摘要随着近年来我国城镇化进程的不断推进和房地产价格处于高位的限制，我国
住房租赁需求不断上升。从2015年起，政府出台了《关于加快培育和发展住房
租赁市场的指导意见》等一系列的政策以促进住房租赁行业的发展，表明了政府
对住房租赁行业的重视。在市场需求以及政府政策的双重推动之下，由此诞生了
我国的长租公寓行业。经过几年时间的飞速发展，长租公寓行业已逐步形成了一
批具有规模化、专业化的品牌运营机构。但长租公寓企业普遍面临着缺乏长期资
金支持、融资渠道较窄、融资成本较高等问题，成为了制约长租公寓行业发展的
重要因素。不少长租公寓企业将目光转向资本市场，利用开展资产证券化项目进
行融资，有效拓宽了融资渠道。但自2018年起，不少长租公寓企业出现爆雷事
件，因而我们需要关注长租公寓行业开展资产证券化项目可能存在的风险并采取
相应的管理措施。
本文采用了文献研究和案例研究相结合的方法，在梳理国内外学者研究成果
的基础之上，分析了不同类型的长租公寓企业在开展资产证券化的过程之中可采
取的模式、特点以及其中可能存在的风险。同时，以自如公寓在2017年所发行
的资产证券化产品为例进行案例分析。自如公寓作为目前国内规模较大的分散
式、轻资产运行的长租公寓企业，采用了“长租公寓+消费金融”这一模式，以
其“租金贷”业务为基础发行了“自如1号”资产证券化产品，这是国内出现的
首单住房租赁分期贷款资产证券化产品，具有一定的代表性。通过分析，发现“自
如1号”产品主要面临以下风险：基础资产质量风险、现金流预测风险等与基础
资产相关的风险；评级风险、利率风险、提前偿付风险等与资产支持证券相关的
风险；原始权益人道德风险、参与机构未尽职履约等重要参与方风险。进一步探
究，“自如1号”产品在设计和管理时采取了多样化手段降低该产品可能发生的
风险，比如建立风控体系降低租客的违约风险、多种增级方式提高产品的信用评
级、利用双SPV 结构实现风险隔离、设置循环贷款结构稳定产品的现金流等，
有效地提高了产品的安全性，保障了产品的成功兑付。最后在总结“自如1号”
产品风险管理成功经验的基础上，提出对长租公寓进行资产证券化风险管理的相
关建议，以促进长租公寓企业在未来更好的发展。
关键词：长租公寓；资产证券化；风险管理
I
Abstract
Abstract
With the continuous advancement of China's urbanization process and the
restriction of high real estate prices in recent years,China's housing rental demand is
rising.Since 2015,the government has issued a series of policies such as the guiding
opinions on accelerating the cultivation and development of the housing rental market
to promote the development of the housing rental industry,indicating the
government's attention to the housing rental industry.Under the dual promotion of
market demand and government policies,China's long-term rental apartment industry
was born.After several years of rapid development,the long-term rental apartment
industry has gradually formed a number of large-scale and professional brand
operation institutions.However,long-term apartment enterprises are generally faced
with the problems of lack of long-term financial support,narrow financing channels
and high financing costs,which has become an important factor restricting the
development of long-term apartment industry.Many long-term apartment enterprises
have turned their attention to the capital market and used asset securitization projects
for financing,which has effectively widened the financing channels.However,since
2018,many long-term rental apartment enterprises have experienced mine explosions.
Therefore,we need to pay attention to the possible risks of asset securitization
projects in the long-term rental apartment industry and take corresponding
management measures.
Based on the research results of scholars at home and abroad,this paper analyzes
the modes,characteristics and possible risks that different types of long-term rental
apartment enterprises can adopt in the process of asset securitization.At the same
time,take the asset securitization products issued by Ziroom in 2017as an example
for case analysis.The first mock exam is the "long-term rental apartment +consumer
finance"mode,which is based on the "rent loan"business.It has issued the "Ziroom
No.1"asset securitization product,which is the first single housing lease installment
loan asset securitization product in China,and it has certain representativeness.
Through the analysis,it is found that the "Ziroom No.1"product mainly faces the
following risks:the quality risk of basic assets,the risk of cash flow prediction and
other risks related to basic assets;rating risk,interest rate risk,prepayment risk and
other risks related to asset-backed securities;moral hazard of original equity holders,
II
Abstract
failure of participating institutions to perform due diligence and other important
participant risks.Further explore that the "Ziroom No.1"product adopts diversified
means to reduce the possible risks of the product in its design and management,such
as establishing a risk control system to reduce the default risk of tenants,improving
the credit rating of the product by various upgrading methods,realizing risk isolation
by using the double SPV structure,setting up a revolving loan structure to stabilize
the cash flow of the product,etc.It effectively improves the safety of the product and
ensures the successful cashing of the product.Finally,on the basis of summarizing the
successful experience of "Ziroom No.1"product risk management,this paper puts
forward relevant suggestions on asset securitization risk management of long-term
rent apartment,so as to promote the better development of long-term rent apartment
enterprises in the future.
Key words:Long-term apartment;Asset securitization;Risk management
III
目录
目录
摘要.............................................................................................................................I
ABSTRACT....................................................................................................................II
第1章绪论................................................................................................................1
1.1研究背景.............................................................................................................1
1.2研究意义.............................................................................................................5
1.3研究方法.............................................................................................................6
1.4可能的创新与不足.............................................................................................6
第2章文献综述与理论基础....................................................................................8
2.1文献综述.............................................................................................................8
2.1.1资产证券化动因研究..................................................................................8
2.1.2资产证券化风险管理研究..........................................................................9
2.1.3长租公寓资产证券化研究........................................................................11
2.1.4文献评述....................................................................................................12
2.2理论基础...........................................................................................................13
2.2.1资产重组理论............................................................................................13
2.2.2风险隔离理论............................................................................................13
2.2.3信用增级理论............................................................................................14
第3章长租公寓资产证券化特点、模式及风险分析..........................................15
3.1长租公寓资产证券化特点...............................................................................15
3.1.1融资主体信用级别较低............................................................................15
3.1.2产品期限较短............................................................................................15
3.1.3未来现金流不稳定....................................................................................16
3.1.4底层资产分散............................................................................................16
3.2长租公寓资产证券化模式...............................................................................16
3.2.1房地产信托投资基金——REITs 模式.....................................................17
3.2.2商业房地产抵押贷款资产证券化——CMBS 模式.................................17
3.2.3信托受益权资产证券化——ABS 模式....................................................18
3.2.4对比分析....................................................................................................18
3.3长租公寓资产证券化风险分析.......................................................................19
3.3.1信用风险....................................................................................................20
3.3.2技术风险....................................................................................................22
3.3.3外部环境风险............................................................................................23
第4章“自如1号”产品案例分析......................................................................25
I