中国房地产投资信托基金（REITs）发展研究

发布时间：2019-01-11 20:44

【摘要】：随着经济全球化的加快和我国经济日新月异的发展,国内房地产业发展迅速,并已成为国民经济的重要支柱产业,对我国经济的快速发展起到重要推动作用。与此同时,房价节节攀升,房地产市场“泡沫”膨胀,为化解金融风险,政府开始加大对房地产的宏观调控力度,先后出台了一系列限制房地产企业银行贷款条件的政策法规,紧缩银根。而房地产行业作为一个典型的资金密集型行业,面对传统融资渠道受阻,资金链断裂的财务困难,不得不积极需求新的融资渠道。另外,我国居民储蓄居高不下与资本市场缺少低风险、高回报的多样化投资渠道的矛盾逐步显现。由此,作为房地产业创新性融资工具的“房地产投资信托基金(REITs) "在我国引起了越来越多的关注。本文力图在探究REITs相关金融理论及发展实践的基础之上,澄清REITs的内涵、特征、分类、作用及主要运作模式等相关理论知识,并结合我国实际情况,分析我国REITs的现状及存在问题,借鉴国外REITs的发展经验,从参与主体、组织形式、运作模式、资金募集、利益分配和资金投向六个方面分析并提出适合的发展模式。另外,依据我国REITs的发行现状,针对亟需解决的问题,提出相应的建议,旨在推动我国REITs的发展。论文采用定性研究和文献综合的方法,结合管理学、经济学的专业知识,进行深入理论研究和适当地理论推演；利用历史考察法,融入对美国、欧洲、亚洲国家的REITs制度的介绍,参考国外RETIs的先进经验,以便能更好地借鉴历史经验；并结合房地产投融资的基本情况,进行案例分析租实践指导。提供REITs在不同国家、不同阶段和不同领域的发展状况,为我国提供发行REITs可借鉴的成功经验;分析得出我国发行REITs的模式和对策导向。
[Abstract]:With the acceleration of economic globalization and the rapid development of China's economy, the domestic real estate industry has developed rapidly and has become an important pillar industry of the national economy, which plays an important role in promoting the rapid economic development of our country. At the same time, housing prices are rising and the real estate market "bubble" is inflating. In order to resolve financial risks, the government has begun to increase the macro-control of real estate, and has successively issued a series of policies and regulations restricting the conditions of bank loans for real estate enterprises. Tighten the money. As a typical capital-intensive industry, the real estate industry has to actively demand new financing channels because of the financial difficulties caused by the blockage of traditional financing channels and the breakage of the capital chain. In addition, the contradiction between the high household savings and the lack of low risk and high return diversified investment channels in the capital market gradually appears. Therefore, as an innovative financing tool of real estate, Real Estate Investment Trust Fund (REITs) has attracted more and more attention in our country. This paper tries to clarify the connotation, characteristics, classification, function and main operating mode of REITs on the basis of exploring the relevant financial theory and development practice of REITs, and combining with the actual situation of our country, this paper tries to clarify the relevant theoretical knowledge of REITs, such as its connotation, characteristics, classification, function and main operating mode. This paper analyzes the present situation and existing problems of REITs in China, draws lessons from the development experience of foreign REITs, analyzes and puts forward the suitable development model from six aspects: the main body of participation, the form of organization, the mode of operation, the raising of funds, the distribution of benefits and the investment of funds. In addition, according to the distribution status of REITs in China, the author puts forward some suggestions to promote the development of REITs in China. The thesis adopts the method of qualitative research and literature synthesis, combining the professional knowledge of management and economics, carries on the thorough theory research and the appropriate theory deduction; Using the method of historical investigation to introduce the REITs system of the United States, Europe and Asia, and refer to the advanced experience of foreign RETIs, in order to better learn from the historical experience; And combine the basic situation of real estate investment and financing, carry on case analysis rent practice instruction. This paper provides the development of REITs in different countries, stages and fields, and provides the successful experience of issuing REITs in China, and analyzes the mode and countermeasures of issuing REITs in China.
【学位授予单位】：广西大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F299.23;F832.51

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