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论文编号：	11063
作者编号：	2120163243
上传时间：	2019/12/5 10:44:30
中文题目：	C房地产私募基金投资风险管理研究
英文题目：	Research on Investment Risk Management of C Real Estate Private Equity Fund
指导老师：	张晓农
中文关键字：	房地产私募基金；投资风险；风险管理
英文关键字：	Real Estate Private Equity Fund；Investment Risk；Risk Management
中文摘要：	随着中国房地产市场的蓬勃发展和融资渠道的日益多元化，房地产私募基金在资本市场迅速崛起，特别是在银行借贷等传统融资渠道收紧之时，房地产私募基金在房地产融资市场的角色愈发重要，为地产行业注入了大量资金，促进了房地产市场的快速发展。但在房地产私募基金快速发展的同时，存在基金公司管理水平未能跟上基金行业发展速度的情况，导致部分基金产生了风险，如无法兑付投资人收益，甚至投资本金产生了亏损。房地产私募基金的风险非常值得关注，因为这直接关系到投资者的切身利益，也关系到房地产私募基金行业能否长久健康发展。基金最大的风险来自于收益的不确定性，风险涉及了房地产私募基金募资、投资、管理、退出的各个阶段，但就本文所述的基金管理公司而言，其风险控制体系主要体现在投资阶段，包括尽职调查中对风险的识别、对项目收益的判断、匹配风险承受能力适当的投资者。所以本文主要就投资中的风险管理问题进行研究。本文首先介绍了私募基金的发展历程和现状，提出对私募基金风险控制研究的意义，国内外关于私募基金及房地产私募基金的研究方向。然后对风险和风险管理的概念进行了定义，介绍了风险管理的相关理论，提出了投资风险管理的内容。其次分析了C基金的基本情况和项目的基本情况，说明了C基金投资风险管理的过程，以及C基金目前遇到的问题。再次对C基金风险管理中存在的问题进行了分析，指出其主要存在尽职调查对风险的识别不充分、未评估基金风险与投资者承受能力的适当性、出资的风险控制标准不够明确的问题，说明了这些问题导致的后果。最后，有针对地提出了风险控制的优化方案。针对尽职调查对风险的识别不充分的问题，提出在投资流程中要加入第三方尽职调查机构调查，并且由公司相关机构审核。针对未评估基金风险与投资者承受能力的适当性的问题，提出要做好对投资者的风险告知，建立风险收益匹配模型。针对出资的风险控制标准不够明确的问题，把项目分为股权类项目和夹层类项目，分别制定了出资的红线标准和引导标准。
英文摘要：	With the great development of the real estate market in China and the increasing diversification of financing channels, real estate private equity funds have risen rapidly in the capital market, especially when the financing channels such as traditional bank lending have been tightened, the role of real estate private equity funds in the real estate financing market is becoming more and more important. At the same time, it injected a lot of money into the real estate industry and promoted the rapid development of the real estate market. However, while the real estate private equity funds develops rapidly, the management of fund companies have not kept pace with the fund industry, as a result, some funds have generated risks, such as the inability to pay investors' income, and even the investment principal has incurred losses. The risk of real estate private equity funds is very worthy of our attention, as it is directly related to the immediate interests of investors, and related to the long-term healthy development of the real estate private equity fund industry. The biggest risk of the fund comes from the uncertainty of income. The risk exists in various stages such as fundraising, investment, management and exit of real estate private equity funds. However, for the fund management companies described in this paper, the risk control system is mainly reflected in the investment part, the stage includes the identification of risks in the due diligence, the judgment of the project benefits, and matching the investors with projects according to risk tolerance. Therefore, this paper mainly studies the risk management issues in investment. This paper first introduces the development history and current situation of private equity funds, proposes the significance of research on risk control of private equity funds, and the research direction of private equity funds and real estate private equity funds at home and abroad. Then it defines the concept of risk and risk management, introduces the relevant theories of risk management, proposes the content of investment risk management. Secondly, it introduces the basic situation of the C fund and the project, explains the investment risk management process of C fund and the problems encountered by C funds currently. In the following part, the problems existing in the risk management of C funds are analyzed. It is pointed out that there are mainly problems such as inadequate identification of risks in due diligence, the lack of evaluation for fund risks with the investors' risk tolerance, and insufficient risk control standards for investment. Then, it explains the consequences of these problems. Finally, it proposes an optimization plan for risk control. For the insufficient identification of risks in due diligence, it proposes to include third-party due diligence agencies in the investment process and be reviewed by relevant company agencies. For the problem of the unevaluated fund risk with the investors' risk tolerance, it proposes to make a risk notification to investors and establish a risk-benefit matching model. For the problem that the risk control standard for investment is not clear enough, it suggests the project is divided into equity projects and mezzanine projects, and the red line standards and guiding standards for investment are formulated respectively.
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