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论文编号：	8250
作者编号：	2120132907
上传时间：	2016/6/5 11:30:46
中文题目：	经营性物业抵押贷款风险评估研究——以
英文题目：	Commercial property mortgage Risk
指导老师：	黄福广
中文关键字：	经营性物业抵押贷款；风险程度；价值链条
英文关键字：	operating property mortgage loans; the degree of risk; value chain
中文摘要：	随着经营性物业抵押贷款的不断发展和业务量的增加，对相关贷款的风险评估也就显得至关重要。但从现实情况来看，各类贷款人使用的方法仍然偏向于传统方法，对于价值链条的分析不足，导致评估方法不准。本文就是在考虑价值链条的前提下下提出一个有针对性的评估方法，使对经营性物业的投资主体能够全面审慎评估该业务的风险，在考虑成本效益原则、保证利润增长的前提下，力求使风险最小化。本文以出资人的视角出发，以红星美凯龙为主体，综合分析了以红星美凯龙为抵押的经营性物业抵押贷款的风险程度。文章第一章为绪论，第二章回顾了风险管理的相关理论，第三章介绍了红星美凯龙股份有限公司的基本情况、历史沿革以及经营风格。第四章分析了红星美凯龙商用物业抵押贷款业务的风险源。第五章对红星美凯龙抵押贷款业务的风险程度做了详细剖析。首先通过红星美凯龙近年来的经营成果与出租率情况从上下游分析了整个价值链条的风险程度；其次对红星美凯龙做了财务分析，在财务分析中通过采用趋势分析与杜邦分析结合的方法，全方位的分析了公司的财务风险；随后通过对贷款存续期内公司现金流量的分析，分析了第一还款来源的稳定性。再次，通过以红星美凯龙自身作为抵押物的分析，从经营能力、变现能力、抗价值波动能力几个方面分析了其作为抵押物的风险程度。最后，以红星美凯龙的经营风格为切入点，分析了其在贷款用途上可能产生的风险。本文的创造性成果在于，在对商用物业抵押贷款中，作者提出了经营上的价值链条关系这一创新点金融机构在承做商用物业贷款业务时，并没有对该业务特殊分析，只是简单衡量贷款人的经营情况、抵押物价值这两方面。不同于一般的抵押贷款业务，商用物业抵押贷款业务在经营上存在链条关系，贷款人经营成果的好坏直接取决于物业的出租率，而出租率的大小又很大程度上取决于租户的经营状况，由此就产生了经营上的链条关系。出资人在贷前审查中，如果能清晰的对此种价值链条关系加以把控，就能很大程度上控制贷款风险。
英文摘要：	In recent years, along with the rapidly rise of commercial property loans on mortage as well as the increase in its business volume, relevant risk assessment for loan is critical. But from realistic view, all types of lenders still prefer the traditional methods which leads the analysis of the value chain is insufficient, also causes assessment methods inaccurate. On the above account, on premise of the principle of cost-effectiveness and constantly profit growth, aim for the lowest risk, this paper puts forward a targeted assessment method, to make the commercial property investors assess the risks of the business comprehensively and carefully. From the investor's perspective, based Meikailong as entity, comprehensive analysis of the degree of risk to Meikailong mortgage commercial mortgage loans. The first chapter is an introduction, the second chapter reviews the theory of risk management, the third chapter introduces the condition history and management style of Redstar Co., Ltd.,, the fourth chapter reveals the Redstar commercial property mortgage business risk sources. Chapter V makes a detailed analysis of the degree of the risk that Redstar mortgage business takes. First, results of operations and the occupancy rate of the case in recent years by Redstar from the downstream analysis of the entire value chain of the degree of risk; Followed is the financial analysis of Redstar by which the trend analysis and DuPont analysis are combined, both comprehensive analysis of the company's financial risk; followed by the company over the life of the loan deposit cash flow analysis, analysis of the stability of the first repayment source. Again, through the analysis to Macalline itself as collateral, from the management capacity, liquidity, fluctuations in the value of anti-analysis capacity of several aspects of its level of risk as collateral. Finally, this paper reveals the possible risk that might result from the varied use of loans based on Macalline management style. Creative results of this paper is that in a commercial property mortgage loans, the authors propose a value chain business relationship on this innovation. Typically, financial institutions do for commercial property lending business, the business and not the specific analysis, simply measure the lender's operation, both the value of collateral. But unlike general mortgage lending, commercial property mortgage business relationship exists in the business chain, the lender will directly depend on the operating results of the occupancy rate of the property, and the size of rental rates in turn depends largely on the tenants operating conditions, which give rise to a chain on the business relationship. Before approval of loans, if the lender could precisely control over the value chain, that would minimize the risk generated by loans.
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