我国保障性住房房地产信托投资基金融资模式研究
发布时间：2018-09-16 20:29
【摘要】：我国保障性住房作为保障体系建设的重要成果,同时也是缓解公众住房压力的重要途径,一直以来主要依靠政府财政支持。但随着近年来建设任务的不断加大,各地财政都难以满足保障性住房项目庞大的资金需求。如何结合其特点拓宽融资渠道,吸收民间闲置资本,成为保障性住房健康快速发展急需解决的关键问题。 本文通过分析国外保障性住房房地产信托投资基金的现状和我国当前保障性住房融资存在的一系列问题,认为最主要的是我国目前保障性住房融资渠道不足,只有依靠金融创新才能解决这一问题,而房地产信托投资基金风险低流动性高收益稳定的特点使其成为最适合的创新融资途径。 本文针对我国保障性住房融资渠道创新,提出房地产投资信托基金(REITs)融资模式。在合理制定该模式的目标、原则和设立形式之后,规划出了其整体结构与运作流程。并根据运作流程详细分析了我国保障性住房通过房地产信托投资基金融资过程中资产配置、资金使用、资金回收、风险评估的方法。分析过程中通过定量和定性假设,提出了投资组合模型并考虑实际情况加入风险度量系数对其进行改进,之后利用国家统计局的统计数据进行实例验证,考察我国保障性住房房地产信托投资基金融资模式预期收益情况,结果表明该融资模式是可行并有效的。这对解决我国保障性住房建设资金短缺、完善保障性住房制度等方面具有重要的理论意义和实践意义。 最后,针对我国保障性住房房地产信托投资基金融资模式已有的相关法律法规,提出了相应的政策建议。
[Abstract]:As an important achievement in the construction of security system, affordable housing in China is also an important way to relieve the pressure of public housing. However, with the increasing construction tasks in recent years, local finance is difficult to meet the huge financial needs of affordable housing projects. How to broaden financing channels and absorb private idle capital is the key problem that needs to be solved in the healthy and rapid development of indemnificatory housing. Based on the analysis of the current situation of the real estate trust and investment fund abroad and a series of problems existing in the financing of the indemnificatory housing in our country, the author thinks that the most important thing is the shortage of the financing channels of the indemnificatory housing in our country at present. Only by relying on financial innovation can this problem be solved, and the characteristics of low risk and high return of real estate trust and investment fund make it the most suitable way of innovative financing. Aiming at the innovation of the financing channel of the indemnificatory housing in our country, this paper puts forward the (REITs) financing mode of the real estate investment trust fund. After reasonably formulating the objectives, principles and establishment forms of the model, the overall structure and operation process of the model are planned. According to the operation process, the paper analyzes in detail the methods of asset allocation, capital utilization, capital recovery and risk assessment in the process of financing of indemnificatory housing through real estate trust and investment fund. In the process of analysis, the investment portfolio model is put forward by quantitative and qualitative assumptions, and the risk measurement coefficient is added to improve it considering the actual situation, and then the statistical data of the National Bureau of Statistics are used to verify it. This paper investigates the expected income of the financing model of the supportable housing real estate trust investment fund in China. The results show that the financing model is feasible and effective. It is of great theoretical and practical significance to solve the shortage of funds for the construction of affordable housing in China and to perfect the system of affordable housing. Finally, this paper puts forward the corresponding policy suggestions on the existing laws and regulations of the financing mode of the indemnificatory housing real estate trust and investment fund.
【学位授予单位】：中南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D922.28;D922.29;D922.22
本文编号：2244706
[Abstract]:As an important achievement in the construction of security system, affordable housing in China is also an important way to relieve the pressure of public housing. However, with the increasing construction tasks in recent years, local finance is difficult to meet the huge financial needs of affordable housing projects. How to broaden financing channels and absorb private idle capital is the key problem that needs to be solved in the healthy and rapid development of indemnificatory housing. Based on the analysis of the current situation of the real estate trust and investment fund abroad and a series of problems existing in the financing of the indemnificatory housing in our country, the author thinks that the most important thing is the shortage of the financing channels of the indemnificatory housing in our country at present. Only by relying on financial innovation can this problem be solved, and the characteristics of low risk and high return of real estate trust and investment fund make it the most suitable way of innovative financing. Aiming at the innovation of the financing channel of the indemnificatory housing in our country, this paper puts forward the (REITs) financing mode of the real estate investment trust fund. After reasonably formulating the objectives, principles and establishment forms of the model, the overall structure and operation process of the model are planned. According to the operation process, the paper analyzes in detail the methods of asset allocation, capital utilization, capital recovery and risk assessment in the process of financing of indemnificatory housing through real estate trust and investment fund. In the process of analysis, the investment portfolio model is put forward by quantitative and qualitative assumptions, and the risk measurement coefficient is added to improve it considering the actual situation, and then the statistical data of the National Bureau of Statistics are used to verify it. This paper investigates the expected income of the financing model of the supportable housing real estate trust investment fund in China. The results show that the financing model is feasible and effective. It is of great theoretical and practical significance to solve the shortage of funds for the construction of affordable housing in China and to perfect the system of affordable housing. Finally, this paper puts forward the corresponding policy suggestions on the existing laws and regulations of the financing mode of the indemnificatory housing real estate trust and investment fund.
【学位授予单位】：中南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D922.28;D922.29;D922.22
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