我国房地产投资信托设立与运行模式研究

发布时间：2018-01-17 15:08

本文关键词：我国房地产投资信托设立与运行模式研究　出处：《清华大学》2012年硕士论文　论文类型：学位论文

【摘要】：房地产投资信托起源于美国，其在组织结构、投资范围、收益分配、监督和管理等方面逐渐走向成熟，已经发展成为美国最为主要的投资房地产以及为房地产业进行融资的金融工具。欧洲的德、法以及亚洲的日本、新加坡和中国香港等国家和地区也在借鉴美国房地产投资信托的基础上结合自身的实际建立起了各具特色的房地产投资信托制度。他们为我国内地构建房地产投资信托制度提供了宝贵的经验。随着我国房地产市场的不断发展，单纯的银行资金已经无法满足房地产企业对长期融资的需求，而众多中小投资者对于利润丰厚的房地产投资有着强烈的需求。因而建立房地产投资信托可以完善我国房地产资本市场，实现房地产资金的良性循环。基于我国信托业的日趋规范发展；房地产市场逐步走向成熟；投资主体的形成以及相关法律制度的完善，我国目前已基本具备了适应房地产投资信托发展的环境。近年来，我国进行了一些房地产投资信托的探索，但与典型的房地产投资信托相比，，我国的房地产投资信托在从业人员、设立目的、投资主体、投资对象、融资规模、税收优惠、上市流通等方面都有所不同。且目前我国在法律制度、房地产金融市场、配套服务体系等方面均存在着全面发展房地产投资信托的障碍。通过对比国外各种房地产投资信托模式，结合我国的实际情况，我国所建立的房地产投资信托应采取公司型和契约型并存、封闭型、权益型为主、上市型、公募和私募并存、外部管理为主、内部管理为辅的模式，并实行不合格而终止、自动终止和破产三种退出机制。我国的房地产投资信托存在流动性较差；投资风险较高，收益率偏低；专业人才匮乏；政策法规有待完善；信息披露要求太低；缺乏专门监管机构等缺陷。所以我们需要从解决几个方面的问题入手，完善我国的房地产投资信托。在房地产投资信托风险控制方面，宏观上，要从投资决策、投资管理和投资退出三个阶段进行；微观上，要遵循有效性、审慎性、全面性、及时性和独立性的原则建立内部控制机制。
[Abstract]:Real estate investment trust originated in the United States, its organizational structure, investment scope, income distribution, supervision and management are gradually maturing. Has developed into the most important financial instrument for real estate investment and financing in the United States. Germany, France in Europe and Japan in Asia. Singapore and Hong Kong, China and other countries and regions have also established their own real estate investment trust system on the basis of drawing lessons from the United States real estate investment trust. They have built real estate investment for the mainland of China. The capital trust system provides valuable experience. With the continuous development of the real estate market in our country, the simple bank funds can not meet the long-term financing needs of the real estate enterprises. Many small and medium-sized investors have a strong demand for lucrative real estate investment, so the establishment of real estate investment trust can improve our real estate capital market. Realize the virtuous circle of real estate fund. Based on the development of trust industry in our country; The real estate market is gradually maturing; With the formation of the investment subject and the perfection of the related legal system, our country has basically had the environment to adapt to the development of the real estate investment trust. In recent years, our country has carried on some exploration of the real estate investment trust. But compared with the typical real estate investment trust, the real estate investment trust in our country is employed, set up purpose, investment subject, investment object, financing scale, tax preference. At present, there are obstacles to the comprehensive development of real estate investment trust in the aspects of legal system, real estate financial market, supporting service system and so on. By comparing various foreign real estate investment trust models and combining the actual situation of our country, the real estate investment trust established in our country should adopt the company type and the contract type, the closed type, the equity type mainly, the listed type. Public offering and private placement coexist, external management is the main mode, internal management is auxiliary, and the implementation of disqualified and terminated, automatic termination and bankruptcy three exit mechanisms. China's real estate investment trusts have poor liquidity; The investment risk is high and the yield is low; Lack of professionals; Policies and regulations need to be improved; Information disclosure requirements are too low; So we need to solve the problems from several aspects, improve the real estate investment trust. In the real estate investment trust risk control, macro, from the investment decision-making. Investment management and investment withdrawal are carried out in three stages; Microscopically, internal control mechanisms should be established in accordance with the principles of effectiveness, prudence, comprehensiveness, timeliness and independence.
【学位授予单位】：清华大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.49;F293.3

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