廉租房投资信托基金（REITs）法律问题研究

发布时间：2018-02-22 18:59

本文关键词： 房地产投资信托 REITs 法律障碍法律监督　出处：《西南政法大学》2014年硕士论文　论文类型：学位论文

【摘要】：自1998年我国实行房改政策以来，住房由社会福利分配转向市场商品化，我国的房价节节攀升，原本就已非常严峻的低收入群体的住房问题，此刻更是雪上加霜。为缓解低收入家庭住房压力，2007年8月国务院出台了《关于解决城市低收入家庭住房困难的若干意见》，开启了保障房建设的契机。但是由于保障性住房的福利性特点，以廉租房为代表的保障性住房的建设主要靠政府的出资来完成。同时随着城市人口不断增加，在低收入群体对于房屋的需求量居高不下的情况下，政府的保障性住房的建设资金缺口进一步加大。在这样的背景下，为满足廉租房建设的资金需求，迫切需要引入一种符合市场的融资模式。在廉租房建设融资方面，一些西方发达国家的举措为我国提供了可行的方案。比如起源于上世纪60年代的美国房地产投资信托基金（REITs），不仅为美国的中小投资者提供了丰富的投资渠道，，同时为美国的房地产市场的发展做出了巨大的贡献。对我国而言，2011年为了保障低收入居民的住房问题而出台的关于廉租房保障措施，为我国的房地产融资模式提供了良好的发展空间。在新政策的导向下，中国特色的房地产投资信托基金的推出必然会推动我国的房地产市场的创新。本文第一部分从REITs的基础理论着手，对REITs的概念与特征进行分析，同时区分REITs与类似的概念的异同；第二部分分析比较美国和我国香港地区的立法模式与发展现状，综合比较REITs美国与亚洲模式的优劣概括出在法律实施中对我国REITs立法启示；第三部分进行我国廉租房建设融资引进REITs的理性分析；第四部分从法律体系和具体制度设计出发，提出规制REITs的设想。提出我国REITs的发展应当遵循的思路，首先要选择合适的立法模式，然后要明确REITs的运作机制和REITs投资风险管理，同时对REITs投资给与税收优惠，以求促进廉租房REITs的良性发展。
[Abstract]:Since the implementation of housing reform policy in 1998, housing has shifted from social welfare distribution to market commercialization, and housing prices in our country have been rising, which is already a very severe housing problem for low-income groups. In order to alleviate the housing pressure of low-income families, in August 2007, the State Council issued several opinions on solving the housing difficulties of low-income families in urban areas, which opened the opportunity for indemnificatory apartment to build. Welfare characteristics of barrier housing, The construction of affordable housing, represented by low-rent housing, mainly depends on government funding. At the same time, as the urban population continues to increase, the demand for housing among low-income groups remains high. In this context, in order to meet the demand of low-rent housing construction, it is urgent to introduce a financing model in line with the market. In the area of low-rent housing construction financing, The initiatives of some western developed countries have provided China with feasible solutions. For example, the United States Real Estate Investment Trust (REITs), which originated in -40s, not only provides a rich investment channel for small and medium-sized investors in the United States. At the same time, it has made a great contribution to the development of the real estate market in the United States. For our country, in 2011, in order to protect the housing problem of low-income residents, the low-rent housing security measures were introduced. It provides a good development space for the real estate financing mode of our country. Under the guidance of the new policy, The introduction of the real estate investment trust fund with Chinese characteristics will inevitably promote the innovation of the real estate market in China. The first part of this paper begins with the basic theory of REITs and analyzes the concept and characteristics of REITs. At the same time, it distinguishes the similarities and differences between REITs and similar concepts. The second part analyzes and compares the legislative models and development status of the United States and Hong Kong, summarizes the advantages and disadvantages of the REITs American and Asian models, and summarizes the enlightenment to China's REITs legislation in the implementation of the law. The third part is the rational analysis of the introduction of REITs into low-rent housing construction financing in China, the 4th part is based on the legal system and specific system design, put forward the idea of regulating REITs, and put forward the development of REITs in China should follow the train of thought. First of all, we should choose the appropriate legislative model, then make clear the operating mechanism of REITs and the risk management of REITs investment, and at the same time give tax preference to REITs investment in order to promote the benign development of low-rent REITs.
【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：D922.181

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