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    长租公寓运营商资产证券化模式的选择

    摘要

    在中央“房住不炒”的政策定位之下,我国住房供给制度开始由“住房买卖为主”向“租购并举”转变,住房租赁市场得到了进一步的发展。住房租赁市场现金流回收较慢的特点,使其面临金融支持方面的阻碍,但这一特点恰好契合资产证券化模式。目前长租公寓运营商资产证券化模式分为两大类:一类是以债权为抵押物发起的资产证券化产品(即ABS和ABN类产品),采取这类融资方式的长租公寓大都表现为轻资产的运营模式;另一类是兼有股权和债券性质的类REITs产品,采取这类融资方式的长租公寓大都表现为重资产的运营模式。目前长租公寓资产证券化存在异化为传统融资的倾向,可能成为新形式的影子银行等问题。我们建议:长租公寓证券化产品需要进行破产隔离和增信方面的管理、设计合理的税收优惠体系、消除以信托计划形式资产证券化产品公募上市的法律障碍。

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    Abstract

    Under the policy background of “Housing is for living in,not for speculation”,the housing supply system of China began to shift from “encourage purchase” to “encourage both renting and purchase”,and the housing rental market has been further developed. The characteristics of rental cash flow are slow and frequent,which became main obstacle for apartment operators getting financing,but these features are suitable for implementation of asset securitization. At present,the asset securitization models of long-term rented apartment operators in China are divided into two patterns:One kind of asset securitization products is Asset Backed Securities or Asset Backed Notes,of which underlying assets are secured debts. Most apartment operators with asset-light strategy adapted to this model on finance. The other pattern is non-standard REITs products with both equity and bond properties. Long-term rental apartments that adopt this financial method mostly took asset-heavy strategy on operation. There are some problems in asset securitization of long-term rental apartments. The asset securitization on apartment assets tends to be alienated into traditional financing,which may become a new form of shadow banking. As to these problems,we suggest that,the underlying asset of long-term rental apartments need to be bankruptcy isolated and take credit enhancement measures;a reasonable tax system adapted to securitization need to be delicately designed;some legal barriers on public listing of asset securitization products need to be removed.

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    作者简介
    蔡真:蔡真 金融学博士。现任中国社会科学院金融研究所金融实验室副主任,副研究员,国家金融与发展实验室房地产金融研究中心主任,高级研究员。主要研究领域:房地产金融研究,金融泡沫与宏观审慎研究。在《金融评论》、《经济管理》、《经济学家》、《中国金融》、《中国房地产业》等学术期刊和行业期刊发表论文二十余篇。主持过住建部、人民银行、上海市政府、地产公司、小贷公司委托的多项课题。
    崔玉:暂无简介
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