發(fā)布時(shí)間：2018-01-22 02:26

  本文關(guān)鍵詞： 綠色建筑 REITs融資模式 風(fēng)險(xiǎn)管理 灰色模糊綜合評(píng)價(jià) 夏普利值　出處：《青島理工大學(xué)》2013年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：房地產(chǎn)業(yè)是我國(guó)國(guó)民經(jīng)濟(jì)的支柱產(chǎn)業(yè)，對(duì)國(guó)家的經(jīng)濟(jì)快速增長(zhǎng)起到重要的拉動(dòng)作用。近年來(lái)，我國(guó)房地產(chǎn)開(kāi)發(fā)投資每年的平均增長(zhǎng)都保持在25％以上，對(duì)我國(guó)GDP的增長(zhǎng)有著巨大的提升作用，但建筑能耗也成為不容忽視的問(wèn)題。目前，房地產(chǎn)業(yè)已成為我國(guó)的三大耗能領(lǐng)域之一，要想房地產(chǎn)業(yè)健康持續(xù)地發(fā)展，綠色轉(zhuǎn)型勢(shì)在必行，需要廣泛推廣綠色建筑。 由于綠色建筑的開(kāi)發(fā)與建設(shè)投入比普通建筑需要更多的資金，單純依靠銀行貸款，是遠(yuǎn)遠(yuǎn)不夠的；國(guó)家一系列宏觀調(diào)控政策的實(shí)施，銀行也針對(duì)性的制定了緊縮性的貸款政策，給開(kāi)發(fā)資金主要來(lái)源于銀行的房地產(chǎn)行業(yè)一個(gè)沉重的打擊，我國(guó)綠色建筑也因此遭遇融資瓶頸；另一方面國(guó)內(nèi)民間資本的巨大蘊(yùn)藏量卻缺乏穩(wěn)定高效的投資回報(bào)渠道。房地產(chǎn)投資信托基金（REITs）是解決我國(guó)房地業(yè)目前所面臨的這兩大問(wèn)題的有效金融工具，促進(jìn)綠色建筑和我國(guó)資本市場(chǎng)的發(fā)展。由于REITs在我國(guó)近幾年才剛起步，該模式涉及的參與方較多，所面臨的潛在風(fēng)險(xiǎn)不可忽視，對(duì)REITs模式融資的風(fēng)險(xiǎn)管理進(jìn)行更深入的研究顯得尤為迫切，以保證REITs模式融資在綠色建筑項(xiàng)目上的成功運(yùn)用，進(jìn)而促進(jìn)國(guó)內(nèi)綠色建筑的發(fā)展。 首先，本論文綜合論述了我國(guó)當(dāng)前綠色建筑融資困境，對(duì)比分析了國(guó)內(nèi)常見(jiàn)的融資模式的優(yōu)劣勢(shì)，將REITs融資模式引入到綠色房地產(chǎn)項(xiàng)目開(kāi)發(fā)中，對(duì)綠色建筑REITs模式融資的運(yùn)作機(jī)制和適用性進(jìn)行了深入的分析，以風(fēng)險(xiǎn)管理的流程為主線，采用定性分析與定量計(jì)算相結(jié)合，理論研究與實(shí)證分析相結(jié)合的方法，從全過(guò)程風(fēng)險(xiǎn)管理的角度，構(gòu)建了綠色建筑REITs模式融資的全面風(fēng)險(xiǎn)管理體系。 其次，根據(jù)所建立的風(fēng)險(xiǎn)體系，論文對(duì)其進(jìn)行了深入系統(tǒng)的風(fēng)險(xiǎn)管理研究。利用風(fēng)險(xiǎn)核對(duì)表法、專(zhuān)家調(diào)查法以及因素維分解，對(duì)綠色建筑REITs融資過(guò)程中的風(fēng)險(xiǎn)因素進(jìn)行識(shí)別并分類(lèi)；在此基礎(chǔ)上，運(yùn)用灰色模糊綜合評(píng)價(jià)方法對(duì)綠色建筑項(xiàng)目REITs模式融資中所面臨的風(fēng)險(xiǎn)進(jìn)行科學(xué)定量的評(píng)估，構(gòu)建了灰色模糊評(píng)價(jià)矩陣，確定各個(gè)風(fēng)險(xiǎn)指標(biāo)的權(quán)重，明確項(xiàng)目所處的風(fēng)險(xiǎn)水平；同時(shí)，考慮到風(fēng)險(xiǎn)分擔(dān)過(guò)程中各方在整個(gè)項(xiàng)目運(yùn)作過(guò)程中所承擔(dān)的風(fēng)險(xiǎn)程度的不同，，將合作博弈論中的夏普利值引入風(fēng)險(xiǎn)分擔(dān)過(guò)程中，并對(duì)該算法進(jìn)行改進(jìn)，以提高各參與方合作的動(dòng)力；基于識(shí)別出的風(fēng)險(xiǎn)因素和博弈結(jié)果，提出了綠色建筑REITs模式融資風(fēng)險(xiǎn)分擔(dān)處理的相關(guān)方案。 最后，本文將采用的綜合風(fēng)險(xiǎn)管理理論研究方法應(yīng)用于具體項(xiàng)目實(shí)踐中，對(duì)LS綠色建筑項(xiàng)目融資全過(guò)程的風(fēng)險(xiǎn)管理進(jìn)行了系統(tǒng)地分析與研究，驗(yàn)證了本文所采用的綜合研究方法與技術(shù)路線的科學(xué)性，得出了符合實(shí)際的科學(xué)結(jié)論。在理論上豐富了綠色建筑領(lǐng)域REITs模式融資風(fēng)險(xiǎn)管理的研究?jī)?nèi)容，也為融資風(fēng)險(xiǎn)管理的研究方法上提供了一定參考。
[Abstract]:The real estate industry is the pillar industry of our national economy, the country's rapid economic growth plays an important role. In recent years, the average annual growth of investment in real estate development in China has remained above 25%, has a great role in promoting the growth of China's GDP, but the building energy consumption will not be ignored the problem. At present, the real estate industry has become China's three big energy field to the real estate industry healthy and sustainable development, green transformation imperative, need green building widely.
