我国房地产投资信托基金（REITs）发展模式的研究

发布时间：2018-05-18 03:46

本文选题：房地产投资信托 + REITs　；参考：《东北财经大学》2013年硕士论文

【摘要】：房地产业作为一种资金高度密集的产业,已经成为我国经济发展所必不可少的重要产业。但从目前我国房地产业的发展现状看,资金来源过于单一,过分依赖银行业贷款,导致房地产业的巨大风险渐渐侵袭到银行业,对金融机构造成了很大的影响。面对这些不利的影响因素,房地产业和资本市场必须要加强风险的分散。而房地产投资信托基金(REITs)作为一种新型的融资方式渐渐发展起来,成为广大投资者关注的创新型的金融产品,但是我国目前的REITs主要是借鉴国外一些国家的成熟经验,缺少具有我国特色的发展模式,而且并不完全符合我国现有的现实国情。对此,国内外研究学者做出了大量的研究,希望能够探索出更加适应我国现实国情的REITs发展模式。通过REITs模式来融资有很大的优势,不仅可以拓宽房地产企业融资的通道,而且可以规避金融市场巨大的风险,进一步地促进金融市场的创新。作为一种证券化的产业投资基金,REITs具有较高的流动性和较稳定的收益性,能够聚集大量散户投资者的资金,提高资金的循环使用效率,解决房地产项目资金周转难的问题,进而促进整个房地产业的健康发展。本文依据“提出问题——分析问题——解决问题”的脉络进行文章叙写。首先,基于目前我国房地产投资信托基金存在一系列的阻碍,面临发展瓶颈的问题,提出我国亟需发展符合我国现实国情的REITs发展模式；其次,通过文献回顾、理论结合实际案例等分析方法,比较在REITs发展模式上,我国与国外一些先进国家之间的差距,并借鉴国外REITs的成熟经验；再次,总结出我国发展房地产投资信托基金的建议性意见,进一步探索出适合我国国情的REITs发展路径。本文一共分为以下六章：第一章是绪论部分。主要介绍文章的选题背景和意义、研究内容和框架、研究方法和技术路线、研究的创新点和不足。第二章是相关研究成果综述。主要是针对相关基础理论及研究成果进行概述,对目前国内外研究REITs的文献及成果进行了总结。第三章是REITs在我国发展的现状分析。这一章节主要是介绍了目前我国现有的REITs发展模式,进而对几种发展模式进行比较和总结；以及REITs在我国发展面临的障碍、在我国发展的可行性和必要性。第四章是我国现有的REITs发展模式案例分析。本文选取越秀REITs在香港上市的案例和万达集团试行REITs模式的案例分别进行了实例分析。第五章主要介绍了国际上REITs发展的成熟经验,着重分析了以香港、新加坡、韩国、日本等为代表的亚洲国家房地产信托发展模式和美国的REITs发展模式,通过对比分析,指出了今后我国REITs的发展方向。第六章是REITs在我国发展的政策建议及路径选择。该章节是文章的核心部分,首先,针对REITs在我国发展的所需的法律监管环境、风险控制体系、信息披露制度以及人才队伍等提出相关政策建议；其次,提出了适合我国国情的REITs发展路径。本文是在借鉴和学习国外一些成熟REITs发展模式的基础上,以我国现有的特殊经济体制和国情为出发点,提出了适合我国的REITs发展模式,这是我国房地产业和金融市场的一种创新力量,对推进我国房地产业和金融业的健康发展意义重大。但本文提出的REITs模式只是理论上的分析研究,对于具体的实施与运作并没有深刻的阐述分析。
[Abstract]:As a highly intensive industry, the real estate industry has become an essential industry in China's economic development. However, from the current situation of the development of China's real estate industry, the source of capital is too single, too much dependence on the bank loans, which has led to the huge risk of the real estate industry, which has gradually invaded the banking industry and caused the financial institutions. In the face of these unfavorable factors, the real estate industry and the capital market must strengthen the dispersion of the risk. The real estate investment trust (REITs) has gradually developed as a new type of financing, and has become an innovative financial product which the investors pay attention to. However, the current REITs in China is mainly used for reference to foreign countries. The mature experience of some countries, lack of the development model with our own characteristics, and does not fully conform to the existing actual conditions of our country. In this case, researchers at home and abroad have made a lot of research, hoping to explore the REITs development model which is more suitable to the actual conditions of our country.
Financing through the REITs model has great advantages, not only to broaden the financing channel of real estate enterprises, but also to avoid the huge risk of the financial market, and to further promote the innovation of the financial market. As a securitization industry investment fund, REITs has high liquidity and more stable income, and can gather a lot of dispersion. The investors' funds improve the efficiency of circulating funds, solve the problem of capital turnover in real estate projects, and further promote the healthy development of the whole real estate industry.
Firstly, based on a series of obstacles in the current real estate investment trust fund in China, facing the problem of development bottleneck, we put forward that China needs to develop the REITs development model which is in accordance with the actual conditions of our country. Secondly, through the literature review, the paper makes a conclusion. On the basis of the analysis methods such as actual cases, this paper compares the gap between China and some foreign advanced countries in the REITs development model, and draws on the mature experience of foreign REITs. Thirdly, it summarizes the suggestion of developing the real estate investment trust fund in China, and further explores the development path of REITs suitable for the national conditions of our country.
This article is divided into the following six chapters:
The first chapter is the introduction. It mainly introduces the background and significance of the article, the research content and framework, the research methods and technical line, the innovation and deficiencies of the research.
The second chapter is a summary of the relevant research results. The main purpose is to summarize the relevant basic theories and research achievements, and to summarize the literature and achievements of the research on REITs at home and abroad.
The third chapter is the analysis of the status quo of the development of REITs in China. This chapter mainly introduces the current REITs development model in China, and then compares and summarizes several development models; and the obstacles that REITs faces in the development of our country, and the feasibility and necessity of the development in our country.
The fourth chapter is the case analysis of the existing REITs development model in China. This paper analyzes the case of Yuexiu REITs listed in Hongkong and the case of Wanda Group trial REITs model.
The fifth chapter mainly introduces the mature experience of REITs development in the world, and focuses on the analysis of the Asian national real estate trust development model and the American REITs development model represented by Hongkong, Singapore, Korea, Japan and so on. Through comparative analysis, it points out the development direction of our country's REITs in the future.
The sixth chapter is the policy suggestion and path selection of REITs in our country. This chapter is the core part of the article. Firstly, it puts forward relevant policy suggestions on the legal supervision environment, risk control system, information disclosure system and talent team that REITs needs in the development of our country. Secondly, it puts forward the development path of REITs suitable for the national conditions of our country. Diameter.
On the basis of learning and studying some mature REITs development models of foreign countries and starting from the existing special economic system and national conditions in our country, this paper puts forward a REITs development model suitable for our country. This is a kind of innovation force in China's real estate industry and financial market, which is of great significance to promoting the healthy development of China's real estate industry and financial industry. But the REITs model proposed in this paper is only a theoretical analysis, and there is no deep analysis of the specific implementation and operation.
【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】：F832.51

【参考文献】