iii 摘要 房地产天然的资金密集、开发周期长、资金周转慢的特点，决定了房地产业的 发展离不开金融的支持。房地产非标融资规模及占比不断提高，加之房地产行业经 过将近30年的发展，房价快速上涨，房地产领域已经集聚了较多的金融风险。 鉴于传统银行、信托等金融机构信贷方面已经建立了系统全面的风险控制措 施，本文主要基于投资人视角下资产管理公司角度，针对委托贷款、名股实债、信 托贷款等三种类型的非标债权，并结合本人负责的公司房地产投资项目风险管理 工作，对房地产非标债权投资的风险管理和控制进行剖析和研究，进而形成和改进 公司的房地产非标债权投资的风险管理体系和管理措施。同时亦希望能够通过研 究结果，反向给传统银行和信托等金融机构的房地产领域投资的风险管理提供一 定的借鉴和参考。 本文首先从房地产及房地产金融的发展背景出发，从金融风险管理、金融机构 的风险管控措施、房地产非标债权的相关研究三个方面总结了国内外的相关文献， 并指出了目前的研究缺少基于投资人视角下的资产管理公司方面的和实际操作执 行层面的风险管理识别、评价、应对研究。其次介绍了非标资产的概念和划分、业 务模式和发展现状以及房地产非标债权业务的状况。并简要介绍了风险管理、金融 风险、信息不对称和巴塞尔委员会的监管思想体系等相关理论，并最终明确了本文 进行研究的主要方法是文献分析发、专家调查打分法、层次分析法、群决策法。第 三介绍了Z公司房地产非标债权投资的风险管理现状和存在的问题，并最终采用 风险识别常用的定性识别和定量识别方法，通过专家调查对Z公司房地产非标债 权投资的风险进行识别，明确识别结果，确认最终风险清单。第四运用专家调查、 层次分析法、群决策法等方法确定了风险因素的总体权重排序，并对主要风险进行 了分析，并根据实际工作内容建立了风险评价标准，以便对项目风险进行评价。同 时亦通过真实的案例情况对确定的风险评价标准进行检验，最终确定了评价标准 的适用性。第五针对识别出的各项风险因素提出了未来Z公司房地产非标债权投 资风险管理的详细应对措施，有利于公司改善管理水平和明确风险管理方向。最后 对全文进行总结与展望，指出了本文最终得出的结论和本文研究存在的不足之处。 关键词：资产管理公司；非标债权投资；群决策；层次分析法；风险评价；风险应 对 北京交通大学硕士专业学位论文 ABSTRACT iv ABSTRACT The inherent characteristics of the real estate, which are high capital intensity, long development cycle and low turnovers, determines that the development of the real estate industry cannot be separated from the financial support. Due to the expansion of the non- standard financing scale and the prosperity of the real estate industry in recent 30 years, the housing price has increased rapidly, which has led to high financial risks in relevant real estate industry. Since systematically comprehensive risk control measures for credit have been built by traditional financial institutions, such as the bank and the trust company. The objective of the article is to analyze the risk management and control of the non-standard debt investment, from the perspective of asset management company and to suggest several improvement measures for asset management company based on the risk management system of the non-standard debt investment. The first of the article begins with the development background of the real estate industry and the real estate finance, summarizing the literature at home and abroad from three aspects which are financial risk management, risk control measures of the financial institution and non-standard debt investment. The second introduces the concept, business model and the development status of the non-standard asset, as well as the situation of Real estate non-standard financing business, and briefly explains the theory of risk management, Financial risk management, asymmetric information theory and the Basel Committee on Banking Supervision’s supervision system. Finally, Group Decision Analytic Hierarchy Process is used to measure the weights of each risk factor. The third Introduced the current situation and issues of the risk management of non-standard debt investment existing in Z company. The risk factors of Z company's real estate non- standard debt investment are identified and the final risk list is confirmed. The fourth, using expert survey method, AHP and group decision-making method to determine the weight of risk factors, and analyze the main risks. On this basis, according to the work content, the risk evaluation standard is established to evaluate the project risk. The fifth Based on the main risks analyzed above,this chapter puts forward the risk response measures of Z company's real estate non-standard debt investment.In the end, there is a conclusion and reflection of the research at the end of article. KEYWORDS：Asset management company; Non-standard debt investment; Group decision making; Analytic hierarchy process; Risk assessment; Risk response; 北京交通大学硕士专业学位论文 目录 v 目录 摘要 .......................................................................................................................... III ABSTRACT ............................................................................................................ IV 1 绪论 .................................................................................................................. 1 1.1 选题背景及意义 .......................................................................................... 1 1.1.1 选题背景 .............................................................................................. 1 1.1.2 研究意义 .............................................................................................. 2 1.2 国内外研究现状 .......................................................................................... 3 1.2.1 国外文献综述 ...................................................................................... 3 1.2.2 国内文献综述 ...................................................................................... 4 1.2.3 文献述评 .............................................................................................. 7 1.3 研究内容和方法 .......................................................................................... 8 1.3.1 研究内容 .............................................................................................. 8 1.3.2 研究方法 .............................................................................................. 8 1.4 技术路线 .................................................................................................... 10 2 相关理论与风险评价方法综述 .................................................................... 11 2.1 房地产非标债权 ........................................................................................ 11 2.1.1 非标资产及其划分 ............................................................................ 11 2.1.2 非标业务模式及发展现状 ................................................................ 11 2.1.3 房地产非标债权投资业务 ................................................................ 13 2.2 相关理论综述 ............................................................................................ 14 2.2.1 风险管理理论 .................................................................................... 14 2.2.2 金融风险理论 .................................................................................... 14 2.2.3 信息不对称理论 ................................................................................ 15 2.2.4 巴塞尔委员会的监管思想 ................................................................ 16 2.3 风险评价方法 ............................................................................................ 16 2.3.1 文献分析法 ........................................................................................ 16 2.3.2 专家调查打分法 ................................................................................ 17 2.3.3 层次分析法 ........................................................................................ 17 2.3.4 群决策法 ............................................................................................ 19 北京交通大学硕士专业学位论文 目录 vi 3 Z公司房地产非标债权投资现状及风险识别 ............................................. 20 3.1 Z公司发展现状 ...............................................