我国房地产投资信托基金的税负研究

发布时间：2018-02-16 15:16

本文关键词： REITs 房地产投资信托税法税收政策　出处：《云南财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：新千年之后，全球房地产市场迎来了“地资本”时代。尤其是自2008年美国全面爆发金融危机以来，不仅美国经济全面下滑，全球的经济都遭到重创。其中，最先遭遇危机的当属房地产市场。此次金融危机下，有见识的专家和学者已看清房地产市场本质，只有通过多样化的资本运作，分散风险，保证持续且稳定的收益率，才能满足投资者对市场的巨大需求，保证房地产市场健康稳定的发展。早在1990年，诺贝尔奖获得者威廉·夏普和莫顿·米勒两位教授就在逻辑推导和实证分析的基础上预言，21世纪全球金融业的发展趋势是不动产证券化、金融结构调整以及金融工具的创新。总结这次美国次贷危机的教训，要实现他们的这种预言，前提是必须保证虚拟经济与实体经济相平衡、金融创新与金融稳定相协调。在经济结构调整中，，现中国的许多房地产企业将很多的精力转移到融资方面，尤其是证券化的融资方面，以此来提高资本实力。在开辟多元化的融资渠道和方式中，设立和发展房地产投资信托基金（Real Estate Investment Trust,简称REITs），我认为是最能解决问题、最有前途且最具有战略意义的。证券市场和房地产市场是我国从20世界90年代以来两个发展最快速的市场。从房地产市场来看，20世纪90年代后期房地产业才开始迅速发展，根据统计报告，其年均增长率已高至35.6%。因为快速的城市化建设进程以及我国居民对于住宅的刚需，会导致我国房地产业在今后仍将有一定的发展空间。目前，房地产贷款在银行所有贷款中的比重过高是银行业需要面临的问题，为此，银行相应提高了房地产项目的贷款条件以降低贷款风险。而且房地产区域市场出现严重泡沫，房价上涨超过了居民的收入水平，也超过了若干国际大都市的房价水平。因此，房地产业迫切需要开辟银行外的融资渠道，以解决项目开发和经营的资金来源问题。然而，引入REITs过程中，我国没有一个与之相配套的税收体系，按照原有的税法规定，存在税负过重以及双重征税等问题，因此，本文通过对比分析美国，澳大利亚、法国、香港这四个分属不同洲的国家或地区REITs的发展历程以及税收优惠情况分析，再利用税负示意性测算，测算其税负水平，得出我国税负过重的结论，并分析其原因所在，对现行的税收政策提出建议，改善REITs税负水平，推动其在我国的实施。本专题研究中，使用到的税收原则有税收中性原则、导管原则、避免重复课税原则以及收益发生课税原则，以此为依据对我国REITs的税收政策提出了一些建议，这对研究我国REITs的税负水平有较强的实际意义。但由于在实际的研究过程中，如存在数据收集上的不完整或者证明过程中条件过于统一化的影响，可能对最终研究的结果产生一定的影响，但不影响其作为研究我国REITs税收政策在实际应用中的参考价值。
[Abstract]:After the new millennium, the global real estate market has ushered in an era of "local capital." especially since the financial crisis broke out in the United States in 2008, not only has the United States economy fallen across the board, but the global economy has been hit hard. The real estate market was the first to be hit by the crisis. In this financial crisis, knowledgeable experts and scholars have seen the essence of the real estate market, only by diversifying capital operations, dispersing risks and ensuring a sustained and stable rate of return. In order to meet the huge market demand of investors and ensure the healthy and stable development of the real estate market. As early as 1990, Nobel laureates William Sharp and Morton Miller predicted, on the basis of logical derivation and empirical analysis, that the global financial industry of the 21st century is going to be real estate securitization. Financial restructuring and innovation of financial instruments. Summarizing the lessons of the US subprime mortgage crisis and realizing their predictions, the premise is that the virtual economy must be balanced with the real economy. Financial innovation is in harmony with financial stability. In the course of economic restructuring, many real estate enterprises in China have shifted a lot of energy to financing, especially in the area of securitization. In order to improve the capital strength, the establishment and development of real estate investment trust fund Real Estate Investment Trust, I think, is the most problem-solving, the most promising and the most strategic. The securities market and the real estate market are the two fastest developing markets in China since 90s in the 20th century. From the point of view of the real estate market, the real estate industry began to develop rapidly in the late 90s of the 20th century, according to the statistical report. Its average annual growth rate has reached 35.6.Because of the rapid process of urbanization and the rigid demand for housing by Chinese residents, there will still be some room for development of the real estate industry in our country in the future. At present, The excessive proportion of real estate loans in all bank loans is a problem facing the banking industry. For this reason, banks have accordingly raised the loan conditions for real estate projects in order to reduce the loan risk. Moreover, there has been a serious bubble in the real estate regional market. The rise of house price exceeds the income level of residents and the price level of several international cities. Therefore, the real estate industry urgently needs to open up financing channels outside banks to solve the problem of financing source for project development and operation. However, in the process of introducing REITs, our country does not have a corresponding tax system. According to the original tax law, there are some problems such as excessive tax burden and double taxation. Therefore, this paper analyzes the problems of the United States, Australia, France and so on. The development course of REITs and tax preferential situation in the four countries or regions belonging to different continents in Hong Kong are analyzed. Then, by means of the indicative calculation of tax burden, the level of tax burden is calculated, and the excess tax burden of our country is obtained. The conclusion, and the reasons are analyzed, and some suggestions are put forward to improve the tax burden of REITs and promote its implementation in China. In this study, the tax principles used include tax neutrality principle, conduit principle, avoidance of double taxation principle and income taxation principle. Based on these principles, some suggestions are put forward to the tax policy of REITs in China. This is of great practical significance to the study of the tax burden level of REITs in China. However, in the actual research process, if there is incomplete data collection or the condition is too uniform in the process of proving, It may have a certain influence on the results of the final research, but it does not affect its reference value in the practical application of the study of REITs tax policy in China.
【学位授予单位】：云南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.23;F832.49;F812.42

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