我国商业地产投资信托基金融资模式研究

发布时间：2018-02-03 01:29

本文关键词： 商业地产房地产投资信托基金融资模式　出处：《重庆大学》2012年硕士论文　论文类型：学位论文

【摘要】：房地产行业作为我国国民经济的重要支柱，属于典型的资本密集型行业，与其他行业相比，具有资金需求量大和资金周转周期长的特点，对房地产金融市场具有很强的依赖性。目前，我国正处在经济结构转型期，强化了对内需的支持，商业地产作为服务业的发展平台，其需求规模随之增加。同时我国城市化的快速推进也将为商业地产的持续发展提供广阔的空间。相对于传统的房地产开发—销售模式所取得的一次性收益，商业地产持有—经营模式能带来更大的利润，包括持续经营取得的租金收入，资产价格升值和土地升值取得的双重利润以及商业品牌所带来的溢价。因此，以经营为目标的商业地产在我国迅速发展起来，，成为房地产行业的一个重要分支。我国商业地产在快速发展的同时，也衍生出了诸多问题，例如：用住宅的思维开发商业地产、忽视运营阶段的管理及商业与地产相分离等。导致这些问题的最根本原因在于商业地产开发商资金压力大，同时缺乏能够支持商业地产统一经营的专业管理的资本平台。为了保证我国商业地产的长期可持续性发展，需要从融资上来寻找解决问题的途径。房地产投资信托基金（REITs）是上世纪60年代起源于美国的金融创新工具，在房地产融资领域起到重要的作用，尤其对于商业地产，通过发行REITs，商业地产开发企业可以获得稳定的资金来源，有利于长期的可持续性发展。该论文首先对商业地产的概念和运作特点进行了深入的研究，明确了商业地产未来的发展趋势是向着持有—经营模式发展，然后，根据商业地产的发展趋势，探析了商业地产的阶段性投融资特点。即商业地产存在着两个差别较大的阶段，分别是以现金流出为主的开发—建设阶段和以现金流入为主的持有—经营阶段。接下来，在理论分析的指导下，该论文又对我国商业地产的融资结构、状况和在融资中存在的问题进行了分析研究。我国商业地产融资主要存在着融资渠道单一，过度依赖银行信贷，缺少针对商业地产特点的融资方式等问题。因此，为了保证我国商业地产健康可持续性发展，根据商业地产的融资规律，亟须建立一个能正确指引商业地产发展方向，真正满足商业地产融资需求的融资模式。最后，通过学习借鉴REITs在国外商业地产的发展经验，在论证了我国商业地产采用REITs融资方式可行的基础上，主要结合商业地产开发—建设阶段和持有—经营阶段的阶段性融资特点，以REITs的基本运作流程为切入点，从REITs的成立阶段、筹资阶段、投资阶段、管理阶段、收益分配阶段及退出等阶段，具体分析REITs的组织结构、运作模式、资金募集方式、投资范围和收益分配等方面，然后提出现阶段我国商业地产投资信托基金（REITs）阶段性融资模式，并对该模式尽快运用于我国商业地产给出相关建议。
[Abstract]:As an important pillar of China's national economy, the real estate industry is a typical capital-intensive industry. Compared with other industries, the real estate industry has the characteristics of large capital demand and long turnover period. To the real estate financial market has very strong dependence. At present, our country is in the economic structure transformation period, strengthened the support to the domestic demand, the commercial real estate as the service industry development platform. At the same time, the rapid development of urbanization in China will also provide a broad space for the sustainable development of commercial real estate. Compared with the traditional real estate development-sales model of the one-time income. Commercial real estate holding-business model can bring greater profits, including rental income from going concern, double profits from asset price appreciation and land appreciation, and premium from commercial brand. Commercial real estate, which aims at management, has developed rapidly in our country and become an important branch of real estate industry. With the rapid development of commercial real estate in our country, many problems have arisen, such as: using residential thinking to develop commercial real estate. Ignore the management of the operation phase and the separation of commercial and real estate. The most fundamental reason for these problems is that commercial real estate developers have a lot of financial pressure. At the same time, there is a lack of capital platform to support the unified management of commercial real estate. In order to ensure the long-term sustainable development of commercial real estate in China. Real estate investment trust fund (REITs) is a financial innovation tool originated from the United States in -40s, which plays an important role in the field of real estate financing. Especially for commercial real estate, through the issue of REITs, commercial real estate developers can obtain a stable source of funds, which is conducive to long-term sustainable development. In this paper, the concept and operational characteristics of commercial real estate are studied in depth, and the future development trend of commercial real estate is towards the holding-management mode, and then, according to the development trend of commercial real estate. This paper probes into the characteristics of investment and financing in commercial real estate, that is, there are two different stages in commercial real estate. Cash outflow is the main stage of development-construction and cash inflow mainly in the holding-business phase. Next, under the guidance of theoretical analysis, the paper on the financing structure of commercial real estate in China. The situation and the existing problems in financing are analyzed and studied. Commercial real estate financing in China has a single financing channel and excessive reliance on bank credit. Therefore, in order to ensure the healthy and sustainable development of commercial real estate in China, according to the law of commercial real estate financing. It is urgent to establish a financing model which can guide the development of commercial real estate and meet the financing needs of commercial real estate. Finally, by learning from the development experience of REITs in foreign commercial real estate, this paper demonstrates the feasibility of using REITs to finance commercial real estate in our country. Mainly combined with the commercial real estate development-construction stage and the holding-management phase of the stage of financing characteristics, with the basic operating process of REITs as a starting point, from the establishment of REITs stage, financing phase. Investment stage, management stage, income distribution stage and exit stage, the specific analysis of REITs organizational structure, operation mode, the way to raise funds, investment scope and income distribution and so on. Then it puts forward the stage financing model of REITs, and gives some suggestions on how to apply this model to commercial real estate in China as soon as possible.
【学位授予单位】：重庆大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F293.3;F832.49

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