本文選題：養(yǎng)老地產　切入點：房地產投資信托基金　出處：《中國礦業(yè)大學》2017年碩士論文　論文類型：學位論文

【摘要】：養(yǎng)老地產隨著中國老年化社會到來迎來了重大發(fā)展機遇,但由于投資數(shù)額巨大,投資回收期長,加之國家宏觀調控政策加緊,養(yǎng)老地產融資模式探索已成為關注重點。如何將養(yǎng)老地產和REITs成功結合以促進養(yǎng)老地產金融創(chuàng)新已成為研究熱點,然而投資組合是否擇優(yōu)選擇不僅影響投資商收益,還會對養(yǎng)老地產REITs成功運作有深遠影響。但目前國內對養(yǎng)老地產REITs投資組合研究有待進一步深入。本研究引入投資組合理論和風險價值模型,通過研究養(yǎng)老地產REITs業(yè)態(tài)投資組合風險收益形成機理,從動態(tài)角度構建業(yè)態(tài)投資組合績效優(yōu)化模型擇優(yōu)選擇投資組合,對于我國養(yǎng)老地產發(fā)展具有理論意義與實際價值。(1)在養(yǎng)老地產價值鏈構建基礎上分析養(yǎng)老地產運營困境,并在價值提升的源生驅動、政策環(huán)境的外生拉動、金融創(chuàng)新的內生推動因素之下引入REITs融資模式,以突破養(yǎng)老地產融資和運營困境,促進養(yǎng)老地產持續(xù)穩(wěn)定健康發(fā)展。(2)根據養(yǎng)老地產REITs發(fā)展條件分析,并在養(yǎng)老地產REITs設計原則基礎上,從包括設立模式、組織架構、運營模式、上市路徑的REITs內部核心架構設計和包括法律制度建設、風險管理和流通市場平臺設立的外部保障機制兩部分設計適合中國國情的養(yǎng)老地產REITs融資模式。(3)以養(yǎng)老地產REITs融資模式設計為基礎,從層級結構、跨界聯(lián)盟視角詳細分析養(yǎng)老地產REITs風險、收益構成,并在業(yè)態(tài)投資組合參與方組成戰(zhàn)略聯(lián)盟的前提下,將開發(fā)商與運營商視為利益共同體,通過構建開發(fā)商與投資商之間的不完全信息動態(tài)博弈,對養(yǎng)老地產REITs風險收益形成機理進行分析。(4)在馬科維茨組合理論基礎上,以均值代替收益,方差代替風險構建業(yè)態(tài)投資組合績效初始模型,并結合拉格朗日乘數(shù)法求解模型;通過分析初始模型中存在的不足,利用風險價值模型代替初始模型中的方差,構建均值——VAR投資組合績效優(yōu)化模型。并通過實證分析對整個模型進行驗證和說明。(5)通過對養(yǎng)老地產REITs投資組合影響因素進行分析,厘清了養(yǎng)老地產REITs投資組合管理的宏觀環(huán)境。并對業(yè)態(tài)組合、區(qū)域組合、時間組合、主體組合四種方式對比分析,得出最適應養(yǎng)老地產REITs投資組合方式,并從動態(tài)視角提出養(yǎng)老地產REITs投資組合管理模型。
[Abstract]:With the arrival of the aging society in China, the old-age real estate has ushered in great opportunities for development. However, due to the huge amount of investment, the long payback period of investment, and the intensification of the state's macro-control policies, How to combine pension real estate with REITs to promote financial innovation of pension property has become a hot research topic. However, whether the investment portfolio is optimal or not not only affects the return of investors, but also has a great impact on the financial innovation of pension real estate. It will also have a profound impact on the successful operation of the pension real estate REITs. However, the research on the pension real estate REITs portfolio needs to be further studied. This study introduces portfolio theory and risk value model. By studying the risk return formation mechanism of pension real estate REITs portfolio, the optimal portfolio selection model is constructed from the dynamic point of view. It has theoretical significance and practical value for the development of the endowment real estate in our country. On the basis of constructing the value chain of the pension real estate, it analyzes the dilemma of the operation of the pension real estate, and it is driven by the source of the promotion of the value and the exogenous pull of the policy environment. Under the endogenous impetus factor of financial innovation, REITs financing model is introduced to break through the financing and operation dilemma of pension real estate, and promote the sustainable, stable and healthy development of pension real estate. (2) according to the analysis of the REITs development conditions of pension real estate, And on the basis of the REITs design principle of pension real estate, including the establishment model, organizational structure, operation mode, listing path of the internal core structure design of REITs and including legal system construction, The risk management and the external safeguard mechanism set up by the circulation market platform design the old-age real estate REITs financing model suitable for China's national conditions. It is based on the old-age real estate REITs financing model design, from the hierarchical structure. From the perspective of cross-border alliance, the paper analyzes the REITs risk and income composition of pension real estate in detail, and regards developers and operators as the community of interests under the premise of strategic alliance of portfolio participants. By constructing the dynamic game of incomplete information between developers and investors, this paper analyzes the formation mechanism of REITs risk return in endowment real estate. On the basis of Markowitz's combination theory, the average value is used to replace the income. The variance replaces the risk to construct the initial model of portfolio performance, and combines the Lagrange multiplier method to solve the model, by analyzing the shortcomings of the initial model, the risk value model is used to replace the variance in the initial model. This paper constructs the average VAR portfolio performance optimization model, and verifies and explains the whole model by empirical analysis. It also analyzes the influencing factors of pension real estate REITs portfolio. This paper clarifies the macro environment of pension real estate REITs portfolio management, and compares and analyzes the four ways of portfolio management of pension real estate, such as portfolio of industry, regional portfolio, time combination and main body combination, and obtains the most suitable REITs portfolio mode for pension real estate. And from the dynamic perspective of pension real estate REITs portfolio management model.
【學位授予單位】：中國礦業(yè)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：D669.6;F299.23;F832.51

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