II 摘要 随着中国城市化进程的加快，一线城市房地产市场已进入存量时代，土地资 源的匮乏，使得城市新房供应减少，住宅价格逐年攀升，年轻人购房门槛也不断 提高。在此背景下，国家陆续出台相关政策法规，大力提倡租售同权政策，并鼓 励企业发展长租公寓。从2016年至今长租公寓行业发展呈现井喷态势，行业看 似一片欣欣向荣的景象。但事实上，行业发展存在诸多的问题，比如：前期投入 大、回报周期长、融资难、盈利困难等现象成为行业通病。本文主要选取行业代 表魔方中国长租公寓租金收益权资产证券化专项计划作为案例研究，结合相关理 论基础，从此次魔方中国长租公寓发行ABS的基础资产、交易架构、信用评级、 风险揭露与防范措施等方面进行研究，通过对该案例的研究，为今后长租公寓行 业开辟新的融资渠道提供参考依据。 首先，文章阐述了魔方中国长租公寓ABS的基础资产、交易结构、参与主 体、现金流向、信息披露等信息。 其次，文章对魔方中国长租公寓ABS案例进行深入分析，包括未来行业发 展前景、未来现金流预测分析，潜在风险分析，交易架构分析，信用评级分析。 值得一提的是，此次魔方中国长租公寓成功构建了双层SPV（特殊目的载体）设 计，将底层资产租金收益权转换为了具有稳定现金流的信托债权，并通过内外部 信用增级的方式，使得证券化产品中优先级债券达到了AAA级，这一创新型的 架构设计是具有极大的借鉴意义，在传统的资产证券化理论上做了极大的丰富和 完善。 再次，在上述分析的基础上，讲述了公寓行业通过ABS方式进行融资可能 存在的风险，并提出了相应的防范建议。 最后，总结出作为国内公寓行业第一单资产证券化产品，魔方中国长租公寓 ABS响应了国务院号召：加快培育和发展住房长租公寓市场。同时，通过魔方 中国长租公寓资产证券化这一成功案例，充分体现了资产证券化服务实体经济的 价值，为轻资产模式的长租公寓企业扩展了融资渠道，有利于资本市场投资者了 解长租公寓经济模式与商业价值，为未来行业同类型企业融资提供有效依据。 摘要 III 关键词：资产证券化（ABS）；信息披露；底层资产 Abstract IV Abstract With the development of China's urbanization, land resources are becoming increasingly scarce, which leads to a decrease in the supply of new houses, a year-on-year increase in housing prices, and a continuous increase in the threshold for young people to buy a house for the first time. In this context, the state has successively issued relevant policies, vigorously advocated the policy of the same right of lease and sale, and encouraged enterprises to develop the long-term rental apartment market. Since 2016, the long-term rental apartment industry has shown a blowout trend, and the industry seems to be thriving. But at the same time, it is also accompanied by many problems: large upfront investment, long return cycle, financing difficulties, profit difficulties and other common problems in the industry. This paper selected industry on behalf of the rubik's cube apartment trust usufruct asset securitization special plan as a case study, combined with the related theoretical basis, from the rubik's cube apartment issue ABS traded assets, architecture, credit rating and risk disclosure and preventive measures, through the study of the case, for the future industry provides a reference for opening up new financing channels. Firstly, the paper expounds the basic assets, transaction structure, participants, cash flow, information disclosure and other information of the ABS of rubik's cube apartment. Secondly, the ABS case of rubik's cube apartment is deeply analyzed, including future industry development prospect, future cash flow forecast analysis, potential risk analysis, transaction structure analysis and credit rating analysis. It is worth mentioning that the successful application of double rubik's cube apartment special purpose vehicle SPV architecture design will be rental income of the trust of the right to convert to have stable cash flow of creditor's rights, and through the way of internal and external credit enhancement made securitised products reached the AAA priority in bonds, this innovative architectural design is of great reference significance, also is Abstract V the traditional asset securitization theory enriched and perfected. Thirdly, based on the above analysis, the possible risks of financing through ABS in the apartment industry are described, and corresponding preventive Suggestions are put forward. Finally, summed up as the first single apartment industry domestic asset securitization products, rubik's cube flat ABS to respond to the state council to speed up the cultivation and development of the housing rental market, reflect the value of the asset securitization services entity economy, apartment for light in the operating enterprises expand the financing channels, is conducive to capital market investors to rent the apartment economic model and commercial value, for the future industry corporate finance provides effective basis for same type. Key words: Asset Securitization Trust (ABS)； Information disclosure；The underlying asset 目 录 VI 目 录 摘要 ........................................................................................................... I Abstract .................................................................................................... IV 第一章 绪论............................................................................................... 1 第一节 研究背景及研究目的 .................................................................................. 1 一、研究背景 ........................................................................................................................... 1 二、研究目的 ........................................................................................................................... 2 第二节 文献综述 ...................................................................................................... 3 一、国内资产证券化相关研究 ............................................................................................... 3 二、国外资产证券化相关研究 ............................................................................................... 4 第三节 研究思路、研究框架及主要内容 ............................................................ 5 一、研究思路与框架 ............................................................................................................... 5 二、研究内容 ........................................................................................................................... 6 三、研究方法 ........................................................................................................................... 6 第二章 资产证券化概念及理论基础 ...................................................... 8 第一节 资产证券化基本概念及操作流程 .............................................................. 8 一、资产证券化的概念 ........................................................................................................... 8 二、资产证券化操作流程 ..................................................................................................... 10 第二节 资产证券化理论依据 ................................................................................ 13 一、基础资产现金流分析 ..................................................................................................... 13 二、资产重组理论 ................................................................................................................. 15 三、风险隔离理论 ................................................................................................................. 15 四、信用增级理论 ................................................................................................................. 16 第三章 魔方中国长租公寓资产证券化现状讨论 ................................ 17 第一节 魔方中国长租公寓介绍 ............................................................................ 17 一、行业所处地位介绍 ......................................................................................................... 17 二、市场份额及业务模式 ..................................................................................................... 18 三、财务状况及现金流分析 ............................................................