国际双语教材

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8月15日

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Investment decision analysis/投资决策分析

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

1.1Overview/概述

1.2Investors/投资者

1.2.1Investment alternatives/投资方式

1.2.2Bond market/债券市场

1.2.3Stock market/股票市场

1.2.4Real estate/房地产

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

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

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

1.3.1Capital market/资本市场

1.3.2Space market/空间市场

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

1.3.4key topics/关键主题

1.3.5Cap rate trends/资本化率趋势

 

2.Ownership entities/所有权实体

2.1Legal ownership forms/法定所有权形式

2.1.1Sole proprietorship/独资企业

2.1.2Partnerships/合伙公司

2.1.3Corporations/法人公司

2.2Public real estate investment trusts/公募REITs

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

2.3.1Pension funds/养老基金

2.3.2Joint ventures/合资企业

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

 

3.Taxation/税务

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

3.1.1classification/分类

3.1.2Basis and adjustments/基数及其调整

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

3.2.1Adjustment to basis/基数调整

3.2.2Depreciation/折旧

3.2.3Operation/运营

3.2.4Methods of depreciation/折旧方法

3.2.5Capital expenditures/资本性支出

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

3.3.1Methods of disposition/处置方法

3.3.2Effective tax rate/实际税率

 

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

4.1Financial leverage/融资杠杆

4.1.1Types of leverage/杠杆类型

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

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

4.2Loan underwriting/贷款审核

4.2.1Loan sources/贷款来源

4.2.2Underwriting criteria/审核标准

4.2.3Underwriting process/审核流程

4.3Commercial real estate loan structure/贷款结构

4.3.1Initial loan amount/初始贷款额

4.3.2Nominal interest rate/名义利率

4.3.3Amortization period/分期偿还期

4.3.4Loan term/贷款期限

4.3.5Period payment/定期还款额

4.3.6Mortgage constant/贷款常数

4.3.7Loan balance/贷款余额

4.4Calculating loan components /计算贷款构成

4.5Determining loan amount/确定贷款金额

4.5.1Loan-to-value ratio/贷款价值比

4.5.2Debt-service coverage ratio/偿债备付率

4.5.3Annual debt service/年度还款额

4.5.4Note on debt coverage/偿债偿付说明

4.6Loan fees and loan costs/贷款费用和贷款成本

4.6.1Impact of loan fees/贷款费用的影响

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

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

4.7Financing alternatives/融资方式

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

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

4.8Terms/条款

4.9Participation loans/参股式贷款

4.10Groud leases/土地租赁

4.11Joint ventures/合资企业

4.12Borrower analysis/借款人分析

 

5.Real estate risk analysis/房地产风险分析

5.1Risk concepts /风险概念

5.1.1Risk and return/风险与收益

5.1.2What is risk/风险是什么?

5.1.3Risk versus uncertainty/风险与不确定性

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

5.2.1Expected returns/预期收益

5.2.2Standard deviation of returns/收益标准差

5.3Types of risk/风险类型

5.4Important risk measures/重要风险测算

5.4.1Scenarios/情景分析

5.4.2Sensitivity analysis/敏感性分析

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

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

5.5.1Hedging risks/对冲风险

5.5.2Diversification/多元化

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

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

5.5.5Options/期权

 

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

6.1Basic value concepts/基础价值概念

6.1.1Market value/市场价值

6.1.2Investment value/投资价值

6.1.3Other types of value/其它价值类型

6.2Approaches to valuation/估值方法

6.2.1Sales comparison approach/销售比较法

6.2.2Cost approach/成本法

6.2.3Income capitalization approach/收入资本化法

6.3Investment comparison: investment ratios/投资比较

6.3.1Gross rent multiplier/总租金乘数

6.3.2Capitalization rate/资本化率

6.3.3Cash on cash/现金比

6.4Valuation for commercial investment/商业投资评估

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

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

6.4.3Capital accumulation/资本积累

 

7.Asset management/资产管理

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

7.1.1Evaluating property markets/物业市场评估

7.1.2Evaluating capital markets/资本市场评估

7.1.3Evaluating space markets/空间市场评估

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

7.2.1Ownership phase/持有阶段

7.2.2The refinance decision/再融资决策

7.2.3Renovation decisions/改造决策

7.2.4Disposition phase/处置阶段

7.3Calculating the investment base /计算投资基数

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

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

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

7.3.4Exchange/置换

7.3.5Using investment bae/运用投资基数

 

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

8.1Outright (all cash) sale/全现金销售

2020-05-20 18:51
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