基于REITs模式的廉租住房融资问题研究

发布时间：2018-06-24 21:23

本文选题：廉租住房 + 融资　；参考：《西南财经大学》2013年硕士论文

【摘要】：近年来,我国房地产市场蓬勃发展,为经济发展做出了重大贡献,但是也带来了房价的过快上涨。为了促进房地产行业的健康发展,政府一方面加大了对房地产行业的调控,推出了“限购”、“房产税试点”、“住房交易个人所得税”等各种调控措施；另一方面加大了保障性住房的建设力度,满足中低收入人群住房需求。为此在“十二五”期间,全国将新建3600万套保障性住房。但是巨大的保障房建设需要耗费大量资金,在现行融资模式下,保障性住房(包括廉租住房)的融资、规划、建设、管理等基本上由政府一家包干,政府面临着巨大资金压力。为了缓解这种压力,各界都提出了很多设想,例如将土地出让金的10%作为保障性住房建设资金、商品房配建保障房、住房公积金支持保障性住房建设等,这些方式有的已经在实践中被采用,但是没有从根本上解决资金难题。2005年两会期间全国工商联提出的保障性住房REITs融资模式,引起了政府和广大学者的关注,对于REITs的研究和探索也越来越多。本文就是基于这样的背景来积极探索REITs融资模式在廉租住房中的应用。本文的主要内容和观点可以分成了六个部分,具体如下所述：本文首先交待了研究背景和意义,从而引出本文的研究问题------REITs模式应用于廉租住房融资的问题。在对这个问题上,本文从国际国内两个大的环境,从保障性住房相关问题、保障性住房融资、REITs相关问题三个从大到小的角度对前人的研究做了一个论述和分析。在第二部分本文进行了必要的理论铺垫,从REITs的概念、特点、分类介绍了REITs的相关理论,又分析了REITs的一般运作程序和模式。这些都是为后文分析的基础,只有在这部分将REITs的优劣分析清楚了才能为后文构造适合我国国情以及适合廉租住房特点的REITs。本文第三部分是在宏观层面上,论证廉租住房REITs融资模式的必要性与可行性。在论证必要性时从现有融资方式的倒逼影响和市场的客观需要正反两个方面来分析,从而判断在我国现行融资模式下,需要拓展融资渠道、多元化投资主体；在分析可行性时,主要是从他山之石——即借鉴国外经验、先决条件——即国内充足的资金、类似经验——即国内房地产信托的运作经验、政策扶持——即廉租住房属性决定了政府的政策支持、运作关键——即投资者有利可图等五个方面来论证,比较好的阐述了廉租住房REITs融资模式的可行性。第四部分是本文的次重点内容,这部分是在前文已经在宏观层面上分析得到了我国推行廉租住房REITs融资模式的必要性和可行性的基础上,进行适合我国的REITs即C-REITs (取China第一个字母)的模式设计。模式的设计主要是REITs类型的选择、廉租住房REITs模式的具体运作流程、廉租住房REITs模式的组织框架三个方面来展开：其一,在REITs的类型选择上,本文认为权益型、契约型、公募方式的REITs是适合我国国情的,这里主要考虑到了国外的经验、税收、潜在投资者、风险监管等因素：其二,在具体运作流程上,本文的设计与前人研究的最大区别在于充分考虑到政府在廉租住房建设中的作用,承认并加强政府的主导地位即政府通过建设或收购聚集房源然后转让给REITs投资者,然后再整体回租转让的房源。这样做的目的一是为了保障廉租住房的福利属性、二是解决市场中符合廉租住房标准房源偏少的问题、三是增加市场中该类型房屋的供给以此来加强对市场租金的控制避免租金过高；其三,在组织框架问题上,结合流程的设计本文涉及到的组织框架主体不仅仅包括了常规契约型REITs所有的投资者、管理者、托管人、物业管理人外,还增加了政府、低收入人群和评估与物管机构等行为主体。模式的最大特点在于可以将政府投资建设廉租住房这样一种一次性的、大规模的实物补贴熨平为长期的、相对小额的现金补贴,减轻了政府财政压力。第五部分是本文的重点。前文已经对我国实行廉租住房REITs融资模式进行了宏观层面上、定性方面的必要性和可行性分析,并据此设计了适合我国国情以及廉租住房特征的REITs融资模式。本部分主要将从微观层面上、构建廉租住房REITs融资模式可行性检验模型定量分析。模型构建的总体思路如下： (1)从政府的角度考虑,比较现行融资模式下政府对某个已建成投入使用的廉租住房项目的补贴总额(即前期项目建设的资金与投资期限内租户缴纳租金现值的差额)与进行了REITs模式改造以后政府对这个廉租住房项目的补贴总额(即政府在投资期限内缴纳的市场租金和租户缴纳租金差额的现值)。若是经过REITs模式改造以后的补贴总额现值少于现行模式补贴总额现值,那么REITs模式就是可行的,否则不可行； (2)从REITs投资者的角度考虑,运用财务分析上的内部收益率的方法,模拟测算某个已经过REITs模式改造并已建成投入使用的廉租住房项目的内部收益率IRR并将这个测算得到的内部收益率IRR与REITs投资者的最低期望收益率MARR比较,若是IRR≥MARR则认为此廉租住房项目的盈利能力满足了REITs投资者的最低要求,投资者可以接受的； (3)将(1)和(2)得到的模型结合,即为判断REITs模式融资是否可行的检验模型。在构建了REITs模式融资是否可行的检验模型以后,本文对成都市温江区鱼凫新村廉租住房小区进行了实证研究,研究结果表明,在该项目投资规模等前提条件不变的情况下,廉租住房REITs融资模式可行是要求市场租金符合计算得到的市场租金可行域的。进一步,通过对该项目周边一千米范围内在租普通商品房市场租金的调查,确定了该项目的参考市场租金,由于调查确定的市场租金在市场租金可行域范围内,因此判断这个项目可以进行REITs融资模式是可行的,可以进行REITs融资模式改造。第六部分是在前文从宏观和微观、从定性分析和定量分析都得到REITs融资模式是可行的判断基础之上,对于我国实行该模式前所面临的障碍、实行该模式后所面对的风险以及破解障碍、规避风险所要采取的政策的分析研究。