房地产投资信托的法律模式研究

发布时间：2018-03-30 12:31

本文选题：房地产投资信托　切入点：法律模式　出处：《山西财经大学》2014年硕士论文

【摘要】：房地产业是我国现阶段经济发展的支柱型产业之一，它具有资金密集、周期长、受政策影响大等特点。而房地产实体不可移动、不可分割、价格昂贵等特性使得其资产流动性较差，容易引起该行业投资风险的过度集中和形成资金缺口，因此房地产行业是否有优质的融资渠道是其生存和发展的关键所在。房地产投资信托（Real Estate Investment Trusts），简称REITs，是房地产金融在发展过程中所衍生的一种产品。它募集社会资金形成信托资产，并投资于房地产及相关领域，为该行业提供了新的融资渠道，有效利用了社会闲散资金，也为中小投资者提供了投资房地产的渠道，使其有机会参与到该行业的收益分配中。我国目前REITs尚属于初级阶段，其运行体制的不完善使得房地产行业的发展受到了一定程度的限制，也间接影响了我国的经济，而法律因素是阻碍REITs在我国发展的重要原因。为确保REITs在我国有序地发展，，必须建立和完善一系列配套的法律法规。本文致力于研究我国发展REITs需构建的法律模式，采用了文献法、案例研究法、比较分析法等研究方法，试图通过对REITs各种模式的分析和比较，提出符合我国国情的REITs发展模式及配套法律体系。全文共分为五部分。第一部分简单介绍了REITs的研究背景和意义，对于目前国内外相关的文献进行了研究和汇总，并阐明了文章所用的研究方法；第二部分阐述了REITs的定义、特征、发展概况和类型，并对美国及亚洲地区REITs运行机制、配套法律等进行了介绍和比较；第三部分对于REITs的法律模式进行分析和提炼。就法律架构而言主要有契约型和公司型两种，两种架构的适用领域及侧重点各有不同，在具体操作的过程中各法律主体分别对应各自的权利及责任；第四部分对我国发展REITs意义及现状进行了分析，揭示了目前的法律模式所面临的问题；第五部分提出了我国REITs法律模式的构建初想，即：发展真正意义上的C-REITs可采用契约型的法律架构、统一型的立法模式、对C-REITs进行专项立法、营造良好的法律环境、限制C-REITs的经营条件、规范其操作模式等，为C-REITs在我国的快速的发展创造良好的条件。
[Abstract]:The real estate industry is one of the pillar industries in the economic development of our country at the present stage. It has the characteristics of intensive capital, long period, and is greatly influenced by the policy, while the real estate entity can not be moved, indivisible, etc. The property of high price makes its assets liquidity is poor, which easily leads to the excessive concentration of investment risk and the formation of capital gap. Therefore, whether the real estate industry has high-quality financing channels is the key to its survival and development. Real Estate Investment Trust is a kind of product derived from the development of real estate finance. It raises social funds to form trust assets and invests in real estate and related fields, which provides a new financing channel for the industry. Social idle funds have been used effectively, and small and medium investors have been provided with channels to invest in real estate, so that they have the opportunity to participate in the distribution of income in this industry. At present, REITs is still in the primary stage in our country. The imperfect operation system restricts the development of the real estate industry to a certain extent, and indirectly affects the economy of our country, and the legal factor is the important reason that hinders the development of REITs in our country. In order to ensure the orderly development of REITs in our country, Must establish and perfect a series of supporting laws and regulations. This paper is devoted to the study of the legal model that needs to be constructed in the development of REITs in our country. It adopts the methods of literature, case study and comparative analysis to try to analyze and compare the various models of REITs. This paper puts forward the development mode and supporting legal system of REITs in accordance with the national conditions of our country. This paper is divided into five parts. The first part introduces the research background and significance of REITs, studies and summarizes the relevant literature at home and abroad, and clarifies the research methods used in this paper. The second part expounds the definition of REITs. Characteristics, general situation and types of development, and the introduction and comparison of the REITs operation mechanism and supporting laws in the United States and Asia; The third part analyzes and refines the legal model of REITs. In terms of legal framework, there are two main types of legal framework, contractual and corporate, and the application areas and emphases of the two frameworks are different. The fourth part analyzes the significance and current situation of the development of REITs in China and reveals the problems faced by the current legal model. In the fifth part, the author puts forward the idea of constructing the legal model of REITs in our country, that is, developing the real C-REITs can adopt the contractual legal framework, unify the legislative model, carry on the special legislation to the C-REITs, and create a good legal environment. Restricting the operating conditions of C-REITs and standardizing its operating mode, it creates good conditions for the rapid development of C-REITs in China.
【学位授予单位】：山西财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：D922.29;D922.282

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