基于巴塞尔协议II的房地产体系及方法研究.docVIP

基于巴塞尔协议II的房地产体系及方法研究 基于巴塞尔协议 II 的房地产评级体系及方法研究 中文摘要 评级是房地产业中的一个全新领域。在发达国家,作为不动产估价不可 或缺的组成部分,房地产评级分析很久以前就被作为评价项目融资地位的方 法。由于个别市场体系状况和实践的差异,国际化显著增加了不动产市场的 复杂性,跨国交易的增加产生了新的管理规定,如国际会计准则和巴塞尔协 议II。对这些准则的正确执行要求系统化的工具,从而借助房地产评级来横 向比较。 国内尚不存在成型的房地产评级体系和专业的评级机构,大多数评级研 究的对象是信用或企业。在房地产方面,则侧重于可行性研究阶段的投资风 险分析和经济评级价。随着与世界经济的逐渐融合,尤其是金融资本市场的 相互渗透,客观上需要相对统一的房地产评级标准,以便于进行比较分析。 本文的研究目的是从房地产市场分析的角度,借鉴国外经验,提供一套 适合于中国国情的微观水平的房地产评级体系。本文将参与评级的房地产划 分为四种类型:居住、商业、商务办公和工业,并针对各类型的特点分别建 立指标体系。然而,基本准则层是一致的,即市场状况、区位因素、实体特 征和收益能力。作为前沿研究,本文未能利用已有数据建立定量评级模型, 而是采用了德尔菲法确定各指标的权重。在论文的昀后一部分,选取了代表 性案例进行模拟评级分析,并与其市场定位和发展前景进行比较,证明结果 是非常适用的。 关键词:新巴塞尔协议;房地产评级;指标体系;德尔菲法基于巴塞尔协议 II 的房地产评级体系及方法研究 ABSTRACT Rating is a new discipline in the property industry. In developed countries, as an indispensable part of real estate appraisal, property rating analysis is a long-established procedure for assessing financial standing of the targeted propertyProperty and market rating is set to become an indispensable part of real estate appraisal. The internationalization of real estate markets has significantly increased complexity due to the different framework conditions and practices on individual markets, resulting in new regulatory requirements such as IAS and Basel II. The correct implementation of these rules requires systematic instruments that enable a comparison of properties by means of rating There is not any normal property and market rating system or professional rating agency in China, and most objectives of the rating studies are credit or businessWith regard to properties, the main focuses are the investment risk analysis and economic evaluation in the stage of feasibility study. With the gradual integration into the world economy, especially the mutual infiltration of the capital markets, relatively uniform standards of property and market rating need to be constructed in China, so as to facilitate comparative analysis The aim of this study is to provide an effective micr