在分析障碍问题时,本文认为最大的障碍在于我们必须首先要解决法律的限制问题,这是能否成功推行REITs的关键所在。本文对此的建议是希望立法机关从尽快完成对保障性住房的立法,明确民间资本进入保障房建设的合法性；其次是通过法律或者规章制度承认REITs,并对REITs设立条件、形式、产品结构、发行标准等等问题专门解释。这样才能利于REITs的发展。在研究过程中,本文在前人的基础上做了一些创新,主要体现在以下几个方面：第一,是对我国廉租住房REITs模式设计时充分考虑到政府的主导作用,将政府包办一切的现状改变为以政府为主导、市场积极参与的商业化模式,承认并加强政府的主导地位。建议由政府新建或收购房屋转让给REITS,然后政府再回租整个项目以保证廉租住房的福利属性、保障市场有符合标准的房源供应、保证市场租金的稳定性；第二,前人在廉租住房REITs融资模式是否可行的问题上一般都是采用定性分析的方法,而本文不仅从宏观层面定性分析了可行性,还从微观层面,通过构建模型定量分析项目是否能够被REITs融资模式改造,这是一个尝试。同样,本文也存在了很多不足：本文虽然构建了REITs融资模式的可行性检验模型,但是模型构建粗糙,很多问题没有考虑到,例如对投资者收益来源的问题上只是考虑到市场租金来源,忽略了能给REITs带来收益的其他方面比如底商出租出售收入、税收减免等；另外,对于模型中有的变量数值的确定方法或者计算标准值得商榷,这些都可能影响模型的正确性和模型的检验能力。
[Abstract]:In recent years, China's real estate market has flourished, made a great contribution to the economic development, but also brought about the rapid rise of housing prices. In order to promote the healthy development of the real estate industry, the government has increased the regulation of the real estate industry on the one hand, introduced "Limited purchase", "real estate tax pilot", "housing transaction personal income tax" and so on. On the other hand, the construction of affordable housing will be strengthened to meet the housing needs of the middle and low income population. In the period of "12th Five-Year", 36 million sets of affordable housing will be built throughout the country. However, the construction of huge housing needs to spend a lot of money, under the current financing mode, the affordable housing (including low rent housing) Financing, planning, construction, management and so on are basically done by the government, and the government is facing huge financial pressures. In order to alleviate this pressure, all walks of life have put forward a lot of ideas, such as the 10% of the land transfer money as the funds for the construction of the guaranteed housing, the construction of the housing, the housing accumulation fund to support the construction of the guarantee housing and so on. Some have been adopted in practice, but there is no fundamental solution to the REITs financing model proposed by the National Federation of industry and Commerce during the two sessions of.2005, which has attracted the attention of the government and the majority of scholars and more and more research and exploration for REITs. This article is based on this background to actively explore the financing of REITs The application of the model in low rent housing.
