我国房地产信托转型发展研究

发布时间：2018-01-10 15:35

本文关键词：我国房地产信托转型发展研究　出处：《重庆大学》2014年硕士论文　论文类型：学位论文

【摘要】：2003年以来，我国房地产市场不断受到宏观政策的调控，，尤其是近年来限购限贷政策的持续深入，对房地产行业多元化融资渠道建设提出了较高的要求。正是基于此，灵活多变的房地产信托得以吸收大量民间资本，满足房地产企业融资需求，规模不断增长。我国房地产信托在快速发展过程中也暴露了不少问题，近年来兑付风险事件频发，同时，在当前泛资产管理时代及利率市场化改革的外部环境作用下，传统房地产信托转型发展刻不容缓。论文以我国房地产信托转型发展为研究主线，积极探索我国房地产信托转型发展路径，以期促进房地产信托在我国的持续健康发展，对于我国房地产企业多元化融资、民间资本不断增长的理财需求以及信托公司的持续发展具有重要的理论价值和现实意义。论文综合运用文献研究、案例分析、比较研究、专家访谈、数据分析以及逻辑演绎等研究方法，从宏观发展层面和微观操作层面、运用制度变迁理论对房地产信托转型发展进行全面的研究分析。研究从以下方面进行： ①宏观发展层面。运用制度变迁理论对我国房地产信托发展历史进行分析研究；分析资产管理新政和利率市场化改革对我国房地产信托发展的影响；分析房地产信托转型发展的支撑要素；总结分析国外房地产投资信托基金（REITs）发展演变及其启示。 ②微观操作层面。详细论述并分析房地产信托运作模式；在回顾我国房地产信托发展历史基础上，指出其发展中存在的问题；在借鉴国外REITs制度的基础上，对房地产信托存在的问题进行归纳分类并提出房地产信托转型发展框架。通过上述研究，论文取得一定成果。我国房地产信托伴随着信托法律法规的制度供给和信托产品的规避创新而发展变迁。存在诸多问题的传统房地产信托在泛资产管理时代和利率市场化改革加快的外部环境变化下发展难以为继。房地产信托转型发展拥有五大支撑要素，国外REITs制度在我国发展存在现实困境。得到房地产私募基金、基金化房地产信托以及资产证券化三条信托产品创新发展路径，和建立信托产品转让平台、设立信托登记制度以及推进信托税收立法三条信托制度创新发展路径。提出了加强营销渠道建设、重视外部监督作用、大力发展机构投资者、积极推进投资者教育、加强信托人才建设以及积极创新信托产品等六大建议。期望该研究成果可以对我国房地产信托转型发展起到一定的借鉴作用。
[Abstract]:Since 2003, the real estate market of our country has been constantly regulated by macro-policies, especially the continuous deepening of the policy of restricting purchase and lending in recent years. On the basis of this, the flexible and changeable real estate trust can absorb a large amount of private capital to meet the financing needs of real estate enterprises. China's real estate trust in the rapid development process also exposed a lot of problems, in recent years, frequent payment of risk events, at the same time. Under the influence of the current pan-asset management era and the interest rate marketization reform, the transformation and development of the traditional real estate trust need not be delayed. This paper takes the transformation and development of real estate trust in our country as the main line of study, actively explores the development path of real estate trust transformation in our country, in order to promote the sustainable and healthy development of real estate trust in our country. It has important theoretical value and practical significance for the diversification of financing of real estate enterprises, the increasing demand of private capital and the sustainable development of trust companies. Comparative study, expert interview, data analysis and logical deduction, from the macro level of development and micro level of operation. This paper makes a comprehensive research and analysis on the transformation and development of real estate trust by using the theory of institutional change. The research is carried out from the following aspects: 1. To analyze the history of real estate trust development in our country by using the theory of institutional change; This paper analyzes the influence of the new policy of asset management and the marketization of interest rate on the development of real estate trust in China. Analyzing the supporting factors of the transformation and development of real estate trust; This paper summarizes and analyzes the development and evolution of REITs in foreign real estate investment trust fund and its enlightenment. 2 microcosmic operation level. Discuss and analyze the operation mode of real estate trust in detail; On the basis of reviewing the development history of real estate trust in China, the paper points out the existing problems in the development of real estate trust. On the basis of drawing lessons from foreign REITs system, this paper summarizes and classifies the problems existing in real estate trusts and puts forward a framework for the transformation and development of real estate trusts. Through the above research. Some achievements have been made in this paper. The development of real estate trust in our country is accompanied by the supply of trust laws and regulations and the innovation of circumvention of trust products. There are many problems in traditional real estate trust in the era of pan-asset management and benefit. The rate of market-oriented reform accelerated under the changing external environment development is difficult to continue. Real estate trust transformation and development has five major supporting factors. The development of foreign REITs system in China is in a difficult situation. There are three innovative development paths of real estate private equity fund, fund real estate trust and asset securitization. And the establishment of trust product transfer platform, the establishment of trust registration system and the promotion of trust tax legislation three trust system innovation and development path. Proposed to strengthen the construction of marketing channels, attach importance to the role of external supervision. We will vigorously develop institutional investors and actively promote investor education. It is expected that the research results can be used for reference in the transformation and development of real estate trust in China.
【学位授予单位】：重庆大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.23;F832.49

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