我国房地产信托模式与创新
发布时间：2019-01-27 10:54
【摘要】：从2009年开始,国内房价不断上涨,政府为了抑制房价过快上涨而出台了一系列的调控措施,包括“国八条”、“国十条”和“新国十条”,整个房地产市场面临着政府货币政策和限购政策的双重压力,房地产企业的资金链越来越紧。此时,不少房地产企业开始寻找信托资金的支持,房地产信托逆势发展,成为信托业最主要的利润点之一,随着政府调控政策越发严厉,房地产信托的数量和规模的出现了爆发式的增长,房地产信托已经成了房地产企业最重要的融资渠道之一。 房地产信托是连接房地产实业和金融信托业的桥梁,它一方面能满足普通投资者的投资需求,另一方面又能解决房地产企业过分依赖银行的问题,降低了金融风险,也为房地产企业提供了充足的开发资金,有利于房地产企业的健康发展。 信托可以通过贷款、股权投资等方式为房地产开发项目设计出不同的个性化信托产品。在当前房地产市场环境下,伴随着房地产信托的迅速增长,特别是传统融资型房地产信托业务的迅速增长,房地产信托业务的风险也迅速加大,特别是流动性风险更为突出。针对这种情况,监管部门陆续出台了相关政策建议对房地产信托的规模和增长速度等进行把控,房地产企业从信托渠道进行融资的难度加大。在新形势下,信托机构和房地产企业都需做出积极的改变,房地产企业对自身的开发模式需主动进行转型升级,信托机构也需对房地产信托的模式进行积极创新,实现房地产业和信托业的共同发展。 本论文总共分为五章,第一章主要介绍了本文的研究背景和研究意义,以及主要研究对象和研究方法,同时对论文写作的基本思路、全文的框架结构以及可能的创新点进行了说明。第二章主要对国内外房地产信托模式的相关理论及研究现状进行综述,为后文的展开进行铺垫。第三章回顾了我国房地产信托的发展历程,并结合当前情况,详细分析了我国房地产信托发展中存在的一些问题和困难。第四章对国内外房地产信托模式进行了比较分析,并结合中信信托的实际案例对每种模式进行了深入的阐述,同时介绍了国外以美国为例的已有房地产信托模式,并对美国混合型房地产投资信托基金进行了实证分析。第五章在前面研究分析的基础上,对我国房地产信托的创新模式进行了探索,并设计提出了成本型REITs的房地产信托新模式,对该模式的设计思路、组织构建及具体操作进行了说明,也提出了实现成本型REITs应采取的一些措施建议。结论在总结全文的基础上,提出了我国发展成本型REITs的重要意义。
[Abstract]:Since 2009, domestic house prices have been rising continuously. The government has introduced a series of regulatory measures to curb the excessive rise in house prices, including the "eight articles of the country", the "National Ten articles" and the "New National Ten articles". The whole real estate market is facing the double pressure of the government monetary policy and the purchase restriction policy, and the capital chain of the real estate enterprises is becoming more and more tight. At this time, many real estate enterprises began to look for the support of trust funds. Real estate trusts developed against the trend and became one of the most important profit points in the trust industry. Real estate trust has become one of the most important financing channels for real estate enterprises. Real estate trust is a bridge connecting real estate industry and financial trust industry. On the one hand, it can meet the investment needs of ordinary investors, on the other hand, it can solve the problem of over-reliance on banks by real estate enterprises and reduce financial risk. Also for real estate enterprises to provide sufficient development funds, conducive to the healthy development of real estate enterprises. Trust can design different individualized trust products for real estate development project through loan, equity investment and so on. In the current real estate market environment, with the rapid growth of real estate trust, especially the rapid growth of traditional financing real estate trust business, the risk of real estate trust business also increases rapidly, especially the liquidity risk is more prominent. In view of this situation, the supervision department has issued the related policy suggestion one after another to carry on the control to the real estate trust scale and the growth speed and so on, the real estate enterprise carries on the financing from the trust channel to increase the difficulty. In the new situation, both the trust institution and the real estate enterprise need to make positive changes, the real estate enterprise needs to take the initiative to transform and upgrade its own development mode, and the trust institution also needs to actively innovate the real estate trust model. Realize the common development of real estate and trust industry. This paper is divided into five chapters. The first chapter mainly introduces the research background and significance of this paper, as well as the main research object and research methods, at the same time, the basic ideas of the thesis writing. The full text frame structure and possible innovation points are explained. The second chapter summarizes the related theories and research status of the real estate trust model at home and abroad. The third chapter reviews the development course of real estate trust in our country, and analyzes some problems and difficulties in the development of real estate trust in our country. The fourth chapter makes a comparative analysis of the real estate trust model at home and abroad, and gives a deep exposition of each model combined with the actual case of CITIC Trust. At the same time, it introduces the existing real estate trust model taking the United States as an example. And the mixed real estate investment trust funds in the United States are empirically analyzed. On the basis of the previous research and analysis, the fifth chapter explores the innovative mode of real estate trust in our country, and designs a new model of real estate trust based on cost REITs. The organization construction and concrete operation are explained, and some measures to be taken to realize cost REITs are also put forward. Conclusion based on the conclusion of this paper, the significance of developing cost-based REITs in China is put forward.