The main contents and viewpoints of this article can be divided into six parts, as follows:
This paper first deals with the research background and significance, which leads to the problem of applying the ------REITs model in this paper to the financing of low rent housing. On this issue, this article from the two big international and domestic environment, from the security housing related issues, the guarantee housing financing, the REITs related issues from the large to the small angle to the predecessors to the predecessors. The research has made a discussion and analysis.
In the second part, the necessary theoretical paving is carried out, the related theories of REITs are introduced from the concept, characteristics and classification of REITs, and the general operation procedures and patterns of REITs are analyzed. All these are the basis for the analysis of the latter. Only in this part, the analysis of the advantages and disadvantages of the REITs can be constructed for the situation of our country and suitable for the latter. REITs. of low rent housing
The third part of this paper is on the macro level, demonstrating the necessity and feasibility of the REITs financing model of low rent housing. In the demonstration of the necessity, it is analyzed from the two aspects of the influence of the existing financing mode and the objective needs of the market, so as to judge that in the current financing mode of China, it is necessary to expand the financing channels and diversify the investment subject. In the analysis of the feasibility, it is mainly from the stone of other mountains - that is to learn from foreign experience, the prerequisite - sufficient funds at home, similar experience - the operation experience of domestic real estate trust and policy support - that is, the policy support of the low rent housing determines the government's policy support and the key to operation - that is, five investors are profitable and so on. In terms of argument, the feasibility of REITs financing mode for low rent housing is expounded.
The fourth part is the key content of this article, which is based on the analysis of the necessity and feasibility of implementing the REITs financing model of low rent housing in our country. The model design is suitable for our country's REITs C-REITs (taking the first letter of China). The design of the model is mainly the selection of the type of REITs. Selection, the concrete operation process of REITs model of low rent housing and the organizational framework of REITs model of low rent housing in three aspects: first, in the type selection of REITs, this paper thinks that the REITs of rights and interests, contract type and public offering is suitable for our national conditions, and the main consideration is foreign experience, tax, potential investors, risk regulation. And other factors: second, in the specific operation process, the biggest difference between the design of this paper and the previous research lies in the full consideration of the government's role in the construction of low rent housing, and the recognition and strengthening of the government's dominant position that the government transfers to the REITs investors through the construction or acquisition of the accumulation of housing sources and then the whole rents of the transfer of the house. The purpose of the sample is to guarantee the welfare property of low rent housing, two is to solve the problem that the standard of low rent housing is less in the market, and the three is to increase the supply of this type of housing in the market so as to strengthen the control of the market rent and avoid the excessive rent; thirdly, in the organizational framework, the design of the combined process involves this article. The main body of the organization framework not only includes all the investors, managers, trustees and property managers of the conventional contract type REITs, but also the government, the low income crowd and the evaluation and management agencies. The biggest feature of the model is that the government can invest in building low rent housing such a one-time, large scale. The subsidy is reduced to a long-term, relatively small cash subsidy, which relieves the financial pressure of the government.
