房地产投资信托基金中信托计划模式的法律研究

发布时间：2018-01-08 15:36

本文关键词：房地产投资信托基金中信托计划模式的法律研究　出处：《华东政法大学》2014年硕士论文　论文类型：学位论文

【摘要】：REITs (Real Estate Investment Trust的复数缩写)，起源于美国19世纪60年代，是一种以发行受益权证的方式汇集特定多数投资者的资金，房地产投资业务由专业投资机构进行房地产投资经营管理，并将投资综合收益按比例分配给投资者的一种公司或信托。对于房地产企业而言是一种直接的融资工具并有较大的税收优惠，对于投资者而言投资REITs不但有稳定的股利、较高的股息收益率及专业的经营管理团队等优势，因为股票、债券市场联动性相对较低，易于分散投资组合的风险，成为房地产企业和投资人共同的选择。 2008年国务院提出了在中国发展REITs模式的建议，学术界掀起了一轮REITs的学术研讨热潮。信托模式型REITs是目前中国较为成型的一种封闭交易模式，企业采用直接融资的方式，委托信托公司将优先受益权在银行间债券市场公开发行，，约定一段时间后赎回的信托计划。信托财产是房地产企业持有的具有稳定现金收入的物业，资产收益来源于定期的租金收入，对于信托财产的投向和比例在国内外都有约定的要求和限制。房地产企业必须持有全部的次级信托，聘请专业的房地产评估专家，承担严格的信息披露责任，以保障投资者的利益。信托计划REITs为中国房地产融资拓宽了渠道，推动了金融产品的创新，丰富了金融市场投资品种，可成为解决房地产市场融资难的有效途径。本文将从四个部分来阐述与分析有关信托计划模式的法律问题，具体包括：第一部分主要阐述了房地产投资信托基金的基本内涵和种类。以组织机构分类包括公司型REITs和契约型REITs；以投资用途不同分类包括权益型REITs、抵押型REITs和混合型REITs；以是否能够上市交易分为开放交易型REITs和封闭交易型REITs。我国目前两种成型的REITs分别是，中国人民银行牵头的信托计划模式REITs和证监会监管的股权类产品REITs，本文主要对信托计划模式REITs进行深入分析。第二部分对世界主要资本市场的REITs相关规定做了比较研究。美国REITs的发展和创新与历次税法的改革息息相关，税收改革政策推动了美国REITs的蓬勃发展，并为欧洲各国、日本、新加坡和香港地区的REITs提供了成功的经验，该部分先后对发展起因、组织形式、资产结构和投资限制、风险控制等方面做出了比较分析。第三部分梳理了我国信托计划模式REITs面临的问题，与国际成功经验对比结合我国现有的法律规定，综合表现为投资对象不明确、配套税收制度欠缺、法律环境待改善和欠缺投资性和流动性等问题。第四部分信托计划模式REITs在中国发展尚处于萌芽阶段，先后在北京、上海和天津等地试点，在诸多方面尚需完善，包括鼓励企业加大持有具有稳定现金流的成熟物业、繁荣房屋租赁市场、借鉴先进的税收减免制度和建立高效的风险控制体制。
[Abstract]:REITs Real Estate Investment Trust, the plural acronym for Trust, originated in 1860s in the United States. The real estate investment business is managed by the professional investment institution. It is a kind of company or trust that distributes the comprehensive income of investment to investors according to proportion. It is a kind of direct financing tool and has bigger tax preference for real estate enterprise. For investors, investing in REITs not only has the advantages of stable dividend, higher dividend yield and professional management team, but also has relatively low linkage of stock and bond market. Easy to diversify the portfolio of risk, become a common choice between real estate companies and investors. In 2008, the State Council proposed to develop the REITs model in China. The academic circles set off a round of academic research upsurge of REITs. Trust mode REITs is a closed transaction mode in China at present, enterprises adopt the way of direct financing. The entrusted trust company will issue the preferential benefit right in the interbank bond market and agree on a trust plan to be redeemed after a period of time. The trust property is a property with stable cash income held by the real estate enterprise. Asset income comes from periodic rental income, and there are agreed requirements and restrictions on the investment and proportion of trust property both at home and abroad. Real estate enterprises must hold all sub-trusts. Employ professional real estate evaluation experts to assume strict information disclosure responsibility to protect the interests of investors. The Trust Plan (REITs) broadens the channels for Chinese real estate financing, promotes the innovation of financial products, and enriches the investment variety of financial market. It can be an effective way to solve the financing difficulties in the real estate market. This paper will explain and analyze the legal problems related to the trust plan model from four parts, including: The first part mainly expounds the basic connotation and types of real estate investment trust fund, which includes corporate REITs and contractual REITs. Different categories of investment use include equity REITs, mortgage REITs and mixed REITs; It can be divided into open transaction REITs and closed transaction REITs according to whether they can be listed or not. At present, two kinds of REITs are formed in our country. The trust plan mode led by the people's Bank of China (REITs) and the equity product REITs supervised by CSRC are analyzed deeply in this paper. The second part makes a comparative study on the REITs regulations of the world's major capital markets. The development and innovation of REITs in the United States are closely related to the previous tax reform. The tax reform policy has promoted the vigorous development of REITs in the United States, and has provided the successful experience for the REITs of European countries, Japan, Singapore and Hong Kong. Organizational form, asset structure and investment restrictions, risk control and other aspects of comparative analysis. The third part combs our country trust plan pattern REITs to face the question, compares with the international successful experience unifies our country existing law stipulation, the comprehensive performance is the investment object is not clear, the supporting tax system lacks. The legal environment should be improved and lack of investment and liquidity. 4th part of the trust plan model REITs in China is still in its infancy stage, has been in Beijing, Shanghai and Tianjin and other places pilot, in a number of aspects still need to be improved. It includes encouraging enterprises to hold mature properties with stable cash flow, prospering the housing rental market, drawing lessons from the advanced tax relief system and establishing an efficient risk control system.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：D922.282

【相似文献】