养老地产的财务分析

发布时间：2018-03-01 01:09

  本文关键词： 养老地产 基金房地产投资信托 REIT 财务分析 税务　出处：《上海交通大学》2013年硕士论文　论文类型：学位论文

【摘要】：中国正加快进入老年化社会。传统的以家庭为单位，养儿防老的情况，由于一胎政策与4-2-1的现象而显得不足。由于二元户籍，退休人员如何以城市的房地产融通，以房养老成为面对巨大而长期的养老负债的对冲方法。中国养老产业的发展前景是远大的。 中国养老产业最大的瓶颈是土地、融资与税务政策。目前境内较为成功的初始个案，都有着地成本土地的优势。有些为了在高税的环境下节省税务成本，做出不少创新的商业模式。可是，如何利用资本市场却成为发展的瓶颈，如果能够打通融资渠道，如利用公募资金里的退休金、保险金等较长期的低成本资金，能把成功的模式迅速复制全国，抢先打开市场。 在资本市场较发达的国家，如美国；发展了先进的公募房地产信托基金系统(Real Estate Investment Trust, REIT)，在几十年的发展沿革下，政策上对养老地产的投资方与营运放作出分工；更好的利用了各自低成本基金与超水平管理的优势。 本文作者以上海REIT专家预备组组员的身份，参与中国REIT的政策设计外部专家，提出过有关建议。本文以中国的养老地产个案财务状况，结合美国养老地产REIT的财务分析，预示中国养老地产的证券化前景，也对有关养老产业的融资、税务等政策作出意见。
[Abstract]:China is speeding up its entry into an aging society. The traditional situation of taking the family as a unit and raising children to prevent old age is not enough because of the one-child policy and the phenomenon of 4-2-1. Because of the dual household registration, how do retirees use the real estate in the city? Housing for the aged has become a hedge against huge and long-term pension liabilities. China's pension industry has a bright future. The biggest bottleneck in China's pension industry is land, financing and tax policies. At present, the most successful initial cases in China have the advantage of land cost and land. Some of them are aimed at saving tax costs in a high-tax environment. Make a lot of innovative business models. However, how to use the capital market has become the bottleneck of development. If we can open up the financing channels, such as the use of public funds in the retirement fund, insurance funds and other longer-term low-cost funds, The successful model can be quickly replicated throughout the country, the first to open the market. In the developed countries of capital market, such as America, we have developed the advanced public raising real estate trust system, Real Estate Investment Trust, REITT. Under the development of several decades, we have made a division of labor between the investors and the operation of the endowment real estate. Better use of their low-cost funds and super-level management advantages. In his capacity as a member of the Shanghai REIT expert Preparatory Group, the author participated in the policy design of China's REIT and put forward some suggestions. This paper, based on the financial situation of China's pension real estate case, combined with the financial analysis of American pension real estate REIT, Foreshadowing the prospect of securitization of China's pension property, also on the pension industry financing, tax and other policy advice.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F299.23
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本文编号：1549740