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论文编号：	7873
作者编号：	2120132697
上传时间：	2015/12/8 8:56:38
中文题目：	商业地产REITs运营风险管理研究 ——WK公司为例
英文题目：	Research on risk management of commercial real estate REITs ——WK as an example
指导老师：	李国林
中文关键字：	商业地产;REITs;风险识别;风险防范
英文关键字：	Commercial real estate;REITs;Risk identification;Risk prevention
中文摘要：	房地产投资信托基金（REITs）作为一种在发达国家成功实践的商业地产融资模式，为缓解开发商资金压力，促进商业地产企业向轻资产模式转变提供了一条切实可行的途径。然而，商业地产REITs的运作并非一帆风顺；相反，其是一种充满复杂性和风险性的融资模式。 本文以商业地产REITs为研究切入点，结合商业地产以及REITs相关理论，具体分析了国内商业地产REITs在运作过程中面临的主要风险因素。研究结果发现，商业地产REITs在运作过程中主要存在以下风险类型：首先，在上市阶段存在资产选择不当、资产评估不合理、上市时机把握不准，以及投资者认知不足风险；其次，在运营阶段，主要存在运作能力不足、财务杠杆过高、规模不合理、委托—代理风险等；最后，在退出阶段则主要面临资产难以变现风险，以及投资遭受损失风险。为有效防范商业地产REITs运作风险，本文认为在上市阶段，商业地产REITs的利益相关者做好尽职调查掌握资产真实信息、采用多种方式开展资产评估工作、结合市场趋势合理选择上市时间、重视市场推广提高投资者认知度；在运营阶段，利益相关者应根据环境变化灵活调整投资组合、配备专业人才提高商业运营能力、谨慎使用资金杠杆确保投资收益、坚持规模适度原则防范规模风险、优化激励监督降低委托代理风险；在退出阶段，利益相关者应关注流动性条款降低变现难风险，并建立预警机制避免非正常退出风险。 最后，采用案例分析法对PH前海WK REITs在运作过程中可能存在的风险因素进行分析，发现其主要面临项目估值风险、政策审批风险、委托—代理风险、商业运营风险，以及资产过于单一风险等；为此，本文提出了相应的风险防范建议。
英文摘要：	Real estate investment trust (REITs) as a successful commercial real estate financing model in the developed countries, to ease the pressure on developers to promote commercial real estate companies to light asset model to provide a practical way. However, the operation of commercial real estate REITs is not always smooth; on the contrary, it is a kind of financing mode which is full of complexity and risk. In this paper, commercial real estate REITs as the starting point, combined with commercial real estate and REITs related theory, the paper analyzes the main risk factors of REITs in the operation of domestic commercial real estate. The results show that there are some risks in the operation of commercial real estate REITs: first of all, there are some problems, such as improper asset selection, asset appraisal, uncertain market opportunity, and investor awareness. Secondly, in the operational phase, the main operational capacity, financial leverage is too high, the scale is unreasonable. To effectively prevent commercial real estate REITs operational risk, this paper argues that in the stage of commercial real estate, commercial real estate REITs stakeholders to carry out asset assessment work, the combination of market trends and market trends to improve investor awareness; in the operational phase, stakeholders should be adjusted according to environmental changes, with professional personnel to improve business operations, prudent use of capital leverage to ensure investment income, adhere to the principle of scale, optimize incentive supervision to reduce the risk of investment. Finally, the paper analyzes the possible risk factors of WK Qianhai REITs PH in the course of operation, and finds that it is mainly facing the risk of project valuation, policy approval, principal-agent risk, business operation risk, and asset is too single risk.
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