| Although the long-term rental apartment industry is still in the development stage,it has a broad development prospect.With the gradual expansion of the long-term rental apartment market,the demand for funds is expanding.REITs has its unique advantages compared with other asset securitization financing modes,which is the best way to realize the smooth financing of long-term rental apartment.The asset securitization value evaluation of long-term apartments is the key to the issuance of REITs products.Therefore,from the perspective of the property value of long-term apartments,this paper explores the method of asset securitization value evaluation of long-term apartments based on the REITs model,hoping to provide a new idea and method for the theory of Asset Securitization value evaluation of long-term apartments in China.First of all,we have combed the domestic and foreign literature of long-term apartment,REITs and REITs value evaluation,analyzed the current situation and problems in asset securitization value evaluation of long-term apartment industry,and explored the shortcomings.Secondly,through the comprehensive comparison of the three evaluation methods,income method is selected as the basic model of this study,and in view of its lack of applicability in the long-term apartment industry,it is improved.The basic idea is that the calculation method of expected income is basically the same,and Monte Carlo simulation method is independently applied to the calculation of income.In this paper,the prediction of income refers to net cash flow In order to reduce the impact of subjective factors,Monte Carlo simulation method is used to predict the net cash flow.Firstly,the mathematical model of net cash flow of the underlying assets of REITs is established,and then the data is collected to determine the probability distribution of the uncertain items that affect the cash flow factors,and theconfidence interval and simulation times are determined by random sampling.Then the collected data can be obtained through sorting and calculation Based on the income of the underlying assets of REITs from the perspective of property value,a new REITs value calculation method is determined by combining the discount rate and capitalization rate.After the completion of the improvement of the scheme,Xuhui Lingyu REITs is selected as the case to analyze the application of the above-mentioned improvement scheme to verify the scientific rationality of the model.The evaluation result of this paper is close to the actual issue value.Finally,the paper summarizes and analyzes the evaluation process and results,which provides some basis and ideas based on the property value angle for the enterprises in the investment decision-making,and also provides new feasible ideas for the similar industries and enterprises in the long-term apartment asset securitization value evaluation. |
