基于熵权法-CIM的公租房REITs融资风险评价
(南京工业大学土木工程学院,江苏 南京 211816)
- 文献要素
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摘要:针对公租房REITs融资运行方案,通过文献研究结合WBS-RBS法对融资过程中的风险因素进行识别与筛选,构建包括13个二级风险指标的风险评价指标体系。然后使用熵权法计算各指标权重,利用CIM模型得出项目的综合风险等级,最终通过案例验证模型可行性,为公租房管理者的决策提供依据。关键词:公租房;REITs;WBS-RBS;熵权法-CIMAbstract:This paper identifies and screens the risk factors in the financing process through the literature research combined with the WBS-RBS method based on the specific public rental housing REITs financing operation plan,and constructs risk assessment indicator system of 13 secondary risk indicators. Then,uses the entropy weight method to calculate the weight of each risk evaluation index,and obtains the comprehensive risk level of the project with the CIM model. Finally,verifies the feasibility of the model by case analysis,provides the basis for the decision of the public rental housing manager.Keywords:public rental housing;REITs;WBS-RBS;entropy weight method-CIM参考文献[1] 周姣.REITs及其在我国公租房建设中应用的可行性[D].上海:复旦大学,2014.[2] Michael,Devaney,William,L.Weber. Eificiency,scale economics,and economics,and the risk/return performance of real estate investment trusts[J]. The Journal of Real Estate Finance and Economics,2005(3):301-317.[3] 李勇,古丽娜.REITs融资模式在公共租赁住房建设中的应用研究[J].辽宁经济,2013(12):40-41.[4] 潘洋.广州公租房建设中REITs融资的方案设计[D].广州:华南理工大学,2013.[5] 龙钰淑.昆明市公共租赁住房采用REITs融资的运作研究[D].昆明:昆明理工大学,2018.[6] 丁宁.公租房融资模式引入REITs的方案设计[J].中国房地产,2016(19):61-65.建筑经济,2019(7):116-120