基于类REITs的公租房融资模式研究

发布时间：2018-05-19 13:45

本文选题：公租房 + 投资基金　；参考：《重庆大学》2012年硕士论文

【摘要】：参考近几年中央出台的宏观政策中关于保障性住房的内容，调研地方政府配合实施的保障计划，不难发现，公租房已经逐渐成为今后一段时间内保障性住房发展的中坚力量。公租房不仅涵盖了以往的廉租房和经济适用房，而且将保障范围扩大至阶段性住房支付能力不足的中等收入群体和暂时性住房困难的低收入群体。大体量、长周期的公租房建设需要巨额资金的支持，而承担着公租房投资建设任务的地方政府面临着资金来源渠道单一、筹资难度愈来愈大、负债风险越来越高的融资瓶颈。为缓解公租房建设资金紧张和融资压力，本文借鉴国外公租房融资的经验，总结分析国内公租房融资现状和面临的问题，在研究投资基金中资产证券化和REITs的基础上提出了类REITs的概念和基于类REITs的公租房融资模式。本质上讲，类REITs作为一种投资基金，它整合了资产证券化和REITs各自的特性和适用领域，结合公租房项目资产所具有的金融特性而衍生的一种金融概念。基于类REITs的公租房融资模式是借助SWOT分析理论，综合系统分析公租房政策及现状、国内民间资本储蓄及发展、政府融资困境与机遇等，评价自身的合理性和必要性，总结出的一套适用于公租房项目融资的机制架构，，包括了两个层面的涵义：管理角色定位及管理层级构建与在公租房融资应用中的流程安排。最后，借鉴投资基金在发达国家或地区的成熟制度和运营经验，根据我国公租房和金融业实际现状，本文对类REITs在当前法律法规的基础上进一步完善立法，采取必要的风险控制措施等核心研究外围基础配套上也提出了一些看法。
[Abstract]:Referring to the contents of the macro policy issued by the central authorities in recent years and investigating the security plans implemented by local governments, it is not difficult to find that public rental housing has gradually become the backbone of the development of affordable housing for some time in the future. Public rental housing not only covers the past low-rent housing and comfortable housing, but also extends the coverage to the middle income group with inadequate housing capacity and the low-income group with temporary housing difficulties. Large volume, long-term public rental housing construction needs a huge amount of funds to support, and the local government is facing a single source of funding, financing difficulties, debt risk is becoming more and more high financing bottleneck. In order to alleviate the shortage of funds and financing pressure of public rental housing construction, this paper draws lessons from the experience of foreign public rental housing financing, summarizes and analyzes the domestic public rental housing financing status and problems. Based on the study of asset securitization and REITs in investment funds, this paper puts forward the concept of REITs and the financing mode of public rental housing based on REITs. In essence, as an investment fund, quasi-REITs integrates the respective characteristics and applicable fields of asset securitization and REITs, and combines the financial characteristics of public rental project assets to derive a financial concept. The public rental housing financing model based on REITs is based on the SWOT analysis theory, synthetically analyzes the public rental housing policy and the present situation, the domestic folk capital savings and the development, the government financing predicament and the opportunity and so on, evaluates own rationality and the necessity. A set of mechanism framework suitable for public rental housing project financing is summarized, which includes two aspects: the positioning of management role, the construction of management hierarchy and the process arrangement in the application of public rental housing financing. Finally, based on the mature system and operation experience of investment funds in developed countries and regions, according to the actual situation of public rental housing and financial industry in China, this paper further improve the legislation of REITs on the basis of current laws and regulations. Some views are also put forward on the peripheral basis of the core research, such as taking necessary risk control measures.
【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;F832.4

【引证文献】