發(fā)布時(shí)間：2018-05-19 19:33

  本文選題：房地產(chǎn) + 資產(chǎn)證券化��； 參考：《重慶工商大學(xué)》2017年碩士論文

【摘要】：資產(chǎn)證券化作為一個(gè)重大創(chuàng)新的金融工具,是衍生證券技術(shù)和金融工程技術(shù)相結(jié)合的產(chǎn)物,也是世界金融市場(chǎng)中近30年來發(fā)展最快的金融工具。由于資產(chǎn)證券化拓寬了投融資渠道,可以解決資金需求規(guī)模大、融資成本高、周期長(zhǎng)等諸多現(xiàn)實(shí)問題而備受青睞,并在世界范圍內(nèi)得到蓬勃發(fā)展,目前已經(jīng)被廣泛應(yīng)用到了很多行業(yè)和領(lǐng)域。房地產(chǎn)資產(chǎn)證券化,就是將直接的房地產(chǎn)投資轉(zhuǎn)變成投資于有價(jià)證券形式的證券性投資,房地產(chǎn)資產(chǎn)證券化過程就是以房地產(chǎn)能夠得到的預(yù)期收益為支撐,通過發(fā)行證券出售給投資者,使投資者與房地產(chǎn)的關(guān)系由擁有產(chǎn)權(quán)轉(zhuǎn)變成擁有有價(jià)證券的權(quán)利。對(duì)房地產(chǎn)資產(chǎn)證券化的風(fēng)險(xiǎn)評(píng)價(jià)研究,一方面可以豐富關(guān)于我國(guó)房地產(chǎn)資產(chǎn)證券化的風(fēng)險(xiǎn)研究,另一方面也為投資者的投資決策提供了一種風(fēng)險(xiǎn)評(píng)價(jià)的方法和參考。本文在梳理并總結(jié)了國(guó)內(nèi)外關(guān)于資產(chǎn)證券化相關(guān)理論和房地產(chǎn)資產(chǎn)證券化的發(fā)展及其風(fēng)險(xiǎn)等相關(guān)研究成果的基礎(chǔ)之上,結(jié)合所學(xué)的知識(shí),通過采用分類型的風(fēng)險(xiǎn)識(shí)別方法,從經(jīng)濟(jì)因素風(fēng)險(xiǎn)、政策因素風(fēng)險(xiǎn)、融資運(yùn)作風(fēng)險(xiǎn)、項(xiàng)目風(fēng)險(xiǎn)、信用風(fēng)險(xiǎn)以及金融風(fēng)險(xiǎn)共六個(gè)方面識(shí)別出了二十多種影響房地產(chǎn)資產(chǎn)證券化的風(fēng)險(xiǎn)要素,并以此建立起了風(fēng)險(xiǎn)評(píng)價(jià)指標(biāo)體系;又基于模糊層次分析法以及德爾菲法進(jìn)行了問卷調(diào)研,確定了房地產(chǎn)資產(chǎn)證券化風(fēng)險(xiǎn)評(píng)價(jià)指標(biāo)體系中各風(fēng)險(xiǎn)因素的權(quán)重;最終構(gòu)建了房地產(chǎn)資產(chǎn)證券化的風(fēng)險(xiǎn)綜合評(píng)價(jià)模型。根據(jù)所構(gòu)建模型對(duì)J公司的房地產(chǎn)資產(chǎn)證券化項(xiàng)目進(jìn)行了實(shí)際案例分析,對(duì)其證券化風(fēng)險(xiǎn)進(jìn)行了評(píng)價(jià),最后綜合評(píng)價(jià)出J公司房地產(chǎn)資產(chǎn)證券化整體風(fēng)險(xiǎn)為一般。房地產(chǎn)資產(chǎn)證券化的風(fēng)險(xiǎn)影響因素很多,是一個(gè)復(fù)雜的系統(tǒng)。投資者應(yīng)對(duì)房地產(chǎn)資產(chǎn)證券化風(fēng)險(xiǎn)的有效方式主要有:熟悉房地產(chǎn)資產(chǎn)證券化的運(yùn)作模式;針對(duì)基礎(chǔ)資產(chǎn)做好投資前調(diào)研;關(guān)注相關(guān)報(bào)告以及相關(guān)法律文件的形式和內(nèi)容;尋求可行的風(fēng)險(xiǎn)評(píng)價(jià)方法及風(fēng)險(xiǎn)控制方法;對(duì)于機(jī)構(gòu)投資者而言,還可以通過監(jiān)察項(xiàng)目建設(shè)和購(gòu)買投資保險(xiǎn)來降低投資房地產(chǎn)資產(chǎn)證券化的風(fēng)險(xiǎn)。本論文的研究對(duì)于認(rèn)識(shí)和把握房地產(chǎn)資產(chǎn)證券化風(fēng)險(xiǎn)具有積極的參考價(jià)值。
[Abstract]:As a major innovative financial instrument, asset securitization is the product of the combination of derivative securities technology and financial engineering technology. It is also the fastest developing financial instrument in the world financial market in the past 30 years. Because asset securitization widens the channels of investment and financing, it can solve many practical problems, such as large scale of capital demand, high financing cost, long period and so on. At present, it has been widely used in many industries and fields. Real estate asset securitization is to transform direct real estate investment into securities investment in the form of securities. The process of real estate asset securitization is supported by the expected income that real estate can obtain. By issuing securities for sale to investors, the relationship between investors and real estate is changed from ownership of property to ownership of securities. The research on risk evaluation of real estate asset securitization, on the one hand, can enrich the risk research of real estate asset securitization in China, on the other hand, it also provides a risk evaluation method and reference for investors. On the basis of combing and summarizing the related theories of asset securitization and the development and risk of real estate asset securitization at home and abroad, and combining the knowledge learned, this paper adopts the method of risk identification of different types. From six aspects: economic factor risk, policy factor risk, financing operation risk, project risk, credit risk and financial risk, more than 20 kinds of risk factors affecting securitization of real estate assets are identified. Based on the fuzzy analytic hierarchy process (AHP) and Delphi method, the weight of each risk factor in the risk evaluation index system of real estate asset securitization is determined. Finally, the risk comprehensive evaluation model of real estate asset securitization is constructed. According to the model, this paper analyzes the real estate asset securitization project of J Company, evaluates its securitization risk, and finally comprehensively evaluates the overall risk of real estate asset securitization of J Company. The risk of real estate asset securitization is a complex system with many risk factors. The effective ways for investors to deal with the risk of real estate asset securitization are as follows: familiarity with the operation mode of real estate asset securitization; doing a good job of pre-investment investigation on basic assets; paying close attention to the form and content of relevant reports and relevant legal documents; For institutional investors, the risk of real estate securitization can be reduced by monitoring project construction and purchasing investment insurance. The research of this thesis has positive reference value for understanding and grasping the risk of real estate asset securitization.
【學(xué)位授予單位】：重慶工商大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51;F299.23

