發(fā)布時間：2018-05-19 19:33

  本文選題：房地產 + 資產證券化　； 參考：《重慶工商大學》2017年碩士論文

【摘要】：資產證券化作為一個重大創(chuàng)新的金融工具,是衍生證券技術和金融工程技術相結合的產物,也是世界金融市場中近30年來發(fā)展最快的金融工具。由于資產證券化拓寬了投融資渠道,可以解決資金需求規(guī)模大、融資成本高、周期長等諸多現(xiàn)實問題而備受青睞,并在世界范圍內得到蓬勃發(fā)展,目前已經(jīng)被廣泛應用到了很多行業(yè)和領域。房地產資產證券化,就是將直接的房地產投資轉變成投資于有價證券形式的證券性投資,房地產資產證券化過程就是以房地產能夠得到的預期收益為支撐,通過發(fā)行證券出售給投資者,使投資者與房地產的關系由擁有產權轉變成擁有有價證券的權利。對房地產資產證券化的風險評價研究,一方面可以豐富關于我國房地產資產證券化的風險研究,另一方面也為投資者的投資決策提供了一種風險評價的方法和參考。本文在梳理并總結了國內外關于資產證券化相關理論和房地產資產證券化的發(fā)展及其風險等相關研究成果的基礎之上,結合所學的知識,通過采用分類型的風險識別方法,從經(jīng)濟因素風險、政策因素風險、融資運作風險、項目風險、信用風險以及金融風險共六個方面識別出了二十多種影響房地產資產證券化的風險要素,并以此建立起了風險評價指標體系;又基于模糊層次分析法以及德爾菲法進行了問卷調研,確定了房地產資產證券化風險評價指標體系中各風險因素的權重;最終構建了房地產資產證券化的風險綜合評價模型。根據(jù)所構建模型對J公司的房地產資產證券化項目進行了實際案例分析,對其證券化風險進行了評價,最后綜合評價出J公司房地產資產證券化整體風險為一般。房地產資產證券化的風險影響因素很多,是一個復雜的系統(tǒng)。投資者應對房地產資產證券化風險的有效方式主要有:熟悉房地產資產證券化的運作模式;針對基礎資產做好投資前調研;關注相關報告以及相關法律文件的形式和內容;尋求可行的風險評價方法及風險控制方法;對于機構投資者而言,還可以通過監(jiān)察項目建設和購買投資保險來降低投資房地產資產證券化的風險。本論文的研究對于認識和把握房地產資產證券化風險具有積極的參考價值。
[Abstract]:As a major innovative financial instrument, asset securitization is the product of the combination of derivative securities technology and financial engineering technology. It is also the fastest developing financial instrument in the world financial market in the past 30 years. Because asset securitization widens the channels of investment and financing, it can solve many practical problems, such as large scale of capital demand, high financing cost, long period and so on. At present, it has been widely used in many industries and fields. Real estate asset securitization is to transform direct real estate investment into securities investment in the form of securities. The process of real estate asset securitization is supported by the expected income that real estate can obtain. By issuing securities for sale to investors, the relationship between investors and real estate is changed from ownership of property to ownership of securities. The research on risk evaluation of real estate asset securitization, on the one hand, can enrich the risk research of real estate asset securitization in China, on the other hand, it also provides a risk evaluation method and reference for investors. On the basis of combing and summarizing the related theories of asset securitization and the development and risk of real estate asset securitization at home and abroad, and combining the knowledge learned, this paper adopts the method of risk identification of different types. From six aspects: economic factor risk, policy factor risk, financing operation risk, project risk, credit risk and financial risk, more than 20 kinds of risk factors affecting securitization of real estate assets are identified. Based on the fuzzy analytic hierarchy process (AHP) and Delphi method, the weight of each risk factor in the risk evaluation index system of real estate asset securitization is determined. Finally, the risk comprehensive evaluation model of real estate asset securitization is constructed. According to the model, this paper analyzes the real estate asset securitization project of J Company, evaluates its securitization risk, and finally comprehensively evaluates the overall risk of real estate asset securitization of J Company. The risk of real estate asset securitization is a complex system with many risk factors. The effective ways for investors to deal with the risk of real estate asset securitization are as follows: familiarity with the operation mode of real estate asset securitization; doing a good job of pre-investment investigation on basic assets; paying close attention to the form and content of relevant reports and relevant legal documents; For institutional investors, the risk of real estate securitization can be reduced by monitoring project construction and purchasing investment insurance. The research of this thesis has positive reference value for understanding and grasping the risk of real estate asset securitization.
【學位授予單位】：重慶工商大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51;F299.23

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本文編號：1911361