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论文编号：	2827
作者编号：	2120062354
上传时间：	2010/12/7 11:24:22
中文题目：	权益型房地产投资信托项目风险管理方法研究
英文题目：	Research of the Method for Project Risk Management of Equity Real Estate Investment Trust
指导老师：	戚安邦
中文关键字：	房地产投资信托;风险管理;项目管理
英文关键字：	REITs;risk management;project management
中文摘要：	房地产行业属于资金需求密集型的产业，随着产业的快速发展，其在融资方面的一些深层次的问题和矛盾开始显现出来，资金缺乏的瓶颈始终困扰着这一产业。由于中国房地产市场缺少多元化的房地产金融工具，房地产企业一直过度依赖金融机构贷款，由此造成了国民经济的命脉之一——金融业过多地承担了来自房地产市场上的风险，威胁到国家的金融安全。 房地产投资信托（Real Estate Investment Trust，REITs），是一种以发行收益凭证的方式汇集特定多数投资者的资金，由专门投资机构进行房地产投资经营管理，并将投资综合收益按比例分配给投资者的一种信托基金。REITs最初产生于20世纪60年代的美国，进入20世纪80年代之后，REITs在世界范围内得到迅猛发展。面对国外资本市场上REITs的飞速发展，作为国内房地产企业一种创新的融资手段，在国内资本市场上推出REITs可以缓解国内房地产行业资金紧张的局面，分散金融行业信贷风险，其积极意义是我们无法忽视的。 但是，REITs作为资本市场上的一种金融工具，同其他金融产品一样需要面对来自资本市场的各种风险，而其自身的特点又决定了它不同于一般的金融产品，它的投资范围被限定在房地产领域，因而在运营过程中又与房地产市场的发展息息相关，并受到来自房地产市场的风险的影响。面对来自资本市场和房地产行业市场的双重风险压力，如何有效的降低风险因素，便成为了保证一支REITs取得成功关键。 本文运用项目管理中风险管理的思想，从项目管理的角度对REITs从产品概念的形成、资产池的组建、证券上市、后期运营管理到最后的清算退市的全生命周期过程中各阶段的风险加以阐述和分析，揭示风险因素在生命周期各阶段对REITs的影响程度，识别各阶段的主要风险，并运用项目风险管理等科学研究方法制定出风险应对措施。
英文摘要：	The real estate industry belongs to capital demand intensive industry. With the rapid development of the industry, the deep problem and contradiction began to emerge from its financial aspect. This industry is always bothered by the lack of funds. Since China’s real estate market lacks diversified financial instruments, and the real estate enterprises have been over-rely on the loan from the banking institutions, the financial industry, one of the national economic lifeline, shoulders too much risks from the real estate market, so that threaten the security of the national finance. Real Estate Investment Trust (later call it ‘REITs’ simply), is a kind of trust fund, gathered from the majority of the investors by issuing earning vouchers, and managed by a specialized investment institutions who proportionally distribute the integrative profit according to investments pro rata. REITs came into being in the United States in the 1960’s and developed swiftly worldwide after the 1980’s. In the face of the rapid development of REITs in the overseas market, as an innovative financing method to the domestic real estate enterprises, REITs being debuted can relieve the tense situation of the domestic real estate industry and disperse the credit risks of the financial industry, whose active significance cannot be ignored. However, REITs as a financial tool in the capital market, like other financial products, needs to confront various risks from the capital market, nevertheless its characteristics makes it different from others. The scope of REITs is limited within the real estate field, so that its operating process is closely linked with the development of the real estate market, and affected by the risks from the real estate market. To confront the double pressure from the capital market and the real estate market, how to decrease the risks efficiently is the key of success for REITs. Using the idea of risk management, from the angle of project management, this thesis expatiates and analyses the risks on the form of the product concept, the buildup of the capital pool, IPO, the operating management, delisting, and every stage in the whole life cycle of REITs. The thesis also tries to make clear the affection of the risks in every stage of life cycle on REITs, to recognize the main risk in every stage, and to make the answer measures on the risks by using scientific researching method, such as project risk management.
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