我国房地产信托投资基金（REITs）法律问题分析
本文关键词：我国房地产信托投资基金（REITs）法律问题分析 出处：《吉林大学》2017年硕士论文 论文类型：学位论文
【摘要】：房地产信托投资基金(简称REITs),作为美国金融市场最强劲的投资工具之一,因为具有投资门槛低、投资风险小、预期收益稳定等优点,逐渐被大量投资者所青睐,在短短几十年内世界上许多国家纷纷相仿。在中国,政府对房地产行业进行了数次宏观调控,导致房地产企业融资难度不断增加。为了生存和发展,房地产企业开始寻求与信托业的合作,以此解决融资难的问题。在此基础上,出现了一批房地产信托项目,主要采用现有的信托法律体系为存在依据,但从严格意义上将这并不是真正的REITs,只是在其中一些项上具备了REITs的雏形。随着资产证券化和泛资产运动的蓬勃发展,我国引入REITs法律制度的呼声也越来越高,虽然有几部新法对我国地产信托投资基金起到了一定的推动作用,但房地产信托投资基金仍处于造法阶段。因此,有必要对已公布的法条进行细致的考证与研读,分析障碍,并在此基础上进行制度构建,这将对法律制度的完善起到推动作用。我国的房地产信托投资基金涉及的内容宏大,从2005年之后便被人不断关注,因为它关系到国计民生,诸如在市场中房地产建设资金的需求、社会投资者财产安全、房地产产业升级等方面都起着重大的影响。《信托公司房地产信托投资基金计划试点管理办法》(草案)在2011年被重新修订,让许多人感到惊喜,并认为中国房地产信托投资基金的大好时代到来了。但事与愿违,该法案并未正式颁布,因为基于中国国情,房地产信托投资基金的生长涉及到太多的问题。可以说,我国今天的房地产信托投资基金在本质上并非真正的房地产信托投资基金,只是准备阶段的初级形态。实物界的低迷直接导致理论界的彷徨。目前针对我国房地产信托投资基金的学术文献随处可见,但大部分理论观点存在偏颇,例如REITs的概念相互混淆,运作模式张冠李戴等,最主要的问题为理论创新严重匮乏。本文以2011年新起草的《信托公司房地产信托投资基金计划试点管理办法》(草案)为线索,以现行或者将要颁发的法律为基石,对我国房地产信托投资基金从理论概念的正确描述、运行模式的明确表述,到发展障碍的深入探析,最后到法律制度的构建进行论述。
[Abstract]:Real estate trust investment fund (REITs), as one of the strongest investment instruments in American financial market, has the advantages of low investment threshold, low investment risk and stable expected return. In just a few decades, many countries in the world have been like each other. In China, the government has carried out several macroeconomic controls on the real estate industry. In order to survive and develop, the real estate enterprises began to seek the cooperation with the trust industry in order to solve the financing problem. On this basis. There are a number of real estate trust projects, mainly using the existing trust legal system as the basis of existence, but strictly speaking, this is not the real REITs. With the rapid development of asset securitization and pan-asset movement, the voice of introducing the REITs legal system is becoming higher and higher in our country. Although there are several new laws to our real estate trust investment funds play a certain role, but real estate trust investment funds are still in the legal stage. It is necessary to make careful textual research and study on the published laws and regulations, analyze the obstacles, and build the system on this basis. This will promote the improvement of the legal system. China's real estate trust and investment fund involved in the content of a grand, since 2005 has been paid attention to, because it relates to the national economy and people's livelihood. Such as the demand for real estate construction funds in the market, social investors property security. Real estate industry upgrading and other aspects have played a major impact. "Trust Company Real Estate Trust Investment Fund pilot Management measures" (draft) was revised in 2011, so many people are surprised. And think that China's real estate investment trust and investment funds have come a good age. But contrary to what was hoped, the bill has not been formally promulgated because of China's national conditions. The growth of real estate trust investment funds involves too many problems. It can be said that today's real estate trust investment funds are not real estate trust investment funds in essence. It is only the primary form of the preparatory stage. The downturn in the physical sector directly leads to the loss of the theoretical circle. At present, the academic literature on the real estate trust and investment funds is everywhere, but most of the theoretical views are biased. For example, the concept of REITs is confused with each other, and the operating mode is as follows: GuanGuan Li Dai and so on. The main problem is the serious lack of theoretical innovation. This paper draws up the "Trust Company Real Estate Trust Investment Fund pilot Management measures" (draft) as the clue. Based on the existing or to be issued laws, the real estate investment funds in China from the correct description of the theoretical concept, the clear description of the operation model, to the in-depth analysis of obstacles to development. Finally, the construction of the legal system is discussed.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.282
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