【作者】 刘伟；

【导师】 王林秀；

【作者基本信息】 中国矿业大学 ， 工程管理， 2020， 硕士

【摘要】 随着中国城市化进程的不断深入和人口的大规模流动,城市房价不断高企,租售比严重失衡,为此国家颁布“租售同权”的各项政策,大力支持长租公寓的发展,而不同发展背景的运营商也纷纷试水。但与此同时,长租公寓发展的各项问题也不断涌现,其中融资难问题最为突出,而且目前所采用的“类REITs(Real Estate Investment Trust Founds,房地产投资信托基金)”融资模式的持续性比较弱、组织效率比较低,难以支持长租公寓的规模化发展。因此有必要对长租公寓REITs融资组织效率进行探讨。首先,基于REITs融资组织的构成,对长租公寓REITs组织形式和参与主体的关系进行分析,提出长租公寓REITs融资组织效率的静态与动态两个层面的内涵,并以此为基础结合期望效用理论和交易成本理论提出长租公寓REITs融资组织效率的测度方法,为之后长租公寓REITs融资组织效率的分析提供了理论来源与方法支持;其次,在一般化研究假设与参数设定的基础上,对两种组织形式下参与主体博弈模型进行构建与分析,得出相应的对比分析结果,并在此基础上进一步分析长租公寓REITs融资组织效率影响机制,从组织交易成本与参与主体风险规避程度两个方面构建了长租公寓REITs融资效率影响机制模型,为效率化组织基本框架的构建与组织效率保障机制的设计奠定了基础;然后,结合组织理论,提出长租公寓REITs融资效率化组织构建的基本思想与原则,从组织个体选择与组织选择两个角度,根据外部环境指标的具体情况,对长租公寓REITs融资组织发展的动态阶段进行划分,并以此构建出长租公寓REITs融资效率化组织的基本框架,为我国长租公寓REITs融资组织的组建和发展提供了借鉴;然后,结合机制设计理论,从优化参与主体选择、保证个体目标一致、优化组织信息共享的角度对组织合作效率保障机制进行设计,保证组织的效率性;从组织内部风险规避、外部风险监督管理以及组织安全退出的角度对组织合作风险防范机制与退出机制进行设计,保证了组织的持续性与稳定性;最后,以美国最大公寓类REITs运营商EQR为案例进行分析发现:EQR的“UP-REITs”合伙经营性组织,属于公司型的组织形式,并且具有较高的组织效率,其多年快速的发展说明了也说明其具有较高的持续性与稳定性,为中国长租公寓REITs的发展提供了借鉴。本文共包括49幅图,53个表,161篇参考文献。更多还原

【Abstract】 The prices of urban house keep rising and the ratio of rent sales has been out of balance,as the deepening of China’s urbanization process and large-scale population flow.The government issued various policies of "rent and sale with rights" to support the development of long-term rental apartment.But with the operators of different development backgrounds enter this industry,a lot of problems in the development of long-term rental apartments are also emerging.Among them,financing difficulty is the most prominent problem and the current "REITs like" financing mode is relatively weak in sustainability and organizational efficiency and can not be used to support the largescale development of long-term rental apartments.So it is necessary to discuss the efficiency of REITs financing organization of long-term rental apartments.Firstly,based on the composition of REITs financing organization,this paper analyzed the organization form and the relationship between REITs participants and elaborated the static and dynamic connotation of REITs financing organization efficiency.Then combined with the expected utility theory and transaction cost theory,the measurement method of REITs financing organization efficiency for long-term rental apartments was also put forward.All of them provided the theoretical source and method support for the analysis of REITs financing organization efficiency of longterm rental apartments.Secondly,the game model of participants under the two organizational forms was constructed and analysed based on the general research hypothesis and parameter setting and the corresponding comparative analysis results was also obtained.After these,this paper further analyzed and constructed the influence mechanism of REITs financing organization efficiency from two aspects of organizational transaction cost and risk aversion degree of participants,which lays a foundation for the construction of basic framework of efficient organization and the design of organization efficiency guarantee mechanism;Moreover,combined with the theory of organization,this paper put forward the basic idea and principle of the construction of REITs financing efficiency organization of long-term rental apartment.According to the specific situation of external environment indicators,the dynamic stages of REITs financing organization development was divided,and the basic framework of REITs financing efficiency organization was constructed from two aspects of individual and form selection of the organization,which provides a reference for the establishment and development of REITs financing organization of long-term rental apartment in China.Then,combined with the theory of mechanism design,this paper designed the guarantee mechanism of organizational cooperation efficiency from the perspective of the choice of participants,the consistency of individual goals and the information sharing of the organization to ensure the efficiency of the organization.And the prevention mechanism and exit mechanism of the organization was designed from the perspective of internal risk aversion,external risk supervision and the safety exit of it to ensure the continuity and stability of the organization;Finally,taking EQR,the largest apartment REITs operator in the United States,as an example,the empirical analysis showed that EQR’s "UP-REITs" partnership operating organization is a corporate type organization with high organizational efficiency,and its rapid development over the years shows that it also has high sustainability and stability.It also provides a reference for the development of REITs in China.49 Figures,53 tables and 161 references are contained in this paper.更多还原