【作者】 刘杰；

【导师】 谢纪刚；

【作者基本信息】 北京交通大学 ， 金融硕士（专业学位）， 2020， 硕士

【摘要】 近年来,随着房地产行业的持续升温和主管部门对银行开发贷的持续监管,房地产信托逐渐成为房地产行业第二大融资渠道。为防止土地过热和房地产信托业风险积聚,2019年5月17日,银保监会出台《关于开展“巩固治乱象成果促进合规建设”工作的通知》,加强对房地产融资的监管,7月又连续约谈多家信托公司。趋严的监管环境不仅使房地产信托赖以生存的前端融资业务受限,也给信托公司房地产信托业务风险管理提出了更高的要求。目前,错位抵押交易模式由于未受到监管限制成为多数信托公司采用的前端融资方式,如何科学有效的管理错位抵押房地产信托项目风险、制定合适的风控措施以渡过房地产信托业务转型期,成为信托公司管理人员需要考虑的重点。本文通过阅读房地产信托运作模式、风险管理相关文献,确定理论基础和研究思路。其次结合我国房地产信托市场现状和监管环境,分析错位抵押交易模式存在的主要问题,并根据风险识别、评价、控制的过程构建研究框架。最后,选取G信托公司采用错位抵押交易模式的A信托计划为研究对象,站在信托公司的角度具体分析A信托计划风险管理过程中存在的问题,运用模糊层次分析法对各风险因素风险大小进行度量,进而对G信托公司风险控制措施做出评价,研究其中可借鉴之处与存在的不足。经研究发现,与其他模式相比,错位抵押交易模式在合规性、未尽受托义务、信托资金被挪用、法律纠纷方面存在较大风险;而上述风险的控制对融资方综合实力、信用能力的依赖程度较大。G信托公司严格的过程管理方案在一定程度上能够有效防范信用风险和流动性风险,但是针对管理风险作出的风控措施较少。此外,我国房地产信托各种交易模式大多是信托公司为规避监管而创造,实际操作中还是以信贷管理思路为主,更加看重融资方的综合实力、信用能力,忽视项目盈利能力等。在上述研究结论的基础上,本文提出了提高融资方综合实力评估能力、积极披露相关信息、对委托人保持公开透明、理清法律关系、加强“壳项目”过程管理等建议,为其他信托公司对错位抵押交易模式进行风险控制提供一定借鉴。更多还原

【Abstract】 In recent years,as the scale of investment in the real estate industry continues to expand and the regulatory authorities continue to monitor bank loans,real estate trusts have gradually become the second largest financing channel for the real estate industry.In order to prevent overheating of land and the accumulation of risks in the real estate trust industry,on May 17,2019,the China Banking and Insurance Regulatory Commission issued Circular 23 to strengthen supervision of real estate financing.In July,the China Banking and Insurance Regulatory Commission interviewed a number of trust companies.The stricter regulatory environment places higher requirements on the risk control of the real estate trust business of the trust company.At present,the "displaced mortgage" transaction model has become the front-end financing method adopted by most trust companies,because it is not subject to regulatory restrictions.How to scientifically and effectively manage the risk of "displaced mortgage" real estate trust projects and formulate appropriate risk control measures to overcome the real estate trust business has become the focus of trust company managers.First,through reading the real estate trust operation model and risk management related literature,the main risks faced by the real estate trust are management risk,credit risk,liquidity risk and market risk.Secondly,combined with the current situation of China’s real estate trust market and the regulatory environment,it analyzes the reasons for the selection of the "displaced mortgage" transaction model and the main problems that currently exist.Finally,take A Trust Plan as the research object.From the perspective of the trust company,it specifically analyzes the problems in the risk management process of the A trust plan,and use AHP to measure the impact of each risk factor.Furthermore,evaluating the risk control measures of GT trust company and studies the reference points and shortcomings.The research found that compared with other models,the misplaced mortgage transaction model has greater risks in compliance,unfulfilled fiduciary duties,misappropriation of trust funds,and legal disputes;However,the control of the above risks is highly dependent on the comprehensive strength and creditability of the financing party.G Trust’s strict process management plan can effectively prevent credit risk and liquidity risk to a certain extent,but there are few risk control measures for management risk.In addition,most of the real estate trust transaction modes in my country are created by trust companies to evade supervision.In practice,credit management is still the main idea,and more attention is paid to the comprehensive strength and credit ability of the financing party,and the profitability of the project is ignored.On the basis of the above research,this article puts forward suggestions for improving the comprehensive strength evaluation ability of the financier,actively disclosing relevant information,maintaining openness and transparency to the client,clarifying the legal relationship,and strengthening the management of the "shell project" process.The trust company provides a certain reference for the risk control of the "displaced mortgage" transaction mode.更多还原