REITs引入我国保障住房融资的模式研究

发布时间：2018-01-10 13:12

  本文关键词：REITs引入我国保障住房融资的模式研究　出处：《首都经济贸易大学》2014年硕士论文　论文类型：学位论文

  更多相关文章： 房地产投资信托基金 保障住房 模式

【摘要】：国务院在“十二五”规划中提出要在2015年把保障住房覆盖人群从7%提高到20%。但统计显示实际开发进度缓慢，最严重的一个原因就是保障住房的资金短缺问题。而REITs作为一项新型的金融工具，它从一定程度上降低了投资者参与房地产投资的门槛，帮助房地产企业将流动性欠佳的地产盘活，使其维持项目现金流稳定，美国、香港等地都已将发展非常成熟的REITs体系引入保障住房建设，为保障住房项目融资，但REITs在内陆却发展缓慢。2009年10月，，北京、天津、上海成为中国首批REITs试点城市。天津已经结合廉租房推出保障住房RIETs产品。随着REITs在试点城市的发展，REITs同保障住房建设相结合的保障性住房REITs模式也应运而生。因此，在借鉴其他国家、地区发展REITs经验的基础上，研究最适合中国国情的保障性住房REITs模式，推进中国保障性住房REITs的发展，对解决保障住房建设的融资难题，促进保障住房的健康发展有着重要的意义。 本文通过文献分析法、历史考察法、案例分析法对保障性住房REITs进行分析后得出以下研究成果：第一、在分类介绍各种保障住房特征之后，根据保障住房收益率偏低的情况，得出为缓解政府财政压力，可以在保障住房REITs资产池中包含非保障住房，如写字楼，配套车库等收益率偏高的商业设施。通过这些收益率高的项目可以提高保障住房REITs的基本收益率。 第二、通过分析REITs的特点以及其在中国的发展情况，探索出符合我国国情的保障住房REITs运作模式应以公募型方式筹集资金，采取契约型组织形式，投资方向宜向权益型过渡，上市交易方式也应向证监会版REITs过渡。通过分析保障住房REITs参与方、盈利模式等，初步构建了基于保障住房建设的REITs融资模式。 第三、提出了符合我国保障住房REITs发展的合理建议，基于保障住房REITs建设中出现的各种风险提出了应对措施。
[Abstract]:In the 12th Five-Year Plan, the State Council proposed to increase housing coverage from 7% to 20 by 2015, but statistics show that the actual development progress is slow. One of the most serious reasons is the shortage of funds to secure housing. As a new type of financial instrument, REITs has lowered the threshold for investors to participate in real estate investment to some extent. To help real estate companies to revive illiquid real estate to maintain the project cash flow stability, the United States, Hong Kong and other places have developed a very mature REITs system has been introduced to secure housing construction. REITs is slowly growing inland to secure financing for housing projects. October 2009, Beijing, Tianjin. Shanghai has become the first REITs pilot city in China. Tianjin has launched a housing RIETs product in combination with low-rent housing. With the development of REITs in the pilot city. The REITs model of indemnificatory housing, which combines REITs with housing construction, also arises at the historic moment. Therefore, based on the experience of developing REITs in other countries and regions. This paper studies the REITs model of affordable housing, which is most suitable for China's national conditions, and promotes the development of REITs of affordable housing in China, which will solve the financing problem of housing construction. It is of great significance to promote the healthy development of housing. This article through the literature analysis, historical investigation, case analysis of affordable housing REITs analysis of the following research results: first, after the classification of various housing security features. According to the low rate of return on the housing security, it is concluded that in order to alleviate the financial pressure of the government, the REITs asset pool of housing security can include non-secure housing, such as office buildings. Supporting garage and other high-yielding commercial facilities. Through these high-yielding projects can improve the basic rate of return on housing REITs. Second, through the analysis of the characteristics of REITs and its development in China, this paper explores that the mode of REITs operation of housing security should be raised funds in the form of public offering, which is in line with the national conditions of our country. Adopting the contractual organization form, the investment direction should be transferred to the equity type, and the way of listing and trading should also be transferred to the REITs version of the Securities Regulatory Commission. Through the analysis of the housing REITs participants, the profit model and so on. The REITs financing model based on housing construction is preliminarily constructed. Thirdly, it puts forward some reasonable suggestions on the development of REITs, and puts forward some countermeasures based on the various risks in the construction of REITs.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.23

【引证文献】

相关硕士学位论文 前2条

1 宋丹阳;公租房信托融资模式及风险评价研究[D];西安建筑科技大学;2015年

2 南锦顺;保障性住房建设多元化融资模式研究[D];东北林业大学;2015年

本文编号：1405388