摘要 房地产作为信托资产投向的五大领域之一，房地产信托已经成为许多信托公 司的主要业务种类。在主动管理类业务中，房地产信托更占有比较大的份额。随 着经济水平的迅猛发展，从而房地产信托产品的激增，同时信托融资对房地产市 场的重要性日益显现，因此对于如何针对房地产信托业务开展风险控制工作受到 越来越多的关注。 本文通过对国内外研究成果的梳理得出，国外研究现状中的房地产信托为房 地产信托基金，而国内研究现状中房地产信托偏重于融资类信贷产品，房地产信 托基金的发展在国内仍处在初期阶段，市场尚不成熟。因此本文也基于国内已发 展成熟的产品模式，着重对融资信贷类房地产信托进行研究。 通过对我国房地产信托风险管理的现状以及现阶段的风险管理操作模式的 深入分析研究，同时与AA公司自身实际的风险管理状况相联系，从AA公司房 地产信托全生命周期进行风险管理分析，包括设立前的风险管理、设立阶段风险 管理、存续期间风险管理和风险事件发生后的风险管理。同时进一步通过AA公 司房地产信托案例的具体研究，指出AA公司的风险管理不足和问题。 从AA公司的风险管理不足和问题，总结出AA公司房地产信托风险管理系 统体系的问题，并借鉴房地产信托风险管理理论及已经取得的研究成果，从而能 够针对AA公司的房地产信托风险管理工作，提出具有可行性的优化建议。增加 对抵押物准入标准、规范资产抵押评估的认定、严格落实信托计划存续期间管理、 加快全面风险管理体系的建设。 关键词：房地产信托，融资，风险管理，风险处置 Abstract Abstract Real estate is one of the five major areas in which trust assets are invested. Real estate trust has become the main business type of many trust companies. In the active management business, real estate trust accounts for a larger share. With the rapid growth of real estate trust products and the need for trust financing in the real estate market, more and more attention has been paid to the risk control of real estate trust business. Through combing the research results at home and abroad, it is concluded that the real estate trust in foreign research is the real estate trust fund, while in domestic research, the real estate trust focuses on financing credit products. The development of the real estate trust fund is still in the initial stage in China, and the market is still immature. Therefore, based on the mature domestic product model, this paper focuses on the research of financing credit real estate trust. Based on the current situation of risk management of real estate trust in China and the current operational mode of risk management, combining with the specific risk management situation of AA Company itself, this paper carries out risk management analysis from the whole life cycle of AA Company's real estate trust, including risk management before establishment, risk management at establishment stage, risk management during existence and the wind after the occurrence of risk events. Risk management. At the same time, through the concrete study of AA Company's real estate trust case, it points out the insufficiency and problems of AA Company's risk management. From the deficiencies and problems of risk management of AA Company, this paper summarizes the problems of AA Company's real estate trust risk management system. Based on the existing research results of real estate trust risk management theory, it puts forward some suggestions to optimize the risk management of AA Company's real estate trust. Increase access standards for collateral, standardize asset mortgage assessment, strictly implement trust plan management during the lifetime, and accelerate the construction of a comprehensive risk management system. Key words：Real-estate trust, Financing, Risk management, Risk disposal 目录 1 目录 摘要......................................................................................................................... I Abstract ......................................................................................................................... II 第1章 绪论................................................................................................................ 1 1.1研究背景与意义............................................................................................... 1 1.1.1研究背景................................................................................................. 1 1.1.2研究意义................................................................................................. 2 1.2研究目的和研究内容....................................................................................... 2 1.3研究方法和研究路线....................................................................................... 3 1.3.1研究方法................................................................................................. 3 1.3.2研究路线................................................................................................. 3 1.4可能的创新与不足........................................................................................... 4 第2章 文献综述和相关理论基础............................................................................ 6 2.1国外研究现状................................................................................................... 6 2.2国内研究现状................................................................................................... 8 2.3房地产信托业务理论和风险管理概述........................................................... 9 2.3.1房地产信托业务理论............................................................................. 9 2.3.2房地产信托业务风险管理概述........................................................... 10 2.4房地产信托业务风险管理基本原理............................................................. 13 2.4.1房地产信托业务风险的识别............................................................... 14 2.4.2房地产信托业务风险管理的目标....................................................... 15 第3章 AA公司房地产信托业务风险管理现状及案例分析 ............................. 18 3.1 AA公司基本情况介绍 .................................................................................. 18 3.1.1 AA公司管理规模 ................................................................................ 18 3.1.2 AA公司盈利情况 ................................................................................ 20 3.1.3 AA公司业务经营中的主要风险类型 ................................................ 21 3.2 AA公司房地产信托业务风险管理现状 ...................................................... 22 3.2.1房地产信托业务设立前的风险管理................................................... 23 3.2.2房地产信托业务设立阶段风险管理................................................... 23 3.2.3房地产信托业务存续期间风险管理................................................... 24 3.2.4房地产信托风险发生后的风险管理................................................... 25 3.3 AA公司房地产信托业务风险管理案例分析 .............................................. 25 3.3.1案例情况............................................................................................... 25 目录 2 3.3.2风险情况............................................................................................... 27 3.3.3具体情况分析....................................................................................... 27 3.3.4案例问卷调查....................................................................................... 28 第4章 AA公司房地产信托业务风险管理问题和原因分析 ............................... 29 4.1 AA公司房地产信托业务风险管理存在问题 .............................................. 29 4.1.1 交易对手准入体系仍须完善.............................................................. 29 4.1.2信托设立阶段部分流程有待优化....................................................... 29 4.1.3存续期间风险管控流于形式............................................................... 30 4.1.4 风险处置制度的缺失.......................................................................... 30 4.2 AA公司房地产信托业务风险管理原因分析 .............................................. 30 4.2.1风险收益不匹配增加房地产信托风险............................................... 31 4.2.2信托产品与市场内在缺陷阻碍风险