| Since the 1990 s,the real estate industry has had an important connection with the national economy and is a pillar industry for China's economic development.As a capital-intensive industry,real estate has the characteristics of a long construction period and a large number of projects,so it needs sufficient funding support.The destocking and deleveraging policies proposed by the eleventh meeting of the Central Finance and Economics Leading Group in 2015 brought great challenges to real estate business financing,forcing real estate companies to actively explore new financing methods.However,due to the underdeveloped financial market and unstable real estate market in China,the real estate industry in China still faces the problems of few financing channels and high financing pressure.The emergence of real estate trust investment funds not only eases the problem of financing difficulties in the real estate industry,but also provides new investment channels for small and medium investors,and promotes a virtuous circle of real estate and finance.In 2015,the “Penghua Qianhai Vanke Real Estate Trust Investment Fund” jointly issued by Vanke Enterprise Co.,Ltd.and Penghua Fund Management Co.,Ltd.was listed on the Shenzhen Stock Exchange,marking the development of China's real estate trust investment funds.step.At present,China's real estate trust investment funds are in the exploratory stage.How to do a good job of risk management and control is a prerequisite for their healthy development.This article selects "Penghua Qianhai Vanke Real Estate Trust Investment Fund" as the research object,uses the analytic hierarchy process to evaluate the risk of the fund,and analyzes the specific practices and limitations of Penghua Qianhai Vanke Real Estate Trust Investment Fund risk management And shortcomings,and on this basis,put forward risk management recommendations for the fund.First of all,based on combing the research status at home and abroad and summarizing related concepts and theories,this article expounds the development status of real estate trust investment funds in China,explores the causes of real estate trust investment funds,and analyzes the problems existing in real estate trust investment funds in China.Secondly,the risk of Penghua Qianhai Vanke Real Estate Trust Investment Fund is specifically analyzed in the form of a case.By analyzing the basic situation of the fund,it is found that the fund has market risks,operational risks,and external environmental risks during the operation.Among them,market risks mainly include fluctuation risks of economic cycles,interest rate risks and price risks;operational risks mainly include management risks,agency risks,investment risks,etc.;external environmental risks mainly include policy risks and legal risks.Next,the above risks were evaluated,and the weights of the risks were determined using the analytic hierarchy process,and the impact of risks on Penghua Qianhai Vanke Real Estate Trust Investment Fund was analyzed in depth.Finally,this paper analyzes the specific risk management and control measures of Penghua Qianhai Vanke,including credit enhancement measures,internal control systems,and post-investment management.It studies the limitations of the fund's multiple principal-agent relationships and the shortcomings of credit enhancement,and proposes accordingly Certain risk control recommendations.The research results show that the impact of Penghua Qianhai Vanke Real Estate Trust Investment Fund's risk is in descending order For market risk,operational risk and external environmental risk.This article believes that in the future development of Penghua Qianhai Vanke Real Estate Trust Investment Fund,market analysis should be strengthened,and a risk early-warning mechanism and risk monitoring system should be established to reduce market risks.In daily operations and management,the quality of basic assets should be emphasized.Establish a diversified investment strategy and optimize credit enhancement methods;at the same time,we must also focus on the training of professional personnel and provide a certain incentive mechanism for agents of the fund to effectively reduce the risks of real estate trust investment funds. |
PDF Full Text Request