我国房地产投资信托基金发展模式的研究

发布时间：2018-03-12 16:44

本文选题：房地产投资信托基金　切入点：委托——代理　出处：《吉林财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：目前，我国经济飞速发展，金融业与房地产业更是在经济体制改革的不断深入下互相融合，相辅相成。金融业为房地产业提供充足的资金来源，房地产业则为金融业提供广阔的投资平台。然而在发展的过程中，我们发现房地产业的融资一直依赖于银行贷款，这不仅加大了银行的信贷风险，造成金融市场的不稳定，还使得国家颁布的关于房地产业宏观调控的政策失去效用。为了从根本上解决这个难题，我们必须加快投融资制度的创新，，为房地产市场提供长期、稳定的融资渠道。而发展房地产投资信托基金则是制度创新的首选。房地产投资信托基金制度起源于美国，后被许多发达国家采纳并成功运行。这种制度的建立改变了以往房地产企业依赖银行间接融资的局面，转向为以市场证券化为主的直接融资模式。随着经济全球化的步伐不断加快，我国房地产投融资市场也必然会融入到国际金融体制的大潮流中。因此，改变目前我国房地产市场单一的融资渠道，建立并发展适合我国国情的房地产投资信托基金制度势在必行。本文正是基于这一背景而展开深入研究的，全文可分为三部分：第一部分包括引言、第二章、第三章。主要是结合国内外对房地产投资信托基金的研究现状，对房地产投资信托基金定义、特征、分类及基本运作模式做详细介绍。并通过对美国、日本、新加坡三国的房地产投资信托基金制度的研究与对比，得到启示，为我国发展房地产投资信托基金积累经验。第二部分是第四章。主要对房地产投资信托基金运作中的委托——代理关系进行分析。房地产投资信托基金制度中存在双重委托——代理关系，通过建立委托——代理模型，探讨如何科学制定委托——代理关系才能对房地产投资信托基金的发展起到积极作用。第三部分包括第五章和第六章。这也是本文的重点部分。在前几章的基础上，针对目前我国房地产金融产品的发展现状，论证了房地产投资信托基金在我国发展的可行性及遇到的困难。最后根据我国的国情，分别从最优路径、募集方式、资金来源以及产品定位四大方面进行分析，建立适合我国发展的房地产投资信托基金模式。从研究的结果来看，房地产投资信托基金（REITs）的建立极大的拓宽了我国房地产业的融资渠道，这在一定程度上不仅缓解了银行信贷的压力，使得我国房地产宏观调控更加行之有效，也推动了我国房地产业的发展朝着更加健全和健康的方向发展。
[Abstract]:At present, with the rapid development of China's economy, the financial industry and the real estate industry are merging and complementing each other under the constant deepening of the economic system reform. The financial industry provides sufficient sources of funds for the real estate industry. The real estate industry provides a broad investment platform for the financial sector. However, in the process of development, we find that the financing of the real estate industry has been dependent on bank loans, which not only increases the credit risk of the banks, but also results in the instability of the financial market. In order to solve this problem fundamentally, we must speed up the innovation of the investment and financing system and provide the real estate market with long-term development. Stable financing channels. And the development of real estate investment trust funds is the first choice for institutional innovation. The real estate investment trust fund system originated in the United States and was adopted and successfully operated by many developed countries. The establishment of this system has changed the situation in which real estate enterprises relied on bank indirect financing in the past. With the increasing pace of economic globalization, the real estate investment and financing market of our country will inevitably be integrated into the international financial system. It is imperative to change the single financing channel of our country's real estate market and establish and develop the real estate investment trust fund system suitable for our country's national conditions. This paper is based on this background to carry out in-depth research, the full text can be divided into three parts:. The first part includes the introduction, the second chapter, the third chapter, mainly unifies the domestic and foreign to the real estate investment trust fund research present situation, to the real estate investment trust fund definition, the characteristic, Through the research and comparison of the real estate investment trust fund system of the United States, Japan and Singapore, the author obtains the enlightenment and accumulates the experience for the development of the real estate investment trust fund in our country. The second part is 4th chapter. It mainly analyzes the principal-agent relationship in the operation of real estate investment trust fund. There is a double principal-agent relationship in the real estate investment trust fund system. This paper discusses how to scientifically formulate the principal-agent relationship to play a positive role in the development of real estate investment trust funds. The third part includes 5th chapters and 6th chapters. This is also the key part of this paper. On the basis of the previous chapters, aiming at the current development situation of real estate financial products in our country, This paper demonstrates the feasibility and difficulties of the development of real estate investment trust fund in China. Finally, according to the national conditions of our country, the paper analyzes the best path, the way of raising, the source of funds and the orientation of products, respectively. Establish the real estate investment trust fund model suitable for the development of our country. From the results of the research, the establishment of REITs has greatly widened the financing channels of China's real estate industry, which to a certain extent not only alleviated the pressure of bank credit, It also promotes the development of China's real estate industry towards a more sound and healthy direction.
【学位授予单位】：吉林财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.23;F832.49

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