摘要
对公租房证券化及类REITs的基本概念进行了解释,认为公租房类REITs运行应包括五大方面,即破产隔离机制、风险转移机制、产品分级机制、信用增级机制、产品定价机制,并分别进行了探讨,为公租房类REITs的实施提供借鉴。
This paper explains the basic concepts of low-rent public housing securitization and quasi REITs. It holds that the operation mechanism of low-rent public housing quasi REITs should include five aspects,namely bankruptcy isolation mechanism,risk transfer mechanism,product classification mechanism,credit enhancement mechanism and product pricing mechanism,which are discussed respectively to provide reference for the implementation of low-rent public housing quasi REITs.
引文
[1]曹宏铎,李旲,张晓云.面向文化资产证券化定价的GBass随机扩散预测模型研究[J].管理工程学报,2017,31(1):192-200.
[2]郭杰群.中国CMBS、类REIT的运作模式、交易结构设计与风险控制[J].清华金融评论,2017(12):82-84.
[3]苏虹,陈勇. REITs对培育租赁市场的意义及发展路径探讨[J].城市发展研究,2016,23(4):118-124.
[4]张勇,杨招军,罗鹏飞.信贷资产证券化模式选择与产品设计[J].中国管理科学,2016,24(12):1-9.
[5]汤正洪,何建敏,尹群耀.保函证券化设计与定价——基于投资者视角[J].系统工程,2016(2):51-56.