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MBA硕士毕业论文_光城长租公寓资产证券化案例研究PDF

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房价是现代城市吸引力的重要影响因素之一,针对一、二线城市房价高企的现状, 我国政府出台了多种调控政策,其中包括租售同权。2019年的中央 工作会议也一再强调 “加快建立多主体供应,多渠道保障,租购并举”这新一轮住房供给侧改革,这一举措 极大的推动了租房市场的发展。然而,住房租赁行业前期基建投入较 大,资金回收周期 相对较长,加上中央及地方政府对房地产行业趋于收紧,使得房地产公司相关项目的融 资成本上升。为缓解地产企业的资金压力,REITs等新型融资方式持续创 新发展,成为 国内地产公司长租公寓资产证券化业务的助推器。 本文以首单A股民营上市房地产企业长租公寓的储架式权益型REITs——中信证 券-阳光城长租公寓资产支持专项 计划为案例研究对象,在文献综述的基础之上,结合 我国的具体情况,对长租公寓的资产证券化问题进行了研究。本文的主要研究内容包括 案例介绍、案例分析和案例启示等三 大部分。首先,本文介绍了我国长租公寓REITs的 行业背景并分析了其未来发展趋势。其次,在案例主体分析部分,系统分析了阳光城长 租公寓资产证券化案例,重点剖析了其 REITs的融资动因、交易结构设计、REITs的产 品定价、融资风险分析及融资效果评价等内容。最后,在前两部分的基础上,概述了项 目的亮点及潜在风险,并得出案例启示,提 出相应的对策建议。 本案例研究得出了以下的结论与启示:REITs发行选择应充分考虑地产企业的战略 需求;长租公寓的资产证券化应要基于国内的实际情况借鉴国外成熟的 REITs经验,注 重产品交易结构的设计;国内长租公寓资产证券化的发展应注重解决企业融资渠道窄、 融资成本高的问题。本文的案例研究及相应的风险对策,对于国内地产行业 长租公寓资 产证券化的发展具有启示借鉴价值及实践指导意义。 关键词:长租公寓;REITs;资产证券化;案例研究 II ABSTRACT Housing price is one of the important factors of the attractions of modern cities. Based on the current status of high housing price in one-tire and second-tier cities, the Chinese government introduced a variety of regulatory policy, including the policy of rental with rights. In the 2019 Working Conference of the CPC Central Committee, the government stressed the importance of accelerating the establishment of a new round of housing supply-side reform featuring multi-agent supply, multi-channel support, and both rental and purchase, a move that greatly promoted the development of the rental market. However, the early infrastructure investment of housing rental industry is pretty large, the capital recovery period is relatively long. Moreover, Central and local governments are tightening their grip on the property sector. All of those combined factors caused the financing cost of projects related to real estate company rise. In order to relieve the capital pressure of real estate enterprises, new financing methods such as REITs have been continuously innovated and developed, which have become a booster of the asset securitization business of long-rental apartments of domestic real estate companies. This article takes the first A-share private listed real estate company's long-rental apartment storage-type equity REITs — CITIC Securities -Yango long-rental apartment Asset Support Special Plan as a case study object. Based on the specific situation of China, the paper studies the problem of long-rental apartment in Chinese market. This paper maily contains three parts. Firstly, it introduces the industry background and potential trend of REITs of long-rental apartment in China. Secondly, in the case study part, the paper analysize the asset securitization of Yango systematically, with an emphasis on the analysis of the motivation of REITs, the transaction structure design, the pricing and financing risk analysis of REITs and the financing effect evaluation. Lastly, on the basis of case introduction and case analysis, this paper affirmes the highlights and guards some potential risks of REITs of long-rental apartment industry and offer relative countermeasures and suggestions. The following conclusions are drawn through in-depth analysis. The development of REITs should serve the rights of enterprise strategy. It is necessary to combine with the actual domestic situation and draw lessons from the mature foreign REITs experience, and pay attention to the transaction structure design. It is necessary to solve the problem of narrowing financing channels and high financing cost of enterprises. This research is of great referential significance to the asset securitization of long lease apartment enterprises. Keywords: Long-rental apartments; REITs; Asset Securitization; Case study III 目 录 摘要 .............................................................................................................................................I ABSTRACT ...............................................................................................................................II 图表清单 ..................................................................................................................................VI 第一章 绪论 .............................................................................................................................1 1.1 研究背景和意义 ..............................................................................................................1 1.1.1 研究背景 ....................................................................................................................1 1.1.2 研究意义 ....................................................................................................................2 1.2 国内外研究现状 ..............................................................................................................3 1.2.1 REITs研究综述 .........................................................................................................4 1.2.2 长租公寓REITs应用研究综述 ...............................................................................5 1.2.3 文献评述 ....................................................................................................................7 1.3 研究内容框架与研究方法 ..............................................................................................7 1.3.1 研究思路与总体框架 ................................................................................................7 1.3.2 研究内容 ....................................................................................................................8 1.3.2 研究方法 ....................................................................................................................9 第二章 阳光城长租公寓REITS案例介绍 .........................................................................10 2.1 我国长租公寓行业现状及趋势 ....................................................................................10 2.1.1 我国长租公寓现状概述 ..........................................................................................10 2.1.2 我国长租公寓的供应情况及运营模式 ..................................................................11 2.1.3 长租公寓的需求端分析 ..........................................................................................12 2.1.4 我国长租公寓的市场展望 ......................................................................................13 2.2 阳光城长租公寓REITS融资背景 ................................................................................13 2.2.1 阳光城的历史沿革 ..................................................................................................13 2.2.2 长租公寓业务的战略布局 ......................................................................................14 2.2.3 住房租赁市场的融资困境 ......................................................................................15 2.3 阳光城长租公寓资产证券化方案 ................................................................................17 2.3.1 项目背景 ..................................................................................................................17 2.3.2 基础资产 ....................................................................................