房地产投资信托（REITs）监管研究
发布时间：2019-01-21 13:56
【摘要】：随着我国房地产业的快速发展,房地产融资的一些深层次矛盾和问题开始显露出来。其中的一个主要问题就是房地产企业融资渠道单一,对银行依赖过大,房地产融资渠道亟需进一步多元化。在此背景下,房地产投资信托(REITs)作为一种切实可行的融资方式日益得到房地产业和金融业的重视,且得到决策层的首肯,REITs破冰在望。 由于有限理性和信息不对称的存在,使得逆向选择和道德风险广泛存在于REITs的经营管理中,导致了REITs的脆弱性。理论和实践表明,市场机制无法实现最优选择,政府的监管对于REITs的发展十分重要。本文从市场准入、业务运作、风险防范、市场退出四个方面系统地进行了C-REITs的监管研究,在借鉴美国、日本等国家和地区的监管经验,并分析中国的实际情况的基础上,相应地提出了自己的监管构想。本文从组织形式、股权结构、受托人资格三个方面研究了C-REITs的市场准入条件,研究结果表明信托计划是C-REITs组织形式的最优选择,C-REITs股权应达到一定程度的分散,受托人资格应当严格规范。针对业务运作,本文就募集方式、管理模式、投资与主要收入来源、负债比率、收入分配等关键问题,提出了自己的监管构想。针对C-REITs运作过程中面临的委托—代理风险、机构管理风险、物业评估风险等诸多风险,本文认为可通过信息披露监管、对信托公司进行分类监管等途径予以化解。C-REITs的市场退出适用我国《公司法》或《破产法》的规定。研究结论对C-REITs的监管具有一定的参考价值。
[Abstract]:With the rapid development of China's real estate industry, some deep-seated contradictions and problems in real estate financing have begun to emerge. One of the main problems is that the financing channels of real estate enterprises are single, relying too much on banks, and the real estate financing channels need to be further diversified. Under this background, the real estate investment trust (REITs), as a feasible financing method, has been paid more and more attention to by the real estate industry and the financial industry, and has been approved by the decision makers. The REITs is on the verge of breaking the ice. Due to the existence of limited rationality and asymmetric information, adverse selection and moral hazard exist widely in the management of REITs, which leads to the fragility of REITs. The theory and practice show that the market mechanism can not realize the optimal choice, and government supervision is very important to the development of REITs. This paper systematically studies the supervision of C-REITs from four aspects: market access, business operation, risk prevention and market withdrawal. Based on the experience of the United States, Japan and other countries and regions, and on the basis of analyzing the actual situation in China, Corresponding to put forward their own regulatory ideas. This paper studies the market access conditions of C-REITs from three aspects: organizational form, ownership structure and trustee qualification. The results show that trust plan is the best choice of C-REITs organization, and C-REITs equity should be dispersed to a certain extent. The qualifications of trustees shall be strictly regulated. Aiming at the operation of business, this paper puts forward its own supervision conception on the key issues such as raising mode, management mode, investment and main income source, debt ratio, income distribution and so on. In view of the principal-agent risk, institutional management risk, property evaluation risk and many other risks in the process of C-REITs operation, this paper thinks that the supervision of information disclosure can be adopted. The market withdrawal of C-REITs is applicable to the provisions of our country's Company Law or bankruptcy Law. The conclusion of the study has certain reference value to the supervision of C-REITs.
【学位授予单位】：中南大学
【学位级别】：硕士
【学位授予年份】：2010
【分类号】：F832.49;F293.3
本文编号：2412723
[Abstract]:With the rapid development of China's real estate industry, some deep-seated contradictions and problems in real estate financing have begun to emerge. One of the main problems is that the financing channels of real estate enterprises are single, relying too much on banks, and the real estate financing channels need to be further diversified. Under this background, the real estate investment trust (REITs), as a feasible financing method, has been paid more and more attention to by the real estate industry and the financial industry, and has been approved by the decision makers. The REITs is on the verge of breaking the ice. Due to the existence of limited rationality and asymmetric information, adverse selection and moral hazard exist widely in the management of REITs, which leads to the fragility of REITs. The theory and practice show that the market mechanism can not realize the optimal choice, and government supervision is very important to the development of REITs. This paper systematically studies the supervision of C-REITs from four aspects: market access, business operation, risk prevention and market withdrawal. Based on the experience of the United States, Japan and other countries and regions, and on the basis of analyzing the actual situation in China, Corresponding to put forward their own regulatory ideas. This paper studies the market access conditions of C-REITs from three aspects: organizational form, ownership structure and trustee qualification. The results show that trust plan is the best choice of C-REITs organization, and C-REITs equity should be dispersed to a certain extent. The qualifications of trustees shall be strictly regulated. Aiming at the operation of business, this paper puts forward its own supervision conception on the key issues such as raising mode, management mode, investment and main income source, debt ratio, income distribution and so on. In view of the principal-agent risk, institutional management risk, property evaluation risk and many other risks in the process of C-REITs operation, this paper thinks that the supervision of information disclosure can be adopted. The market withdrawal of C-REITs is applicable to the provisions of our country's Company Law or bankruptcy Law. The conclusion of the study has certain reference value to the supervision of C-REITs.
【学位授予单位】：中南大学
【学位级别】：硕士
【学位授予年份】：2010
【分类号】：F832.49;F293.3
【引证文献】
相关硕士学位论文 前1条
1 吴晓丽;我国两租房建设融资模式研究[D];河北经贸大学;2013年
，本文编号：2412723
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