会计学院知识库

     At present, China's logistics real estate industry is in a period of rapid development, and the growth of personal consumption has promoted the development of the e-commerce industry and increased the strong demand for logistics warehousing. However, a series of problems such as the large amount of invested funds and the weak ability to realize financing are the problems they face. The emergence of REITs can solve this problem and efficiently integrate into the industrial industry, thus promoting the transformation of the operation of the real estate market to "asset light". Logistics real estate as an important property type in REITs, its value appraisal is an important part of the issuance of logistics real estate REITs products, so this paper from the perspective of logistics real estate REITs value, study the logistics real estate REITs value assessment method, so that the model constructed is more reasonable.

    This paper first sorts out the relevant domestic and foreign literature, takes the value evaluation of logistics real estate REITs as the research direction, systematically expounds the concept of REITs and logistics real estate, and the development status and existing problems of logistics real estate REITs in China. Secondly, the traditional valuation method is compared and analyzed, the working capital cash flow discount method in the income method is selected as the basic method of this study, and the value evaluation model of logistics real estate REITs based on monte Carlo simulation improvement is proposed for the analysis of uncertainties in the valuation. By collecting relevant data, making assumptions and defining probability distributions for various factors affecting the uncertainty of rental income, defining predictions for random sampling and setting confidence intervals and number of simulations. The rental income of logistics real estate REITs is obtained through summary statistics, and the working capital cash flow of each year is obtained in combination with the special plan, and the value of logistics real estate REITs is determined according to the discount rate. Finally, taking SF Industrial Park as the case study object, the model is applied and analyzed, and the value of REITs No. 1 of SF Industrial Park Phase I is calculated. The results show that: ①The monte Carlo simulation method can improve the accuracy of the assessment results; ②Rental income is the main source of short-term income for logistics real estate REITs. Based on this, it is hoped that the study can provide a new and feasible idea for similar enterprises to evaluate the value of logistics real estate REITs.