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论文编号：	12084
作者编号：	2320180326
上传时间：	2020/12/11 16:03:28
中文题目：	房地产私募基金M公司投资HY项目的风险管理研究
英文题目：	A Research on the Risk Management of HY Investment Project in Company M, a REPE Institution
指导老师：	梁峰副教授
中文关键字：	房地产私募基金；风险管理；层次分析法
英文关键字：	Real Estate Private Funding；Risk Management；Analytic Hierarchy Process
中文摘要：	我国房地产私募基金是在房地产行业高速发展的背景下，诞生并逐步发展起来的。随着近几年经济形势发展放缓，以及国家对房地产行业、金融行业的相关政策发生调整，房地产私募基金发展也遇到了瓶颈，原来粗犷发展的业务模式及管理模式已经不能适应现行的环境变化及监管要求。 目前，已有部分私募基金管理机构开始谋求变革，从投资模式（从债权投资为主的业务模式向股权投资为主的模式转变）、投资标的选择等方面进行调整、升级。在这一过程中，最为受到考验的是基金管理机构的风险管理能力。风险管理能力的提升、风控制度的完善，成为房地产私募基金在此次变革中能否存续、发展的关键。 M公司系一家成立于2011年的房地产私募基金管理公司。与同期的其他地产私募机构一样，其早期运营管理模式是粗放的、非规范的。在面对市场变化时，M公司努力寻求运营管理方面的提升与突破，拟利用自身优势与资产管理公司合作，投资困境资产中的商业地产项目。因此类投资项目的项目调查、估值判断、交易设计、投后管理等均难于一般项目，开展此类业务，对M公司的风险管理能力及制度提出了前所未有的挑战。 本文以房地产私募基金M公司投资HY项目为案例，根据行业特征，在回顾风险管理相关理论的基础上，对房地产私募基金M公司投资HY项目的项目特点及风险特征进行描绘、总结。针对其同时具备的股权投资项目、困境资产投资项目及商业地产投资项目三个类型的风险特征，使用因素分解法、头脑风暴法进行风险识别，通过层次分析法对风险要素进行度量，并按照风险分级，采用不同的风控应对措施，同时严谨的做好风险监控。 本文通过对这一案例的研究，就房地产私募基金现行投资业务模式下的风险管理方法进行探讨，尝试找出可以适用的、有效的经验及规律，以供其他机构、同类投资项目参考。
英文摘要：	Under the background of rapid development of the real estate industry in China， real estate private equity funds(REPE)were born and gradually developed. With the slowing down of the economic growth in recent years and the adjustments of the relevant policies of the real estate industry and the financial industry in China, the development of REPE is also facing challenges. The original extensive business model and management model can no longer adapt to the changing environment and regulatory requirements nowadays. At present, there are some pioneer REPE institutions have started to seek adjustments and improvements by making different investment choices and transforming their business model from debt-investment-dominated models to equity-investment-dominated ones. The improvement of risk management capability and refining risk management regulations have become the key factors to the survival and development of REPE in this reform. Established in 2011, Company M is a real estate private fund management company. Like other real estate private institutions in the same period, its early operating mode was extensive and non-standard. Company M strives to seek improvement and breakthrough in business operating mode, so they can better face market changes and plan to use its own advantages to cooperate with asset management companies to invest commercial real estate projects in troubled assets. The project investigation, valuation judgment, transaction design and post investment management of such investment projects are more difficult compared to general projects, so carrying out such business poses unprecedented challenges to the risk management ability and system of M company. This paper is a case-based research about HY project invested by Company M. Focusing on the risk characteristics of equity investment project, non-performing investment project and commercial real estate investment project, the writer describes and summarizes the project characteristics and risk characteristics of HY project invested by Company M. by using multiple methodologies including Factor Analysis Approach, Brainstorming, and Analytic Hierarchy Process. The conclusions of this paper enable investors to identify specific risk type and conduct accordingly. Through the study of this case, this paper discusses about the risk management methods of REPE current investing methods, and tries to find out its general rules which can be effectively applied and consulted by other institutions and similar investment projects.
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