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论文编号：	8289
作者编号：	2120142850
上传时间：	2016/6/7 1:37:34
中文题目：	MQ集团商业地产S-REITs项目融资研究
英文题目：	Study on the S-REITs Financing Program of MQ Group Commercial Real Estate
指导老师：	李莉
中文关键字：	MQ集团；REITs；国有商业地产；融资；融资渠道
英文关键字：	MQ group; REITs; state-owned commercial real estate; financing; financing channel
中文摘要：	当前，我国经济新常态的格局已经形成，这导致房地产行业在我国经济中所扮演的角色已今非昔比，再加上国家收紧存贷利率，导致住宅房地产市场的发展缺乏动力。同时，我国的国有房地产企业在过去几年中更是遇到了严重的发展瓶颈。根据国家统计局的数据，2014年房地产行业平均ROE为12.4%，但国有企业仅为11.4%。但同时值得注意的是，我国的商业地产呈现如火如荼的发展趋势。据统计，自2010年以来，我国一线城市零售物业写字楼空置率持续下行，一直维持在10%以下的水平，这充分说明我国商业地产的需求十分旺盛。 MQ集团是M市大型国有房地产企业，长期以来为M市的经济发展和房地产建设做出了重要的贡献。目前，MQ集团拥有众多商业地产项目，其中以A酒店为首的三大项目尤为突出。但是，这些商业地产由于投资规模大、风险高、回收期长等特点，给MQ集团造成了严重的重资产的问题，最重要的是给MQ集团使用银行等金融机构贷款的传统融资模式提出了很大的挑战。一方面，商业地产回收期较长，而且前期亏损严重，这给企业的还本和付息带来了很大的压力。另一方面，为了尽快回款，企业可能会将部分商业地产出售，但这降低了商业地产的整体协同效果。那么，MQ集团的商业地产有没有更加有效的融资渠道呢？ 近年来，房地产信托投资基金（Real Estate Investment Trusts，简称REITs）受到了理论和实务界的广泛关注。它不仅能够实现较大额度的融资，而且成本较低，最重要的是它在较长时间内无需还本，降低了企业的现金流压力。但是，由于我国经济发展阶段的限制，目前还不具备在国内发展REITs的条件，而海外REITs又面临外汇管制、可能造成国有资产流失等诸多困境。这就带来了以下问题：海外REITs作为一种融资手段，是否适合MQ集团的商业地产项目？该融资手段如何实现资金的融通？在实现过程中有哪些困难，又该如何面对这些挑战？ 本文以MQ集团S-REITs（新加坡REITs）项目为例，使用案例的方法研究了国有商业地产通过海外REITs上市的基本框架、资金回流和股利支付的途径。研究发现，REITs不仅扩大了MQ集团的融资额度，而且大大降低了融资成本，为商业地产的健康发展提供了有效的保障。最后，本文认为，REITs可能成为我国国有房地产企业低融资成本、获取高额融资的有效手段。
英文摘要：	At present, our country's new normal economic pattern has been formed, which leads to the changing of the role played by the real estate industry in the our country’s economy. What is more, with our country’s tightening lending and deposit rates, a lack of development of the residential real estate market power has occurred. At the same time, in the past few years, China's state-owned real estate enterprises have also met a serious bottleneck in their development. According to the National Bureau of statistics, in 2014, the average ROE of real estate industry was 12.4%, but only 11.4% of state owned enterprises. However, it is worth noting that China's commercial real estate has received great opportunities recently. According to statistics, ever since 2010, the vacancy rate of China's first-tier cities office buildings continued going down, to a level of 10% or less, which shows that China's commercial real estate demand is very strong. MQ group is a large state-owned real estate enterprise in “M” City, which has long been an important participant in the economic development and real estate development of “M” city. At present, MQ group has a large number of commercial real estate projects, including the three major projects led by A hotel. But due to the characteristics of large investment, high risk, and long recovery period, these commercial real estates has brought MQ group with serious problems, such as heavy assets et al, challenging its traditional way of financing from banks loans or financial institutions liabilities. On the one hand, commercial real estate recovery period is relatively longer, and the losses at early stages are serious, which cause great pressure to the company's debt and interest payments. On the other hand, in order to be refunded ASAP, enterprises may sell part of commercial real estate, but this reduces the integration effect of the commercial real estate. So, can the MQ group's commercial real estate find other effective financing channels? In recent years, Real Estate Investment Trusts (REITs) has received wide attention from both theoretical and practical circles. It can not only realize a large amount of financing, but also the financing cost is very low, and most importantly it does not require refund for a long time, reducing the enterprise's cash flow pressure. However, due to the limitations of China's economic development, it is not yet suitable to apply REITs domestically; also overseas REITs may face serious foreign exchange control and contradiction of the loss of state-owned assets. This brings the following questions: Is overseas REITs suitable for the MQ group's commercial real estate projects? How to achieve the financing by overseas REITs? What are the difficulties in the implementation process, and how to face these challenges? Taking MQ group S-REITs (Singapore REITs) project as a typical case, this paper endeavors to explore the basic framework, flow of capital and dividend payment channel of state-owned commercial real estate financing through overseas REITs listing. It is found that REITs not only expanded the MQ group's financing amount, but also greatly reduces the cost of financing, and so as to provide effective protection for the healthy development of commercial real estate. Finally, this paper believes that REITs may become an effective means of low-cost financing of state-owned real estate enterprises in China.
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