基于房地产投资信托基金的公租房融资模式研究

发布时间：2018-04-17 08:29

本文选题：房地产投资信托基金 + 公租房　；参考：《重庆大学》2013年硕士论文

【摘要】：加强保障性住房建设和管理，建立市场配置和政府保障相结合的住房制度，是我国社会主义市场经济体制改革中的一项重要政策举措。公共租赁房（以下简称公租房）是我国现行保障性住房制度的重要补充，在针对解决住房难这一重大民生问题上扮演着重要角色。然而，公租房建设遭遇资金瓶颈，蕴藏着巨大的财政金融风险。因此，研究公租房的融资模式具有重要的现实意义。首先，回顾了国内外、研究现状，界定了公租房、公租房融资的相关概念；探讨了公租房融资过程中存在的问题：以政府为主体的公积金收益及贷款、土地出让金收益、财政预算拨款难以支撑公租房建设，而上市融资、债券融资限制条件多，难以大规模推广。其次，就我国现阶段房地产市场的融资模式、现行公租房建设的融资困境及其成因进行了深入分析。公租房建设需要大量的资金，单依靠政府财政融资是不能支撑的。根据发达国家和地区的经验，必须充分发挥市场的资源配置作用，在政府总体规划和引导下鼓励社会民间资本成为公租房建设的重要资金来源。再次，对美国、新加坡和我国香港地区房地产投资信托发展状况进行了分析。概述了美国REITs的发展历程，对REITs在新加坡和香港地区的发展进行了探讨，总结中国公租房REITs值得借鉴的经验。得出四点重要启示：其一，，相关法律法规的大力扶持；其二，政府发挥主导地位保障资金来源；其三，政府引导民间投资，发挥市场主体的作用；其四，成立专门的非营利性机构或公司负责保障性住房的建设、运营。同时，对国内REITs融资模式的兴起与发展做了阐述。最后，构建公租房REITs的运作模式。在对REITs进行理论研究的基础上，探讨了利用REITs模型实现公租房融资的必要性和可行性，进而分析了将REITs融资模式用于公租房建设的经济适用性和外部实用性，论证REITs在缓解政府公租房建设的财政负担上发挥重要作用。结合前文分析提出了适合我国国情的公租房REITs模式。引用具体的案例对于公租房REITs的具体实施进行讨论，在论文结尾指出了发展公租房REITs将要面临的风险和问题，并提出合理化建议。
[Abstract]:It is an important policy measure in the reform of socialist market economy system to strengthen the construction and management of affordable housing and to establish a housing system that combines market allocation with government security.Public rental housing (hereinafter referred to as public rental housing) is an important supplement to the current affordable housing system in China, which plays an important role in solving the housing difficulties, a major livelihood problem.However, the construction of public rental housing encountered a financial bottleneck, containing huge financial and financial risks.Therefore, the study of public rental housing financing model has important practical significance.First of all, it reviews the domestic and foreign research status, defines the public rental housing, public rental housing financing related concepts; discusses the problems in the process of public rental housing financing: the government as the main body of provident fund income and loans, land transfer proceeds.Budget allocation is difficult to support the construction of public rental housing, and listed financing, bond financing restrictions, difficult to promote on a large scale.Secondly, the financing model of the real estate market in our country, the financing dilemma of the current public rental housing construction and its causes are deeply analyzed.Public rental housing construction needs a lot of funds, relying solely on government finance can not be supported.According to the experience of developed countries and regions, it is necessary to give full play to the role of market resource allocation and encourage social and folk capital to become an important source of funds for the construction of public rental housing under the overall planning and guidance of the government.Thirdly, it analyzes the development of real estate investment trust in USA, Singapore and Hong Kong.This paper summarizes the development course of American REITs, probes into the development of REITs in Singapore and Hong Kong, and sums up the experience of REITs in China's public rental housing.Four important revelations are drawn: first, the strong support of relevant laws and regulations; second, the government plays a leading role in ensuring the source of funds; third, the government guides private investment to play the role of the main body of the market; fourth,Set up a special non-profit organization or company responsible for the construction and operation of affordable housing.At the same time, the rise and development of domestic REITs financing mode is expounded.Finally, the construction of public housing REITs operation model.On the basis of theoretical research on REITs, this paper discusses the necessity and feasibility of using REITs model to realize public rental housing financing, and then analyzes the economic applicability and external practicability of using REITs financing model in public rental housing construction.It is demonstrated that REITs plays an important role in alleviating the financial burden of the construction of public rental housing.Combined with the above analysis, this paper puts forward the REITs model of public rental housing which is suitable for the situation of our country.In the end of this paper, the author points out the risks and problems that the development of REITs in public rental housing will face, and puts forward some reasonable suggestions.
【学位授予单位】：重庆大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F299.23;F832.4

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