REITs在公租房融资中的运作模式研究

发布时间：2018-01-05 19:34

本文关键词：REITs在公租房融资中的运作模式研究　出处：《东北财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：自2010年起,公共租赁住房(简称公租房)建设量占我国保障房建设任务的比重逐年上涨,成为我国保障性住房体系的重要组成部分。公租房的保障对象主要是城市外来务工人员、应届毕业生等即不满足廉租房要求又无法负担经济适用房的城市“夹心层”。公租房投资量大、回收期长、收益低,如何有效引入社会资金参与,改变目前主要由政府财政投入建设的现状是公租房融资问题研究的重点。通过对当前公租房发展现状以及引入房地产投资信托(REITs)的公租房融资方法进行深入研究指出,我国目前公租房租金定价偏高,不利于充分发挥公租房保障性质,公租房的租金水平应该下调,在此背景下,通过直接引入REITs参与公租房项目的融资会导致REITs的收益率偏低,无法满足投资者的需要,在实践中无法发挥出吸引社会资金投入的作用。以此为背景,本文进行了一下研究：首先,结合对公租房项目成本结构的分析,本文提出了公租房土地不再采用无偿划拨方式提供,而是按市场价格入股公租房项目,再引入REITs对公租房项目进行收购,REITs获得公租房项目的全部所有权,政府获以土地出让获得的收益成立公共租赁住房补贴基金(下称补贴基金),基金按全国社保基金模式运营,由补贴基金对REITs进行补贴,以提高REITs收益率,吸引社会资金参与公租房项目的建设和运营这一REITs在公租房融资中的运作模式。其次,本文详细介绍了应用补贴基金的REITs在公租房融资中的运作模式,提出了在现有市场、法律环境条件下,REITs可以采用由封闭式基金发起再转为上市开放式基金的模式设立,补贴基金按全国社保基金的管理模式进行运营。并分析了这一运作模式对于政府、投资者、公租房承租人三方收益的影响,认为应用了补贴基金的REITs运作模式能够减轻政府资金压力、提高投资者收益并且适度降低公租房承租人负担,以及加强公租房项目的风险控制,同时,公租房项目股权由政府转移至以REITs为代表的社会投资者,有利于公租房项目建设运营效率的提高。再次,将应用了补贴基金的REITs运作模式与无补贴基金的REITs运作模式同时应用于重庆市公租房项目民心佳园小区时,计算出REITs的内部收益率与公租房租金之间的关系式。得出以下结论,在当前租金水平下,从REITs角度来看,应用了补贴基金的REITs运作模式的内部收益率要高于无补贴基金的REITs运作模式的内部收益率,应用了补贴基金的REITs运作模式是可行的。并分析了对应用补贴基金的REITs运作模式内部收益率的影响因素主要有公租房土地成本与建筑成本比值、补贴基金收益率、公租房项目出售给REITs时的收益率、公租房出租率。最后,分析补贴基金-REITs融资模式在我国当前市场、法律制度环境下应用所面临的困境,提出相应完善措施。
[Abstract]:Since 2010, the construction of public rental housing (referred to as public rental housing) has been increasing year by year in our country's indemnificatory apartment construction task. Become an important part of our country's affordable housing system. The main object of public rental housing is urban migrant workers. This year's graduates do not meet the requirements of low-rent housing and can not afford comfortable housing's city "sandwich layer". Public rental housing investment is large, the payback period is long, the income is low, how to effectively introduce social funds to participate. It is the focus of the research on financing of public rental housing to change the current situation which is mainly invested by the government. Through the current development of public rental housing and the introduction of real estate investment trust (REITs) of public rental housing financing methods in-depth study pointed out that the current public rental rent pricing in China is on the high side. Not conducive to giving full play to the nature of public rental housing security, public rental rent should be reduced, in this context, through the direct introduction of REITs to participate in public rental housing project financing will lead to the low rate of return of REITs. Unable to meet the needs of investors and unable to play a role in attracting social capital investment in practice. First of all, combined with the analysis of the cost structure of the public rental housing project, this paper proposes that the public rental land is no longer provided by way of free transfer, but shares in the public rental housing project according to the market price. Then the introduction of REITs to the public rental housing project acquisition of REITs to obtain the full ownership of the public rental housing project. The government obtains the income from the land sale to set up the public rental housing subsidy fund (hereinafter referred to as the subsidy fund), the fund is operated according to the national social security fund model, and the subsidy fund subsidizes REITs. In order to increase the rate of return of REITs and attract social funds to participate in the construction and operation of public rental housing project this REITs in public rental housing financing operation mode. Secondly, this paper introduces the operating mode of REITs in public rental housing financing, and puts forward the existing market, legal environment conditions. REITs can be established by the closed-end fund initiated and then converted into the open-end fund, and the subsidy fund is operated according to the management mode of the national social security fund. Investors, tenants of public rental housing, the impact of tripartite income, think that the use of subsidy fund of REITs operation model can reduce the pressure on government funds, improve the return of investors and moderately reduce the burden of public rental tenants. And strengthen the risk control of public rental housing project, at the same time, the public rental project equity transfer from the government to social investors represented by REITs, which is conducive to the construction of public rental housing project operation efficiency. Thirdly, the REITs operation mode of the subsidy fund and the REITs operation mode of the non-subsidy fund are applied to the public rental housing project in Chongqing. Calculate the relationship between REITs's internal rate of return and public rental rent. Draw the following conclusions, in the current rent level, from the REITs perspective. The internal rate of return of the REITs operating mode of the subsidized fund is higher than that of the REITs operating mode of the non-subsidized fund. It is feasible to apply the REITs operation mode of the subsidy fund, and analyze the influencing factors of the internal rate of return of the REITs operation mode applying the subsidy fund: the ratio of the land cost to the construction cost of the public rental housing. . The rate of return of subsidy fund, the rate of return when the public rental project is sold to REITs, and the rental rate of public rental. Finally, this paper analyzes the difficulties faced by the application of the subsidy fund-REITs financing model in the current market and legal system of our country, and puts forward the corresponding improvement measures.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F299.23;F832.4

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