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论文编号：	12228
作者编号：	2320180373
上传时间：	2020/12/15 15:58:38
中文题目：	Z公司房地产类不良债权收购重组业务的投资决策优化研究
英文题目：	A Research of Z Company''s Optimized Acqusition & Restructuring Investments on the Real Estates'' Non-performing Assets
指导老师：	覃家琦
中文关键字：	房地产；资产管理公司；收购重组；投资决策
英文关键字：	Real estate; Asset management company; Acquisition and reorganization; Investment decision
中文摘要：	随着我国经济的飞速发展和城镇化进程的逐步加快，房地产市场变得异常活跃，我国房价逐年增加，大量资金流向了房地产行业。为了坚守“房住不炒”的底线，持续推进供给侧结构性改革，我国陆续出台多项政策对房地产进行严格管控。随着楼市降温，加上全球经济形势下滑、年初突发疫情等影响，许多房地产企业面临债务违约的困境，进而形成了大量房地产类不良债权。成立于1999年的四大资产管理公司，在完成政策性不良资产收购处置任务后，成功进行了商业化转型，陆续开展了收购重组业务，面对当前房地产类不良债权的广阔市场，四家资产管理公司可以借此机会大力拓展此类业务，配合监管导向控制房地产行业的金融风险，同时获得收益提升企业经营业绩。 论文正是从房地产类不良债权收购重组业务的投资决策角度，结合实际案例，以博弈理论、契约理论、信息不对称理论、协同效应理论作为支撑，开展实地调研，对相关文献、案例进行定量定性分析，最终找出当前业务投资决策中存在的一些问题，并对问题提出相关的优化建议，希望能够借此提供具有参考借鉴意义的收购重组业务投资决策优化研究。
英文摘要：	With the rapid development of China's economy and the gradual acceleration of urbanization process, the real estate market has become extremely active, China's housing prices have increased year by year, a large number of funds have gone to the real estate industry. In order to stick to the bottom line of "housing without speculation" and continue to promote the supply side structural reform, China has issued a number of policies to strictly control the real estate. With the cooling down of the real estate market, the global economic downturn and the outbreak of the epidemic at the beginning of the year, many real estate enterprises are facing the dilemma of debt default, thus forming a large number of non-performing real estate claims. The four major asset management companies established in 1999 have successfully carried out commercial transformation after completing the task of acquisition and disposal of policy related non-performing assets. Facing the broad market of real estate non-performing loans, the four asset management companies can take this opportunity to vigorously expand such businesses, cooperate with regulatory guidance to control financial risks in the real estate industry. At the same time, we can obtain income and improve business performance. This paper is from the perspective of investment decision-making of real estate non-performing creditor's rights acquisition and reorganization business, combined with practical cases, supported by game theory, contract theory, information asymmetry theory and synergy effect theory, carries out field research, carries out quantitative and qualitative analysis on relevant literature and cases, and finally finds out some problems existing in the current business investment decision-making, and puts forward relevant suggestions. We hope to provide a reference for the optimization of investment decision-making of acquisition and reorganization business.
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