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 宋煜凱;馬倩;;城鎮(zhèn)化進(jìn)程中基礎(chǔ)設(shè)施證券化融資風(fēng)險(xiǎn)研究——基于模糊綜合評(píng)價(jià)模型分析[J];遼寧經(jīng)濟(jì);2013年08期

2 陶濤;;基于層次分析法的銀行信貸資產(chǎn)證券化風(fēng)險(xiǎn)控制分析[J];統(tǒng)計(jì)與決策;2013年06期

3 雷淑琴;;論資產(chǎn)證券化融資在公用基礎(chǔ)設(shè)施建設(shè)項(xiàng)目中的應(yīng)用[J];商業(yè)會(huì)計(jì);2012年23期

4 田中禾;郭鑫;;VaR在資產(chǎn)證券化風(fēng)險(xiǎn)分析中的應(yīng)用[J];開發(fā)研究;2012年02期

5 蘇燕霞;;新時(shí)期房地產(chǎn)項(xiàng)目風(fēng)險(xiǎn)管理[J];現(xiàn)代商業(yè);2012年09期

6 魏巍;崔立麗;魏瑋;;我國(guó)房地產(chǎn)業(yè)發(fā)展與宏觀經(jīng)濟(jì)互動(dòng)關(guān)系實(shí)證研究[J];企業(yè)經(jīng)濟(jì);2012年03期

7 李紅萍;;個(gè)人住房抵押貸款證券化的風(fēng)險(xiǎn)監(jiān)控[J];生產(chǎn)力研究;2012年01期

8 洪艷蓉;;重啟資產(chǎn)證券化與我國(guó)的發(fā)展路徑[J];證券市場(chǎng)導(dǎo)報(bào);2011年09期

9 曾凡昌;;試論房地產(chǎn)融資風(fēng)險(xiǎn)的法律規(guī)制[J];財(cái)經(jīng)科學(xué);2010年10期

10 于立君;任鳳輝;;房地產(chǎn)企業(yè)融資風(fēng)險(xiǎn)分析及對(duì)策研究[J];長(zhǎng)春工程學(xué)院學(xué)報(bào)(自然科學(xué)版);2010年03期

相關(guān)碩士學(xué)位論文 前2條

1 張振亞;貨幣政策與中國(guó)房地產(chǎn)價(jià)格關(guān)系實(shí)證研究[D];山西財(cái)經(jīng)大學(xué);2012年

2 王強(qiáng);我國(guó)資產(chǎn)證券化的信用增級(jí)研究[D];西南財(cái)經(jīng)大學(xué);2010年

，

本文編號(hào)：1911361