房地产金融与投资（54学时）课程简介

房地产金融与投资课程是一门全面介绍和讲解与房地产有关的金融与投资业务的重要课程。这门课由两大部分组成：房地产金融；房地产投资。

其中房地产金融的主要内容是详细向员工讲授如何运用金融分析方法开发设计多样化的房地产信贷金融产品，目前国内外正在使用的各类型房地产信贷金融产品都将在这部分被详细讨论到。基于这些房地产信贷金融产品，对收益类房地产投资的投资分析进行详细介绍；另外还将向员工介绍如何运用不同类型房地产信贷金融产品，构建不动产交易的资金融通基础，以帮助房地产投资者和消费者提高住房消费的购买力。本课程还将详细介绍如何通过以住房抵押贷款证券化为主的二级抵押贷款市场筹集贷款资金；如何通过房地产保险等规避贷款风险；如何建立和完善房地产开发建设融资体系，帮助开发商筹集资金。在房地产金融部分，各类以房地产为标的的金融衍生产品，例如MBS，CMBS等都将被较为详细的介绍，其中各种房地产金融衍生品的定价和投资组合也将涉及到。

在房地产投资分析部分，该部分课程将详细介绍房地产投资的财务分析方法，向员工讲授如何从开发商和投资者的角度，进行房地产市场分析，房地产投资的财务分析和风险分析，如何进行科学的房地产投资决策等问题，这其中包括对房地产资产价值的评估方法介绍，房地产投资的现金流量预测介绍，房地产项目的负债融资和交易结构介绍，持有型物业的投资收益分析介绍等。

总体来说，这门课程的内容非常丰富，学习的主要方法是花费更多的预习时间用于提前了解上课的内容。另外，这门课程着重于数据与实际分析解答，并且需要熟练的使用金融计算器，而且有一定数量的案例题目练习和电子数据表格的财务分析。

使用教材：

1. A financial calculator or a laptop computer.

2. Text: Real Estate Finance and Investments, by Brueggeman and Fisher (BF). Thirteenth Edition. McGraw-Hill Irwin, Inc. 2008.

3. Copies of the PowerPoint slides used in class are available in the lecture package

Real Estate Finance and Investments (54 class hours)

The primary objectives of this course are to: (1) conduct income property investment analyses; (2) develop the technical competence necessary to structure real estate transactions; and (3) understand the financial assets securitized by real estate. The student will analyze income properties using Excel spreadsheets.

The secondary market for mortgages and mortgage backed securities (MBSs) will be examined in some detail. Topics covered include a survey of the private and public institutions that participate in the secondary mortgage market; pooling mortgages to create a MBS; and pricing MBSs. The course will examine both single-family property MBSs and commercial property mortgage backed securities (CMBSs). The homogeneity of the mortgage pool, prepayment risk, and default risk are examined in some detail. The course will also examine real estate investment trusts (REITs) and returns to real estate investments.

《房地产金融与投资》课程教学进度计划