分类号F275密级公开
收藏编号___________学号150727081
学校代码10386编号_____________
(案例分析)
资产证券化在房地产领域的应用研究
—以A 企业物业费资产证券化项目为例
研究方向：财务管理
研究生姓名：陈世杰
指导教师、职称：张白教授
协助导师、职称：
所在学院：经济与管理学院
答辩委员会主席签名：石德金教授
二〇一八年十一月
表六
—遵守学术行为规范承诺
本人己熟知并愿意自觉遵守《福州大学研宄生和导师学术行为规范实施办
法》和《福州大学关于加强研究生毕业与学位论文质量管理的规定》的所有内容，
承诺所提交的毕业和学位论文是终稿，不存在学术造假或学术不端行为，且论文
一
的纸质版与电子版内容完全致。
二独创性声明
本人声明所提交的论文是我个人在导师指导下进行的研宄工作及取得的研
究成果。尽我所知，除了文中特别加以标注和致谢的地方外，论文中不包含其他
人己经发表或撰写过的研究成果，也不包含为获得福州大学或其他教育机构的学
一
位或证书而使用过的材料。与我同工作的同志对本研宄所做的任何贡献均己在
论文中作了明确的说明并表示了谢意。本人完全意识到本声明的法律结果由本人
承担。
三关于论文使用授权的说明
本人完全了解福州大学有关保留使用学位论文的规定，即：学校有权保留
送交论文的复印件，允许论文被查阅和借阅；学校可以公布论文的全部或部分内
。
容，可以采用影印、缩印或其他复制手段保存论文（保密的论文在解密后应遵
＇
守此规定）
“”一“
V
本学位论文属于（必须在以下相应方框内打，否则律按非保密论
”
文处理）：
。
１：，
、保密论文□本学位论文属于保密在年解密后适用本授权书
２、
非保密论文：叻本学位论文不属于保密范围，适用本授权书。
研究牛本人签名：字日：２０丨（月t 日
签期｜年
名：签字日：２０年（月￥曰
研究牛导师签期＾
资产证券化在房地产领域的应用研究—以A 企业物业费资产证券化项目为例
资产证券化在房地产领域的应用研究
—以A 企业物业费资产证券化项目为例
摘要
自上个世纪八十年代起，我国房地产行业如雨后春笋般壮大起来，北京市城
市开发总公司的成立拉开了我国房地产开发产业的序幕。但随着近年来的飞速发
展，各个城市的房价也是屡创新高，为维持房地产行业健康发展以及抑制房价过
快增长，我国政府开始对房地产行业相继出台一系列紧缩政策，其中最具代表性
的“国五条”——限购、限贷政策。在这种环境下，上市融资、银行贷款和发行
债券等传统融资方式越来越难以满足房地产企业发展和运作的需求，融资形势不
容乐观，“资金短缺”的呼声也在不断增高。
受国家紧缩政策的影响，越来越多的开发商开始筹划和尝试创新型融资工
具，从存量资产尤其是从成熟运营的商业房地产中寻找新的融资方式。近40多
年来,资产证券化作为重要的创新型融资工具，逐步成为资本市场上受欢迎的融
资方式之一。资产证券化作为资本市场上重要的融资方式，不仅能有效降低企业
融资成本，而且对于增强资本流动性具有明显优势。因此，研究资产证券化在房
地产领域使用及其推广将会具有一定的现实意义和理论参考价值。
文章在研究过程中，首先对资产证券化的相关概念和理论阐述，再介绍了资
产证券化的参与主体和操作流程，接着对国内外资产证券化的发展进行了介绍，
对目前我国房地产领融资的基本情况及资产证券化在我国房地产领域的应用的
现状进行了阐述，并且分析了其在我国房地产领域应用的必要性和可行性。接着
用案例分析的方式阐述如何在我国房地产领域引进资产证券化这一工具，介绍
2015年A 公司发行的国内首单针对物业费的资产证券化项目，分析其模式设计
和应用结果，并深入剖析了A 企业2015年发行资产证券化产品这种新兴融资方
式所带来的影响。A 企业作为房地产行业中实施资产证券化的典型代表，能够在
严峻的大环境中依然保持稳定甚至更高的増长，得益于其新兴融资方式的引进。
资产证券化是一项复杂而系统工作，对配套的金融市场要求极高，目前我国
房地产行业的发展依旧不甚规范，金融创新在国内仍有很长的路要走。文章最后
对我国房地产资产证券化应用中存在的问题提出了相应地发展建议。
关键词：房地产；融资；资产证券化
1I
福州大学硕士学位论文
Application Research of Asset Securitization in
Real Estate
-Take the A company's Asset securitization
project for property fees as an example
Abstract
Since the 1980s,China's real estate industry has mushroomed,and the
establishment of Beijing Urban Development Corporation has opened the curtain of
China's real estate development industry.However,with the rapid growth in recent
years,housing prices in various cities have also hit record highs.In order to maintain
the healthy development of the real estate industry and curb the excessive growth of
housing prices,the Chinese government has begun to introduce a series of tightening
policies for the real estate industry,the most representative of which."National Five
Articles"-policy of restricting purchases and restricting loans.In this environment,
traditional financing methods such as listing financing,bank loans and bond issuance
are increasingly difficult to meet the needs of the development and operation of real
estate enterprises.The financing situation is not optimistic,and the call for “funds
shortage”is also increasing.
Affected by national austerity policies,more and more developers are planning
and experimenting with innovative financing tools to find new financing methods
from stock assets,especially from mature commercial real estate.For more than 40
years,asset securitization has become an important innovative financing tool and has
gradually become one of the popular financing methods in the capital market..As an
important financing method in the capital market,asset securitization can not only
effectively reduce the financing cost of enterprises,but also has obvious advantages
for enhancing capital liquidity.Therefore,the study of asset securitization in the real
estate field and its promotion will have certain practical significance and theoretical
reference value.
In the research process,the article firstly expounds the related concepts and
theories of asset securitization,then introduces the participants and operational
procedures of asset securitization,and then introduces the development of asset
securitization at home and abroad.The basic situation and the application status of
asset securitization in China's real estate field are expounded,and the necessity and
II
资产证券化在房地产领域的应用研究—以A 企业物业费资产证券化项目为例
feasibility of its application in real estate in China are analyzed.Then use case
analysis to explain how to introduce asset securitization in the real estate field in
China,introduce the first domestic asset securitization project for property fees issued
by Company A in 2015,analyze its model design and application results,and analyze
it in depth.The impact of the emerging financing method of A company's 2015asset
securitization products.As a typical representative of asset securitization in the real
estate industry,A company can maintain its stability and even higher in the severe
environment,thanks to the introduction of its new financing methods.
Asset securitization is a complex and systematic work,and the requirements for
supporting financial markets are extremely high.At present,the development of
China's real estate industry is still not standardized,and financial innovation still has a
long way to go in China.Finally,the article puts forward corresponding development
suggestions for the problems existing in the application of real estate asset
securitization in China.
Key words:Real Estate,Financing,Asset Securitization
I1II