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课程重点
这课程主要教科书是Geltner教授撰写的，课堂讲稿是直接按教科书的章节对照编排。这里也提供了 作业习题和 期中考练习题。
This course's main text is written by Professor Geltner, and the lecture notes neatly correspond to the chapters covered in class. Problem sets and a practice midterm are also provided.
课程描述
本课程是介绍商业物业资产投资与财务决策上所需用到的一些最基本的概念、原则、分析方法、和工具。作为一个双课程系列的第一部份，本课程是集中于基本架构组件与“微观”层面，主要是关于个别物业及其买卖交易(有别于关于投资组合与投资管理考量的“宏观”层面 - 宏观层面将在2003春季的11.432课程里教授)。虽然我们在这课程内也会谈及地产发展，但我们会集中于“平稳运作”(全面运作)投资作租赁用途的物业上。我们的观点将采用所谓的“机构”地产决策的角度(例如，退休基金、地产投资信托公司、银行、人寿保险公司)去处理大型的商业物业投资。在这个层面上，我们首要的是去结合“华尔街(Wall Street)”观点(主流证券投资与企业财务组织)与“市大街(Main Street)”观点(在地、传统地产商业圈)。这就需要把地产投资管理精确地结合与架构在一如在史隆商学院基础金融财政理论课程中(15.401和15.402)Brealey-Meyers书里所教的现代企业财务投资观点上。不过，本课程的重要目的是分辨出使地产与“主流”证券投资和企业财务迥然不同的特质。
This course is an introduction to the most fundamental concepts, principles, analytical methods and tools useful for making investment and finance decisions regarding commercial real estate assets. As the first of a two-course sequence, this course will focus on the basic building blocks and the "micro" level, which pertains to individual properties and deals (as distinguished from the "macro" level that pertains to portfolio and investment management considerations - the macro level will be covered in 11.432 next spring). While we will touch on real estate development in this course, we will focus here on "stabilized" (fully operational) income properties. (Financial analysis of real estate development will be covered in more depth in 11.432). Our perspective will be that of so-called "institutional" real estate decision-making (e.g., pension funds, REITs, banks, life insurance companies), regarding large-scale commercial property. At this level it is important to integrate the perspectives of "Wall Street" (the mainstream securities investments and corporate finance establishment) and "Main Street" (local, traditional real estate business community). This requires a treatment of real estate investment rigorously integrated with, and built upon, the modern corporate finance and investments perspective as taught, for example, in the Brealey-Myers text in the Sloan introductory finance theory curriculum (15.401 & 15.402). However, a key objective of this course is to recognize the unique features of real estate that distinguish it from so-called "mainstream" securities investments and corporate finance.
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讲师：
David Geltner教授
Tod McGrath教授
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教师授课：
每周2节
每节3小时
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研究所
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我们您对本课程或“开放式课程网页”的建议。 |
| 声明 |
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此处麻省理工学院开放式课程之资料乃由 开放式课程计划（OOPS） 译为简体中文。麻省理工学院开放式课程在此声明，不论是否遭遇或发现相关议题，麻省理工学院开放式课程、麻省理工学院教师、麻省理工学院校方并不对翻译正确度及完整性作保证。上述单位并对翻译后之资料不作明示或默许对任一特定目的之适合性之保证、非侵权之保证、或永不出错之保证。麻省理工学院校方、麻省理工学院开放式课程对翻译上之不正确不负任何责任。由翻译所引发任何关于此等资料之不正确或其他瑕疵，皆由开放式课程计划（OOPS）负全责，而非麻省理工学院开放式课程之责。
原文声明 |
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