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论文编号：	1548
作者编号：	2120082637
上传时间：	2010/5/25 11:38:29
中文题目：	我国权益型房地产投资信托基金价值评估
英文题目：	The Valuation of China’s Equity REITs
指导老师：	黄福广
中文关键字：	房地产投资信托基金，企业价值评估，特许价值，嘉茂中国置业
英文关键字：	REITs，Company Valuation，Franchise Value，CRCT
中文摘要：	房地产一直在我国经济发展中具有举足轻重的地位，房地产行业的健康发展将会关系我国经济建设和社会的稳定。房地产行业和金融联系紧密，房地产行业投资大，回报期长，风险高，没有良好的金融支持，企业就会发生经济困难甚至财务危机。房地产投资信托基金作为房地产金融领域最重要的创新之一，相继在美国、欧洲、以及亚洲地区取得成功，不但解决房地产企业的融资难题，更促进房地产行业的合理分工，我国推出房地产投资信托基金具有很强的现实意义。国内对房地产投资信托基金研究始于90年代，并在20世纪初期逐渐成熟，研究领域集中于开展房地产投资信托基金的可行性分析、运作制度设计、风险管理、法律环境依靠等方面，但对于房地产投资信托基金价值估值，尚少人涉及，作者尝试在这个方面有所贡献。 本文首先分析了REITs的价值创造过程，并在此基础上分析了REITs价值决定因素，揭示REITs价值与一般企业价值的相同点和不同的地方，为REITs估值方法和指标的选用打下了基础。由于REITs特殊的制度设计和盈利模式，这使得REITs具有不同的收益和风险特征，传统估值方法如成本调整法，比较价值法，收入折现法（现金流折现法，剩余价值估价法，EVA估价法），期权定价法等均有一定的局限性，不适宜REITs本身的价值特征和我国REITs所处的阶段特征。所以，本文引用了新的估价方法——特许价值法，特许价值法是一种新的股票估值方法，由Martin L. Leibowitz提出，来源于剩余价值理论，并在此基础上进行了一定的创新。本文介绍了特许价值分析方法对我国REITs的适用性，并对如何使用模型和参数设定，进行详细的说明，以期能对国内的REITs研究工作带来启发。最后，本文将通过对新加坡的上市房地产投资信托基金—嘉茂中国置业的案例分析，来揭示模型的应用过程。
英文摘要：	The Real estate has been play a determine role in China’s economic development, and this situation will be continued in the foreseen future. When it comes real estate, we can’t avoid finance, there are intense link between the real estate and finance. For benefits of the healthy of real estate industry, we have to find a efficient and sustainable way to finance the development of the real estate. As a way to securitize asset, REITs had been successfully implemented in my country, like United States, Canada，Australia，Singapore and China Hong Kong, not only does it helps in financing the real estate development process, but also lead to the division of labor in society, it needless to say that China is in critical situation to implement REITs. The domestic research on REITs was started in the early 1990’s, and drawled a lot of attention in the new century, and mainly focused on the feasibility analysis, operating system design, risk management, legal environment etc. there is no research on the valuation of REITs, and I tried to fill the gap. REITs essentially are a kind of security and could be traded in the stock exchange, so the valuation of REITs can be done the same way as other securities. There are several pricing model that we usually used, they are DDM，RIM，EVA，OPM，these model all have its limits and are suitable for a variety of situations. However, franchise value, a modern approach to security analysis, which was firstly bought forward by Martin L.Leibowitz, was broadly accepted by the Wall Street and used in all kinds of printed report. My efforts are to introduce the definition of franchise value, parameters, and basic pricing model, and other comprehensive model. Finally, a case study of CRCT will be made, the case study will be began with a analysis of the macroeconomic ,Followed with the industry analysis and firm specific analysis, ended with the application of the model and theoretical price the REITs.
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