本文關鍵詞： 房地產項目 信托產品 項目評價　出處：《昆明理工大學》2013年碩士論文　論文類型：學位論文

【摘要】：近年來,房地產業(yè)對我國國民經濟的影響口漸增大,行業(yè)性質決定了其不斷增長的資金需求,房地產企業(yè)大多仍是采用銀行貸款的方式進行融資。但是,房地產行業(yè)通常需要一個較長的過程才能實現銷售或租賃資金的回籠,同時,由于房地產開發(fā)成本高、開發(fā)商自有資金一般低于20%等原因,資金短缺是開發(fā)商長期面臨的問題。隨著房地產調控政策的持續(xù),我國實行適度從緊貨幣政策的背景下,銀行貸款趨于緊縮狀態(tài),房地產企業(yè)再次陷入融資無門的困境。為了應對流動性緊縮的信貸政策,提高銀行的資產收益率,各大商業(yè)銀行紛紛大量發(fā)行信托貸款類理財產品。銀行聯手信托公司,將客戶的資金以理財產品的形式集中起來向優(yōu)質企業(yè)客戶變相發(fā)放新貸款或者替換商業(yè)銀行的存量貸款。 房地產項目這樣資金需求大,自有資金占項目總投資的比例不高的項目更需要以項目評價結果作為向銀行融資的依據。商業(yè)銀行發(fā)行信托貸款類理財產品同樣需要對企業(yè)客戶進行嚴格的評級篩選,對貸款項目進行全面評估,評判項目的可行性及經濟效益,以降低貸款風險。 本文回顧了項目評價理論以及銀行信托貸款類理財產品的相關理論,討論財務評價的理論和方法在房地產投資項目中的具體應用問題。本文以昆明螺螄灣國際商貿城三期工程建設為研究對象,以項目的市場需求、建設條件、建設規(guī)模、投資估算、項口經濟評價等作為研究重點,通過對調查收集的資料進行整理、分析,采用定性分析與定量評估相結合、靜態(tài)分析與動態(tài)分析相結合的方法,對財務評價指標進行了測算并對項口盈利能力指標、償債能力指標、不確定性分析進行評價,提出項目可能存在的風險因素；最后得出該項目的評價結論并提出規(guī)避風險的相關措施。 通過系統(tǒng)論證以及計算分析,本文最終提出了昆明螺獅灣國際商貿城三期信托項目評價研究結論,證明了該項目財務上可行,經濟上合理,民生銀行可以開展該信托貸款類理財業(yè)務,并將本理財產品銷售所匯集的資金投資于中豪置業(yè)公司。
[Abstract]:In recent years, the impact of real estate on our national economy has gradually increased, the nature of the industry determines its growing capital demand, real estate enterprises are still using bank loans to finance. The real estate industry usually needs a long process to realize the return of sales or rental funds. At the same time, because of the high cost of real estate development, the developer's own capital is generally lower than 20%. Capital shortage is a long-term problem faced by developers. With the persistence of real estate regulation and control policies, bank loans tend to tighten in the context of a tight monetary policy in China. In order to cope with tight liquidity credit policies and raise the return on assets of banks, the major commercial banks have issued a large number of trust and loan financial management products. Banks have joined hands with trust companies. The client's funds are pooled in the form of wealth management products to issue new loans or replace the stock loans of commercial banks to high-quality corporate customers in disguised form. Real estate projects have such a large demand for capital, Projects with small proportion of their own funds to the total investment of the project need to use the results of project evaluation as the basis for financing the banks. Commercial banks also need to carry out strict rating and screening of corporate customers when issuing trust and loan financial management products. To evaluate the feasibility and economic benefit of the loan project and reduce the risk of the loan. This paper reviews the theory of project evaluation and the related theories of bank trust and loan financial products. This paper discusses the application of the theory and method of financial evaluation in real estate investment projects. This paper takes the construction of the third phase of Luojiawan International Trade City in Kunming as the research object, taking the market demand, construction conditions and construction scale of the project as the research object. Investment estimation, economic evaluation and so on, through sorting out and analyzing the data collected from the investigation, adopting the methods of combining qualitative analysis with quantitative evaluation, static analysis with dynamic analysis, The financial evaluation index is calculated, and the profitability index, solvency index and uncertainty analysis are evaluated, and the possible risk factors of the project are put forward. Finally, the evaluation conclusions of the project and the relevant measures to avoid risk are put forward. Through systematic demonstration and calculation and analysis, this paper finally puts forward the evaluation and research conclusions of the third phase trust project of Kunming Luoshiwan International Trade City, which proves that the project is financially feasible and economically reasonable. Minsheng Bank can carry out the trust and loan business and invest the funds collected in the sale of this wealth management product in Zhonghao Home purchase Company.
【學位授予單位】：昆明理工大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.33;F832.49

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本文編號：1538196