关于构建我国内地房地产投资信托基金法律制度的思考

发布时间：2018-05-04 16:10

本文选题：房地产投资信托基金 + 香港REITs　；参考：《外交学院》2014年硕士论文

【摘要】：在国外资本市场，房地产投资信托基金的发展已经有了50多年的历史，，它使得投资者可以从直接持有房地产转变为通过有价证券间接持有房地产。房地产的价格以证券的形式反映出来，有利于提高房地产投资的透明度。同时房地产投资信托基金的发展也改变了商业物业以往的经营模式，从以买卖为主转变为以租赁为主。由此一来，不仅释放了房地产企业原有的商业物业的存量，也促进了房地产的专业化管理，提高了房地产的利用效率。因此，引进房地产投资信托基金制度有利于撬动民间资本，调整房地产融资结构，降低金融机构的信贷风险并拓宽投资者理财渠道，对整个国民经济的发展具有重要的意义。本文通过研究房地产投资信托基金制度对于我国房地产行业及金融市场的重要意义，阐明房地产投资信托基金制度移植的必要性，并详细分析我国香港地区房地产投资信托基金法律制度，结合案例考察该制度在香港地区的执行效果。最后分析我国内地推行房地产投资信托基金制度的法律障碍，并借鉴香港地区相关制度的经验，为将来我国内地房地产投资信托基金模式的选择及制度设计提出建议。
[Abstract]:In foreign capital markets, the development of real estate investment trust funds has a history of more than 50 years, which enables investors to change from holding real estate directly to holding real estate indirectly through marketable securities. Real estate prices are reflected in the form of securities, conducive to improving the transparency of real estate investment. At the same time, the development of real estate investment trust funds has changed the business model of commercial property, from buying and selling to leasing. As a result, it not only releases the stock of commercial property of real estate enterprises, but also promotes the specialized management of real estate and improves the efficiency of real estate utilization. Therefore, the introduction of real estate investment trust fund system is conducive to leveraging private capital, adjusting the structure of real estate financing, reducing the credit risk of financial institutions and widening the financial channels of investors, which is of great significance to the development of the whole national economy. By studying the significance of the real estate investment trust fund system to the real estate industry and financial market, this paper expounds the necessity of transplanting the real estate investment trust fund system. The legal system of real estate investment trust fund in Hong Kong is analyzed in detail. Finally, this paper analyzes the legal obstacles to the implementation of the real estate investment trust fund system in the mainland of China, and draws lessons from the experience of the relevant systems in Hong Kong, and puts forward some suggestions for the choice and design of the real estate investment trust fund model in the mainland of China in the future.
【学位授予单位】：外交学院
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：D922.282

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