(jì)危機(jī)。我國(guó)房地產(chǎn)業(yè)近幾年經(jīng)歷了非理性發(fā)展、房?jī)r(jià)猛漲的粗放發(fā)展，但國(guó)內(nèi)房地產(chǎn)金融體系發(fā)展程度卻遠(yuǎn)落后于發(fā)達(dá)國(guó)家，同時(shí)我國(guó)現(xiàn)有的融資制度也滯后于房地產(chǎn)實(shí)體經(jīng)濟(jì)的發(fā)展，造成房地產(chǎn)企業(yè)資金來(lái)源單一、過(guò)于依賴間接融資等現(xiàn)象。加上國(guó)家對(duì)房地產(chǎn)行業(yè)近年來(lái)非理性發(fā)展出臺(tái)的調(diào)控政策愈發(fā)嚴(yán)厲，使得房地產(chǎn)企業(yè)的融資環(huán)境愈發(fā)嚴(yán)苛，開(kāi)發(fā)商融資過(guò)程普遍存在較大的難度。 本文嘗試從中國(guó)第一例商業(yè)房地產(chǎn)抵押貸款支持證券（下文稱CMBS），大連萬(wàn)達(dá)集團(tuán)發(fā)行境外CMBS案例入手，，借個(gè)案管中窺豹，反映了包括商業(yè)地產(chǎn)在內(nèi)的房地產(chǎn)開(kāi)發(fā)企業(yè)的種種融資難題，而房地產(chǎn)企業(yè)自身在MBS證券化融資方面進(jìn)行了積極探索。在案例和現(xiàn)狀分析的基礎(chǔ)上，討論了推廣資產(chǎn)證券化對(duì)分散與控制我國(guó)房地產(chǎn)金融市場(chǎng)風(fēng)險(xiǎn)以及房地產(chǎn)宏觀調(diào)控的作用，并嘗試提出了一些措施發(fā)展我國(guó)房地產(chǎn)金融市場(chǎng)MBS和REITs，提升房地產(chǎn)金融的效率，建設(shè)并規(guī)范資產(chǎn)證券化制度，最終改善融資環(huán)境。
[Abstract]:Since the beginning of the real estate market in China in 1998, the residential housing real estate has developed gradually, and the commercial real estate industry has gradually matured. The real estate industry has gradually developed into one of the important industries in our country's economy.The degree of rise and fall is closely related to the degree of development of a country's economy and periodic changes.At the same time, as a capital-intensive industry, the development of real estate industry needs the long-term stable support of a country's financial system because of its high commodity value, long period of development and long period of return on investment.On the other hand, because of its close interaction with the financial system, the former's abnormal fluctuations will inevitably impact the latter, resulting in real estate financial risks and even financial and economic crisis.In recent years, the real estate industry of our country has experienced irrational development and the extensive development of house price skyrocketing, but the development of domestic real estate financial system lags far behind that of developed countries.At the same time, the existing financing system of our country also lags behind the development of the real estate economy, which causes the real estate enterprises to have a single source of funds and to rely too much on indirect financing.In addition, the national regulation and control policies on the irrational development of the real estate industry in recent years have become more stringent, making the financing environment of real estate enterprises more stringent, and the financing process of developers is generally difficult.This paper attempts to start with the first commercial real estate mortgage-backed securities in China (hereinafter referred to as CMBSX, Dalian Wanda Group issued overseas CMBS case),It reflects the various financing problems of real estate development enterprises including commercial real estate, while the real estate enterprises themselves actively explore the financing of MBS securitization.Based on the analysis of cases and current situation, this paper discusses the role of promoting asset securitization in dispersing and controlling the risk of real estate financial market and real estate macro-control.It also tries to put forward some measures to develop MBS and REITs in China's real estate financial market, improve the efficiency of real estate finance, build and standardize the system of asset securitization, and finally improve the financing environment.
【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.45

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