本文選題：鵬華前海萬(wàn)科 + 房地產(chǎn)　； 參考：《河北金融學(xué)院》2017年碩士論文

【摘要】：截止到2016年底,全球上市房地產(chǎn)投資信托基金(Real Estate Investment Trusts,REITs)共有800多只,36個(gè)國(guó)家或地區(qū)引入REITs架構(gòu),全球REITs市場(chǎng)的總市值已經(jīng)超過了1.7萬(wàn)億美元,REITs的相關(guān)金融創(chuàng)新不斷推進(jìn)。房地產(chǎn)信托投資基金是連接房地產(chǎn)行業(yè)與金融行業(yè)的重要橋梁。在如今房地產(chǎn)行業(yè)調(diào)控中,銀行縮貸、債券發(fā)行困難等阻礙了房地產(chǎn)企業(yè)融資,而房地產(chǎn)信托投資基金卻是政策鼓勵(lì)的一種新的企業(yè)融資渠道。我國(guó)在健全多層次資本市場(chǎng)探索中,房地產(chǎn)信托投資基金是其中重要一筆。我國(guó)以深圳前海為試點(diǎn),進(jìn)行金融創(chuàng)新與改革。在國(guó)家宏觀規(guī)劃和相關(guān)部門配合下,2015年鵬華基金與萬(wàn)科合作推動(dòng)了我國(guó)首只公募REITs的上市。本文首先從國(guó)外和國(guó)內(nèi)兩方面,運(yùn)用歸納總結(jié)法對(duì)世界主要國(guó)家或地區(qū)REITs的市場(chǎng)規(guī)模和數(shù)量、REITs的法律法規(guī)設(shè)立、稅收制度安排、REITs的成功經(jīng)驗(yàn)和國(guó)內(nèi)的REITs的探索進(jìn)行介紹,進(jìn)而引入鵬華前海萬(wàn)科REITs投資運(yùn)作的分析案例。案例中針對(duì)鵬華前海萬(wàn)科REITs的參與主體、基礎(chǔ)資產(chǎn)概況、投資運(yùn)作過程進(jìn)行介紹。然后,通過定量與定性方法的綜合運(yùn)用,從運(yùn)作模式、資產(chǎn)配置、投資收益、杠桿投資、風(fēng)險(xiǎn)控制五個(gè)方面進(jìn)行投資運(yùn)作細(xì)節(jié)分析。根據(jù)分析,總結(jié)出鵬華前海萬(wàn)科REITs投資運(yùn)作中的典型特征及不足,具有公私合作(Public-Private-Partnership,PPP)項(xiàng)目資產(chǎn)證券化和投資門檻低的典型特征,同時(shí)具有基金權(quán)益分配結(jié)構(gòu)待改進(jìn)、業(yè)績(jī)比較基準(zhǔn)過高、明股實(shí)債、股權(quán)投資有待市場(chǎng)接受、物業(yè)資產(chǎn)配置不合理等不足�；邬i華前海萬(wàn)科REITs投資運(yùn)作中的典型特征與不足提出建議:優(yōu)化資產(chǎn)配置,強(qiáng)化信息披露,建立和完善法律法規(guī),構(gòu)建監(jiān)管體制和自律體系,引入優(yōu)質(zhì)物業(yè)資產(chǎn)進(jìn)入REITs市場(chǎng),培養(yǎng)專業(yè)型及復(fù)合型人才,推動(dòng)多方資金投資公募REITs。
[Abstract]:By the end of 2016, there were more than 800 real estate investment trust funds listed in the world, 36 countries or regions have introduced the REITs structure, the total market value of the global REITs market has exceeded $1.7 trillion, and the related financial innovation of REITs has been continuously promoted. Real estate trust investment fund is an important bridge between real estate industry and financial industry. In the regulation and control of the real estate industry nowadays, the banks shrink loans and the bond issue is difficult to prevent the real estate enterprises from financing, but the real estate trust investment fund is a new financing channel encouraged by the policy. The real estate trust investment fund is one of the most important in the exploration of the multi-level capital market in our country. Our country to Shenzhen Qianhai as a pilot, financial innovation and reform. With the cooperation of national macro planning and relevant departments, Penghua Fund and Vanke in 2015 promoted the listing of China's first public offering of REITs. This paper firstly introduces the establishment of the market size and quantity of REITs, the successful experience of tax system arrangement and the exploration of domestic REITs in the main countries or regions of the world by means of inductive summary method from both foreign and domestic aspects. Then the introduction of Penghua Qianhai Vanke REITs investment operation analysis case. This case introduces the main body, basic assets and investment process of Penghua Qianhai Vanke REITs. Then, through the comprehensive application of quantitative and qualitative methods, the details of investment operation are analyzed from five aspects: operation mode, asset allocation, investment income, leveraged investment and risk control. According to the analysis, the typical characteristics and shortcomings of Penghua Qianhai Vanke's REITs investment operation are summarized. It has the typical characteristics of public-private partnership Public-Private-Partnershipship REITs project asset securitization and low investment threshold, at the same time, it has the fund equity distribution structure to be improved. Performance comparison benchmark is too high, real debt, equity investment to be accepted by the market, property asset allocation unreasonable and so on. Based on the typical characteristics and shortcomings of Penghua Qianhai Vanke REITs investment operation, this paper puts forward some suggestions: optimizing asset allocation, strengthening information disclosure, establishing and perfecting laws and regulations, constructing supervision system and self-discipline system, introducing high-quality property assets into the REITs market. Train professional and compound talents, promote multi-fund investment and raise REITs.
【學(xué)位授予單位】：河北金融學(xué)院
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F299.233.4;F832.49

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