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8月15日

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Investment decision analysis/投资决策分析

INVESTMENT DECISION ANALYSIS/投资决策分析

1.Introduction to investment decision making/投资决策简介... 1

1.1Overview/概述... 1

1.2Investors/投资者... 3

1.2.1Investment alternatives/投资方式... 4

1.2.2Bond market/债券市场... 4

1.2.3Stock market/股票市场... 4

1.2.4Real estate/房地产... 5

1.2.5Four quadrants of real estate investment/房地产投资四象限... 5

1.2.6sources of debt and equity capital/债权和股权资本来源... 6

1.3Space market versus capital market/空间市场与资本市场... 6

1.3.1Capital market/资本市场... 6

1.3.2Space market/空间市场... 7

1.3.3Interaction between the space and capital market/相互影响... 8

1.3.4key topics/关键主题... 8

1.3.5Cap rate trends/资本化率趋势... 9

2.Ownership entities/所有权实体... 10

2.1Legal ownership forms/法定所有权形式... 10

2.1.1Sole proprietorship/独资企业... 10

2.1.2Partnerships/合伙公司... 11

2.1.3Corporations/法人公司... 11

2.2Public real estate investment trusts/公募REITs. 12

2.3Real estate investment vehicles/房地产投资载体... 13

2.3.1Pension funds/养老基金... 13

2.3.2Joint ventures/合资企业... 13

2.3.3Syndication/group funding sources银团/集团资金来源... 14

3.Taxation/税务... 16

3.1Tax consideration at acquisition/获取时税务考虑... 16

3.1.1classification/分类... 16

3.1.2Basis and adjustments/基数及其调整... 16

3.2Tax considerations during operations/运营期税务考虑... 18

3.2.1Adjustment to basis/基数调整... 18

3.2.2Depreciation/折旧... 18

3.2.3Operation/运营... 18

3.2.4Methods of depreciation/折旧方法... 19

3.2.5Capital expenditures/资本性支出... 19

3.3Tax considerations at disposition/处置时税务考虑... 20

3.3.1Methods of disposition/处置方法... 20

3.3.2Effective tax rate/实际税率... 20

4.Financing real estate investments/房地产投资融资... 23

4.1Financial leverage/融资杠杆... 23

4.1.1Types of leverage/杠杆类型... 23

4.1.2Reasons for using debt financing/债务融资原因... 24

4.1.3The effects of leverage on a before-tax basis/税前杠杆影响... 24

4.2Loan underwriting/贷款审核... 28

4.2.1Loan sources/贷款来源... 28

4.2.2Underwriting criteria/审核标准... 29

4.2.3Underwriting process/审核流程... 29

4.3Commercial real estate loan structure/贷款结构... 30

4.3.1Initial loan amount/初始贷款额... 30

4.3.2Nominal interest rate/名义利率... 30

4.3.3Amortization period/分期偿还期... 31

4.3.4Loan term/贷款期限... 31

4.3.5Period payment/定期还款额... 32

4.3.6Mortgage constant/贷款常数... 32

4.3.7Loan balance/贷款余额... 33

4.4Calculating loan components /计算贷款构成... 34

4.5Determining loan amount/确定贷款金额... 34

4.5.1Loan-to-value ratio/贷款价值比... 34

4.5.2Debt-service coverage ratio/偿债备付率... 35

4.5.3Annual debt service/年度还款额... 35

4.5.4Note on debt coverage/偿债偿付说明... 36

4.6Loan fees and loan costs/贷款费用和贷款成本... 36

4.6.1Impact of loan fees/贷款费用的影响... 37

4.6.2Lender’s effective yield with given loan fees amount/有效收益计算... 37

4.6.3After-tax effective cost of funds/税后有效资金成本... 38

4.7Financing alternatives/融资方式... 38

4.7.1Sources of first lien debt /第一留置权债务来源... 39

4.7.2Advantages and disadvantages of each source/每种来源的优缺点... 40

4.8Terms/条款... 43

4.9Participation loans/参股式贷款... 47

4.10Groud leases/土地租赁... 49

4.11Joint ventures/合资企业... 50

4.12Borrower analysis/借款人分析... 51

5.Real estate risk analysis/房地产风险分析... 53

5.1Risk concepts /风险概念... 53

5.1.1Risk and return/风险与收益... 53

5.1.2What is risk/风险是什么?. 54

5.1.3Risk versus uncertainty/风险与不确定性... 55

5.2The risk and return tradeoff/风险收益权衡... 55

5.2.1Expected returns/预期收益... 55

5.2.2Standard deviation of returns/收益标准差... 56

5.3Types of risk/风险类型... 57

5.4Important risk measures/重要风险测算... 59

5.4.1Scenarios/情景分析... 60

5.4.2Sensitivity analysis/敏感性分析... 61

5.4.3Diversification and return correlation/多元化与收益的相关性... 62

5.5Mitigating and managing risk/减轻并管理风险... 64

5.5.1Hedging risks/对冲风险... 64

5.5.2Diversification/多元化... 64

5.5.3Due diligence: a chance to investigate the causes of risk/尽职调查... 65

5.5.4Contracting to manage and shift risks/承包与风险转移... 68

5.5.5Options/期权... 71

6..Investment valuation and performance/投资评估与绩效... 74

6.1Basic value concepts/基础价值概念... 74

6.1.1Market value/市场价值... 74

6.1.2Investment value/投资价值... 75

6.1.3Other types of value/其它价值类型... 75

6.2Approaches to valuation/估值方法... 75

6.2.1Sales comparision approach/销售比较法... 75

6.2.2Cost approach/成本法... 76

6.2.3Income caspitalization approach/收入资本化法... 76

6.3Investment comparison: investment ratios/投资比较... 77

6.3.1Gross rent multiplier/总租金乘数... 77

6.3.2Capitalization rate/资本化率... 78

6.3.3Cash on cash/现金比... 78

6.4Valuation for commercial investment/商业投资评估... 80

6.4.1Cap rate and return on investment/资本化率和投资收益... 80

6.4.2Investment analysis using the cash flow model/CFM投资分析... 82

6.4.3Capital accumulation/资本积累... 82

7.Asset management/资产管理... 85

7.1Asset management and real estate analysis/资产管理与房地产分析... 85

7.1.1Evaluating property markets/物业市场评估... 86

7.1.2Evaluating capital markets/资本市场评估... 86

7.1.3Evaluating space markets/空间市场评估... 87

7.2Ownership and disposition phases/持有与处置阶段... 87

7.2.1Ownership phase/持有阶段... 87

7.2.2The refinance decision/再融资决策... 88

7.2.3Renovation decisions/改造决策... 90

7.2.4Disposition phase/处置阶段... 91

7.3Calculating the investment base /计算投资基数... 91

7.3.1Comparing ownership and disposition alternatives/持有和处置比较... 92

7.3.2Refinance as an alternative to sale/再融资替代出售... 93

7.3.3Investment base for hold and refinance/持有并再融资的投资基数... 93

7.3.4Exchange/置换... 93

7.3.5Using investment bae/运用投资基数... 94

8.Hold and dispose alternatives/持有后处置方案... 95

8.1Outright (all cash) sale/全现金销售

... 95

2020-05-20 18:51
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