Due to require additional funds into the development and construction of green buildings than ordinary buildings, simply rely on bank loans, is not enough; the implementation of a series of national macro-control policies, the bank also targeted a tightening of lending policies, to development funds mainly from banks to the real estate industry a heavy blow, green building in our country and therefore encounter financing bottleneck; on the other hand, huge reserves of domestic private capital, but the lack of efficient and stable return on investment channels. Real estate investment trusts (REITs) is an effective financial instrument which solve two big problems in China's real estate industry is currently facing the promotion of green building and I in the development of the capital market. Since REITs in China in recent years has just started, the model involves multiple parties, facing potential risks can not be ignored, the risk management of REITs financing mode More in-depth research is particularly urgent to ensure the successful application of REITs model financing in green building projects, and further promote the development of green buildings in China.
Firstly, this paper discussed the current green building financing predicament, comparative analysis of the domestic common financing mode of the advantages and disadvantages of REITs financing model will be introduced to the green real estate project development and operation mechanism of financing green building REITs model and applicability are analyzed in depth, to the process of risk management. As the main line, using the combination of qualitative analysis and quantitative analysis, theoretical research and empirical analysis method of combining the whole process from the perspective of risk management, to build a comprehensive risk management system of financing green building REITs model.
Secondly, according to the established risk system, this paper study deeply on the system of risk management. By using the method of risk checklist, expert investigation method and factor dimension decomposition, identification and classification of the risk factors of REITs financing in green building; on the basis of scientific and quantitative risk assessment using grey fuzzy comprehensive evaluation the method of green building project REITs financing mode in the face of the construction of the grey fuzzy evaluation matrix to determine the weight of each risk index, clear the project's risk level; at the same time, considering the risk degree of risk sharing in the process of the parties in the operation of the entire project in different cooperation game theory the Shapley value is introduced in the process of risk sharing, and to improve the algorithm, to improve the participation of dynamic cooperation; the risk factors identified and based on Game Theory As a result, the relevant schemes for the risk sharing of the green building REITs model are put forward.
Finally, this article will adopt the comprehensive risk management theory research method is applied to the project practice, the risk management of the whole process of the LS green building project financing is analyzed and studied systematically, verify the scientific and technical research methods used in this paper route, draw a scientific conclusion in theory with practical situation. To enrich the research content of green architecture of REITs mode of financing risk management, but also provides a reference for research methods of financing risk management.

【學(xué)位授予單位】：青島理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F299.23;F832.45

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