【学位授予单位】：西北大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.49;F293.3
本文编号：2416191
[Abstract]:Since 2009, domestic house prices have been rising continuously. The government has introduced a series of regulatory measures to curb the excessive rise in house prices, including the "eight articles of the country", the "National Ten articles" and the "New National Ten articles". The whole real estate market is facing the double pressure of the government monetary policy and the purchase restriction policy, and the capital chain of the real estate enterprises is becoming more and more tight. At this time, many real estate enterprises began to look for the support of trust funds. Real estate trusts developed against the trend and became one of the most important profit points in the trust industry. Real estate trust has become one of the most important financing channels for real estate enterprises. Real estate trust is a bridge connecting real estate industry and financial trust industry. On the one hand, it can meet the investment needs of ordinary investors, on the other hand, it can solve the problem of over-reliance on banks by real estate enterprises and reduce financial risk. Also for real estate enterprises to provide sufficient development funds, conducive to the healthy development of real estate enterprises. Trust can design different individualized trust products for real estate development project through loan, equity investment and so on. In the current real estate market environment, with the rapid growth of real estate trust, especially the rapid growth of traditional financing real estate trust business, the risk of real estate trust business also increases rapidly, especially the liquidity risk is more prominent. In view of this situation, the supervision department has issued the related policy suggestion one after another to carry on the control to the real estate trust scale and the growth speed and so on, the real estate enterprise carries on the financing from the trust channel to increase the difficulty. In the new situation, both the trust institution and the real estate enterprise need to make positive changes, the real estate enterprise needs to take the initiative to transform and upgrade its own development mode, and the trust institution also needs to actively innovate the real estate trust model. Realize the common development of real estate and trust industry. This paper is divided into five chapters. The first chapter mainly introduces the research background and significance of this paper, as well as the main research object and research methods, at the same time, the basic ideas of the thesis writing. The full text frame structure and possible innovation points are explained. The second chapter summarizes the related theories and research status of the real estate trust model at home and abroad. The third chapter reviews the development course of real estate trust in our country, and analyzes some problems and difficulties in the development of real estate trust in our country. The fourth chapter makes a comparative analysis of the real estate trust model at home and abroad, and gives a deep exposition of each model combined with the actual case of CITIC Trust. At the same time, it introduces the existing real estate trust model taking the United States as an example. And the mixed real estate investment trust funds in the United States are empirically analyzed. On the basis of the previous research and analysis, the fifth chapter explores the innovative mode of real estate trust in our country, and designs a new model of real estate trust based on cost REITs. The organization construction and concrete operation are explained, and some measures to be taken to realize cost REITs are also put forward. Conclusion based on the conclusion of this paper, the significance of developing cost-based REITs in China is put forward.
【学位授予单位】：西北大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.49;F293.3
【引证文献】
相关期刊论文 前1条
1 马迪;;我国房地产信托的兑付风险分析及对策[J];河南财政税务高等专科学校学报;2013年03期
相关硕士学位论文 前1条
1 杨斯惠;我国房地产信托业务的发展对策研究[D];吉林财经大学;2013年
，本文编号：2416191
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