我国房地产信托投资基金的模式及选择

发布时间：2018-06-18 05:04

本文选题：REITs + 房地产融资　；参考：《河北大学》2013年硕士论文

【摘要】：房地产投资信托基金（REITs）是一种专门投资于房地产行业的新型金融工具，它将投资者的资金归集起来交由专业团队经营管理，并为投资者提供稳定收益。REITs最早起源于美国，并在欧洲和亚洲的一些发达国家逐渐兴起。从投资的角度来讲，REITs降低了投资者参与不动产投资的门槛，减少了以投资为目的的房地产真实交易，实现了房地产投资的便捷的交易。从房地产企业的角度上来讲，REITs还可以帮助房地产企业将流动性欠佳的资产盘活，稳定房地产开发商的现金流。可以说REITS是金融行业对于房地产行业发展重大的创新型支持。我国自20世纪90年代以来，房地产市场与证券市场就成为了两个高速发展的市场。从房地产的角度来看，我国房地产从20世纪90年代以后开始迅速发展，年均增长率高达37.8%，并且由于中国居民的刚性需求和城镇化的加快，我国房地产市场未来的发展空间很大。伴随着城镇化进程的发展，许多人不再选择购房而是倾向于租用廉价房屋来居住，这就需要地产商改变传统经营模式，形成“建房、经营”的新模式，以解决房地产企业商业模式创新的问题。虽然现阶段REITs在我国的实践面临许多困难与障碍，，但其能为我国的房地产业提供大量的民间资金，同时还能从一定程度上避免由于过度投资需求而引发的投机风险。现阶段我国房地产市场正积极探索REITs发展的最优路径，本文在阐述房地产投资信托基金理论和各国经验借鉴的基础上，对现阶段我国发展REITs的现状与障碍进行了系统的研究，并针对央行与证监会两个不同的REITs方案进行比较分析，这一研究角度在国内的文献资料中比较少见，从而体现出论文新意。本文共分为五章。第一章作为绪论部分，包括选题背景、选题意义和国内外文献综述。第二章介绍了REITs的含义功能与概念界定。第三章写了美国、日本以及香港的REITs发展现状，总结国外的发展经验对我国的借鉴意义。第四张分析了我国当前的市场现状以及发展REITs可能遇到的障碍。第五章对我国REITs所面临的困难提出了相应对策，并对其发展模式进行了探讨。
[Abstract]:Real Estate Investment Trust (REITs) is a new type of financial instrument specializing in the real estate industry. It gathers investors' funds to be managed by professional teams, and provides investors with stable returns. REITs originated in the United States. And some developed countries in Europe and Asia gradually rose. From the point of view of investment, REITs lower the threshold for investors to participate in real estate investment, reduce the real estate transactions for the purpose of investment, and realize the convenient transaction of real estate investment. From the point of view of real estate companies, REITs can also help real estate companies to revive illiquid assets and stabilize the cash flow of real estate developers. It can be said that REITS is the financial industry for the real estate industry to develop a major innovative support. Since 1990's, real estate market and securities market have become two high-speed developing markets in China. From the point of view of real estate, China's real estate began to develop rapidly since the 1990s, with an average annual growth rate of 37.8%. Due to the rigid demand of Chinese residents and the acceleration of urbanization, the future development space of China's real estate market is very large. With the development of urbanization, many people do not choose to buy a house but prefer to rent a cheap house to live in. This requires the developers to change the traditional business model and form a new model of "building and managing". In order to solve the real estate business model innovation problem. Although the practice of REITs in our country is facing many difficulties and obstacles at present, it can provide a large amount of private funds for the real estate industry of our country, and at the same time, it can avoid the speculative risk caused by excessive investment demand to a certain extent. At present, our real estate market is actively exploring the optimal path of REITs development. On the basis of expounding the theory of REITs and the experiences of other countries, this paper makes a systematic study on the present situation and obstacles of the development of REITs in China. Two different REITs schemes of Central Bank and Securities Regulatory Commission are compared and analyzed. This research angle is relatively rare in domestic literature, thus reflecting the new ideas of the paper. This paper is divided into five chapters. The first chapter is the introduction, including the background, significance of the topic and literature review at home and abroad. The second chapter introduces the meaning function and concept definition of REITs. The third chapter describes the development of REITs in the United States, Japan and Hong Kong. The fourth part analyzes the current market situation and the possible obstacles to the development of REITs in China. The fifth chapter puts forward the corresponding countermeasures and discusses the development mode of REITs in China.
【学位授予单位】：河北大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.49;F299.23

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