The fifth part is the focus of this article. The previous article has carried out the macro level of the REITs financing model of low rent housing in our country, the necessity and feasibility of the qualitative aspect. According to this, we have designed the REITs financing mode suitable for the national conditions of our country and the characteristics of low rent housing. This part is mainly to build the low rent housing REITs melting from the micro level. Quantitative analysis of the feasibility test model of capital mode. The general idea of the model construction is as follows:
(1) from the point of view of the government, the total amount of subsidies for a low rent housing project which has been put into use under the current financing model (i.e. the difference between the present value of the tenants in the initial project construction and the term of the tenant in the period of investment) and the total amount of the government subsidy to this low rent housing project after the REITs model reform (that is, the total amount of subsidies for this low rent housing project) If the present value of the total amount of the subsidy after the REITs model is less than the present value of the current model, then the REITs model is feasible, otherwise it is not feasible.
(2) from the perspective of REITs investors, using the method of internal rate of return on financial analysis, we simulate and calculate the internal rate of return (IRR) of a low rent housing project that has already been transformed into REITs model and have been put into use, and compares the calculated internal rate of return IRR with the lowest expected return rate of REITs investors, if I is I. RR or MARR considers that the profitability of this low rent housing project meets the minimum requirements of REITs investors, which investors can accept.
(3) combine the models obtained from (1) and (2), that is, to test the feasibility of REITs model financing.
After constructing the feasibility test model of REITs model financing, this paper makes an empirical study on the low rent housing district of Yufu village in Wenjiang District of Chengdu. The results show that the REITs financing model of low rent housing is feasible to meet the calculated market rent under the condition that the investment scale of the project is unchanged. The field rent is feasible. Further, through the investigation of the rent of the common commodity housing market within one thousand meters around the project, the reference market rent is determined. Because the market rent in the market rent is within the feasible scope of the market rent, it is feasible to judge this item to carry out the REITs financing model. Reform the REITs financing model.
The sixth part is on the basis of the feasible judgment of the REITs financing model from both macroscopic and microscopic, both from qualitative analysis and quantitative analysis, for the obstacles faced by the model before the implementation of the model, the analysis of the risks faced by the model, and the analysis of the policies to be taken to solve the obstacles and avoid the risks. The biggest obstacle in this paper is that we must first solve the limitation of the law. This is the key to the successful implementation of the REITs. The suggestion is that the legislature should complete the legislation on the affordable housing as soon as possible, and clarify the legitimacy of the private capital into the building of the housing protection house; secondly, through the law. Or rules and regulations recognize REITs, and explain the conditions, form, product structure, issuing standard and other issues of REITs, so as to facilitate the development of REITs.
In the process of research, this article has made some innovations on the basis of the predecessors, which are mainly embodied in the following aspects: first, the government's leading role is fully taken into consideration in the design of the REITs model of low rent housing in China, and the current situation of the government is changed into a commercial model, which is dominated by the government and the market is actively involved, and is recognized and strengthened. The government's dominant position is to recommend the transfer of new or acquired houses to REITS, and then the government will rent the whole project to ensure the welfare property of low rent housing, guarantee the standard housing supply and ensure the stability of the market rent; second, the former is generally on the problem of the feasibility of the REITs financing model of low rent housing. It is a qualitative analysis method, and this article not only analyzes the feasibility from the macro level, but also from the micro level, it is an attempt to analyze whether the project can be reconstructed by the REITs financing model by building a model.
Similarly, there are many shortcomings in this paper: Although the feasibility test model of REITs financing model is built in this paper, the model is constructed rough, many problems are not considered, for example, the source of the investor's income is only taken into account the source of the market rent, and the other aspects such as the infirm renting that can bring the benefits to the REITs In addition, the method of determining the value of some variables in the model or the standard of calculation is debatable, which may affect the correctness of the model and the testing ability of the model.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.45

【参考文献】