I 摘要 近三年来，受金融行业强监管、房地产企业去杠杆影响，房地产企业融资渠道全面 收紧。在银行表内贷款额度有限、房企发债审核较严、私募非标融资渠道收缩的背景下， 房企通过信托融资的需求非常旺盛。信托业务因实体企业信用违约风险上升、政府融资 平台去政府信用、资本市场表现低迷使得房地产信托业务成为了信托公司的主要业务和 盈利点。房地产行业有着项目开发时间长、资金需求量大以及不确定因素多的特点，这 导致房地产信托业务的风险明显高于其他投向的信托业务。随着房地产信托项目存续规 模的逐年剧增，其是否能按期兑付，以及存续期间的风险管理问题也日益突显，如何进 行房地产信托业务中风险的精准识别、有效控制和风险处置则成为了各信托公司的首要 任务。 本文首先对研究背景和意义进行了分析，并归纳了研究内容及方法；其次对风险管 理、房地产信托业务理论进行了综述，依据上述理论对国内和国外的房地产信托现有的 模式、风险情况和存在的相关问题进行了研究学习；再次以 XA 信托公司房地产信托业 务为研究对象，对其存在的风险管理问题及成因进行分析；最后依据相关理论提出了如 下解决方案，（1）风险管理机构设计，（2）风险管理体系设计，（3）风险管理方法和流 程设计，（4）风险管理信息系统架构设计，并总结了解决方案实施的保障措施。 关键词，信托，房地产信托业务，风险管理西北大学硕士学位论文 II ABSTRACT In recent three years, the financing channels of real estate enterprises have been fully tightened up due to the strong regulation of financial industry and deleveraging ofreal estate industry. Trust financing of real estate enterprises is in great demand against the background of limited banks' on-the-books lending, strict debt issuance review of real estate enterprises and shrinking in private investment fund nonstandard bond financing. In the trust industry, real estate trust business has become the main business and profit opportunity for trust companies, because of the growing risks of default in brick-and-mortar enterprises, the decreasing government credit in government financing vehicles and depressed capital market. The real estate industry is characterized with prolonged project developing, huge demand for capital and a large number of uncertainties. All of these make real estate trust business having significantly higher risk than other investment trust business. As the scale of real estate trust business is increasing dramatically, redemption risk has also increased significantly. How to accurately identify, effectively control and dispose risks in real estate trust business have turned into top priority for trust companies. This paper analyzes the research background and significance, and summarizes the research content and methods in the first place. Then I review the theories of risk management and real estate trust business, and analyzes the current situation of real estate trust business at home and abroad, the real estate trust business model, existing problems and risks in China. After that, taking real estate trust business of XA trust company as research object, I analyze its existing risk management problems and causes. Finally, the following solutions are proposed according to relevant theories: (1) risk management consultant design, (2) risk management system design, (3) risk management methodologies and processes design, (4) risk management information system architecture design, and summarize safeguards for the implementation of the solutions. Keywords: Trust, real estate trust business, risk management目 录 III 目 录 摘要................................................................................................................................I ABSTRACT................................................................................................................... II 目 录............................................................................................................................III 第一章 绪论...................................................................................................................1 1.1 研究的背景及意义................................................................................................ 1 1.1.1 研究的背景 ................................................................................................... 1 1.1.2 研究的意义 ................................................................................................... 2 1.2 研究的内容及方法................................................................................................ 3 1.2.1 研究的内容 ................................................................................................... 3 1.2.2 研究的方法 ................................................................................................... 4 1.3 论文的主要贡献 ................................................................................................... 4 第二章 房地产信托业务的理论基础与现状.................................................................6 2.1 房地产信托业务和风险管理相关理论................................................................. 6 2.1.1 房地产信托业务理论 .................................................................................... 6 2.1.2 风险管理理论................................................................................................ 7 2.2 房地产信托业务的模式...................................................................................... 10 2.2.1 债权类房地产信托业务 .............................................................................. 10 2.2.2 股权类房地产信托业务 .............................................................................. 10 2.2.3 混合类房地产信托业务 .............................................................................. 11 2.2.4 收受益权类房地产信托业务 ...................................................................... 11 2.3 房地产信托业务的现状...................................................................................... 12 2.3.1 国外房地产信托业务的现状 ...................................................................... 12 2.3.2 我国房地产信托业务的现状 ...................................................................... 13 2.4 我国房地产信托业务存在的问题和风险 ........................................................... 15 2.4.1 我国房地产信托业务存在的问题............................................................... 15 2.4.2 我国房地产信托业务存在的风险............................................................... 16 第三章 XA 信托公司房地产信托业务模式和风险管理现状及问题分析..................18西北大学硕士学位论文 IV 3.1XA 信托公司基本情况 ........................................................................................ 18 3.1.1 XA 信托公司简介 ........................................................................................ 18 3.1.2 XA 信托公司业务概况 ................................................................................ 19 3.2XA 信托公司房地产信托业务模式及风险管理现状 .......................................... 20 3.2.1 XA 信托公司房地产信托业务模式 ............................................................. 20 3.2.2 XA 信托公司内控与风险管理体系现状 ..................................................... 24 3.3XA 信托公司房地产信托业务风险管理中存在的问题 ...................................... 29 3.3.1 房地产信托业务部分内部制度欠缺 ............................................................ 29 3.3.2 尽职调查中风险管理意识落后.................................................................... 30 3.3.3 未形成房地产信托业务系统的风险管理流程............................................. 31 3.3.4 缺少专业的房地产信托业务风险管理人才 ................................................ 31 3.4XA 信托公司房地产信托业务风险管理问题成因分析 ...................................... 32 3.4.1 外部因素 ..................................................................................................... 32 3.4.2 内部因素 ..................................................................................................... 33 第四章 XA 信托公司房地产信托业务风险管理的解决方案.....................................36 4.1 风险管理机构设计................................