本文選題：REITs + 收益率��； 參考：《上海師范大學(xué)》2017年碩士論文

【摘要】：2015年6月推出的鵬華前海萬(wàn)科REITs是我國(guó)目前最新的一只REITs,同時(shí)也是我國(guó)第一只公募REITs。對(duì)其進(jìn)行研究,首先可以直觀了解公募REITs在我國(guó)的實(shí)際運(yùn)行情況;進(jìn)一步可以分析出我國(guó)宏觀經(jīng)濟(jì)環(huán)境是否適合REITs發(fā)展、制約REITs發(fā)展的障礙所在;最后提出優(yōu)化建議,對(duì)于未來(lái)我國(guó)大規(guī)模發(fā)展公募REITs具有指導(dǎo)意義。本文通過(guò)對(duì)鵬華前海萬(wàn)科REITs的深入分析希望達(dá)到如下目標(biāo):首先,分析出鵬華前海萬(wàn)科REITs架構(gòu)設(shè)計(jì)的合規(guī)與否、盈利能力和風(fēng)險(xiǎn)控制能力的強(qiáng)弱;其次,分析出鵬華前海萬(wàn)科REITs架構(gòu)的主要設(shè)計(jì)邏輯、制約REITs發(fā)展的障礙;最后,為我國(guó)將來(lái)發(fā)展公募REITs提出架構(gòu)設(shè)計(jì)方面的優(yōu)化建議。本文為了達(dá)到上述研究目的,進(jìn)行了如下研究:首先,對(duì)鵬華前海萬(wàn)科REITs這個(gè)產(chǎn)品的架構(gòu)進(jìn)行分析:重點(diǎn)分析其架構(gòu)設(shè)計(jì)中與標(biāo)準(zhǔn)REITs的不同之處,判斷出合理之處與不足之處;其次,對(duì)鵬華前海萬(wàn)科REITs的業(yè)績(jī)進(jìn)行分析:將其成立以來(lái)的收益情況與市場(chǎng)基準(zhǔn)進(jìn)行對(duì)比,衡量其業(yè)績(jī)表現(xiàn);對(duì)其進(jìn)行估值,判斷其投資價(jià)值;研究其與其他大類資產(chǎn)相關(guān)性,判斷其風(fēng)險(xiǎn)分散能力;再次,分析鵬華前海萬(wàn)科REITs架構(gòu)設(shè)計(jì)邏輯:分析出產(chǎn)品設(shè)計(jì)背后的邏輯以及制約我國(guó)REITs發(fā)展的障礙。最后,為我國(guó)未來(lái)公募REITs的架構(gòu)設(shè)計(jì)提出優(yōu)化建議。通過(guò)正文的研究,本文得出了如下結(jié)論:1.鵬華前海萬(wàn)科REITs架構(gòu)設(shè)計(jì)不符合標(biāo)準(zhǔn)要求。其固定收益類證券投資比例過(guò)大,違背標(biāo)準(zhǔn)REITs的投資比例要求;退出機(jī)制不完善,退出時(shí)存在不確定性風(fēng)險(xiǎn);不持有標(biāo)的資產(chǎn)產(chǎn)權(quán),無(wú)法獲取物業(yè)增值收益;但其架構(gòu)設(shè)計(jì)也不乏合理之處,其設(shè)立的業(yè)績(jī)保障機(jī)制有利于保障產(chǎn)品收益率,在目前的經(jīng)濟(jì)環(huán)境下是有必要的。2.鵬華前海萬(wàn)科REITs的盈利能力較強(qiáng),但是風(fēng)險(xiǎn)控制能力較弱。3.鵬華前海萬(wàn)科REITs架構(gòu)的設(shè)計(jì)邏輯是為提高收益率。從架構(gòu)設(shè)計(jì)邏輯來(lái)看,無(wú)論是大比例投資于固定收益類證券還是設(shè)立業(yè)績(jī)保障機(jī)制,都是為了提升產(chǎn)品收益率;收益率是設(shè)計(jì)者考慮的主要原因,也是制約REITs在我國(guó)發(fā)展的主要障礙。根據(jù)上述研究,本文對(duì)未來(lái)公募REITs的架構(gòu)設(shè)計(jì)提出如下建議:可以選擇一線城市的高質(zhì)量物業(yè)作為標(biāo)的,持有物業(yè)產(chǎn)權(quán)獲取租金和增值收益;可以向房地產(chǎn)開(kāi)發(fā)商普及REIT融資渠道屬性,增加房地產(chǎn)開(kāi)發(fā)商對(duì)其需求;可以對(duì)產(chǎn)品進(jìn)行增信,保障產(chǎn)品收益率;專注投資于房地產(chǎn),保持資產(chǎn)獨(dú)立性,加強(qiáng)風(fēng)險(xiǎn)分散能力。
[Abstract]:Penghua Qianhai Vanke REITs, launched in June 2015, is the latest REITs in China and the first public offering of REITs in China. By studying it, we can understand directly the actual operation of public offering REITs in our country; further, we can analyze whether the macroeconomic environment of our country is suitable for the development of REITs and the obstacles that restrict the development of REITs. Finally, we put forward some suggestions for optimization. For the future large-scale development of China's public offering REITs has a guiding significance. Based on the in-depth analysis of Penghua Qianhai Vanke REITs, this paper hopes to achieve the following objectives: first, analyze the compliance of Penghua Qianhai Vanke REITs architecture design, profitability and risk control ability; secondly, The main design logic of Penghua Qianhai Vanke REITs architecture is analyzed, which restricts the development of REITs. Finally, the optimization suggestions on architecture design for the future development of public offering REITs in China are put forward. In order to achieve the above research purpose, this paper has carried on the following research: first, carries on the analysis to the Penghua Qianhai Vanke REITs product's structure; emphatically analyzes its architecture design and the standard REITs's difference, judges the reasonable place and the insufficiency; Secondly, the paper analyzes the performance of Penghua Qianhai Vanke REITs: compare its income with market benchmark, measure its performance; value it, judge its investment value; study its correlation with other large assets. Thirdly, it analyzes the logic of REITs architecture design of Penghua Qianhai Vanke, analyzes the logic behind product design and the obstacles that restrict the development of REITs in China. Finally, the optimization suggestions for the future REITs architecture design in China are put forward. Through the study of the text, this paper draws the following conclusion: 1. Penghua Qianhai Vanke REITs architecture design does not meet the standard requirements. The proportion of fixed income securities investment is too large, which violates the investment ratio requirement of standard REITs; the exit mechanism is imperfect, and there is uncertainty risk when withdrawing; But its structure design also has the reasonable place, its performance safeguard mechanism is advantageous to safeguard the product rate of return, is necessary under the present economic environment. Penghua Qianhai Vanke REITs's profitability is strong, but the risk control ability is weak. 3. Penghua Qianhai Vanke REITs architecture design logic is to increase the rate of return. From the perspective of architecture design logic, whether it is investing in fixed income securities or establishing performance guarantee mechanism, it is to increase the product yield; the yield is the main reason for designers to consider. It is also the main obstacle to the development of REITs in China. According to the above research, this paper puts forward the following suggestions for the framework design of the future public offering REITs: we can choose the high-quality property in the first-tier cities as the target, and hold the property right to obtain the rent and value-added income; It can popularize the property of REIT financing channel to real estate developers, increase the demand of real estate developers; increase the trust of products and guarantee the yield of products; focus on investing in real estate, maintain the independence of assets, and strengthen the ability of risk dispersion.
【學(xué)位授予單位】：上海師范大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F299.233.4;F832.51

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