我国REITs产品发展问题及对策建议

发布时间：2018-03-29 09:42

  本文选题：REITs　切入点：中信启航　出处：《云南财经大学》2017年硕士论文

【摘要】：随着我国经济的不断发展,我国的房地产行业已经步入存量时代。在这种背景下,一方面房地产企业的融资愈发困难,另一方面,房地产企业也面临着从注重销售到注重开发运营的产业转型升级过程。因此,在这一阶段,如何为我国房地产企业提供适当的金融服务支持,帮助房地产企业顺利转型,是我国目前金融改革的重要课题之一。根据国外的发展经验,REITs能够很好地在融资端和开发运营端为房地产企业提供金融支持,因此,研究我国REITs产品发展问题对于我国推出合适的REITs产品,促进房地产行业的平稳发展具有重要意义。本文通过对我国目前具有代表性的REITs产品的研究与对比,重点分析了我国目前REITs发展中存在的问题与障碍,并提出适合我国的REITs发展路径,文章主要分为五个部分。第一部分为本文的引言,主要对本文的研究背景、研究意义进行分析陈述,并对与本文密切相关的国内外研究现状及结论进行归纳总结,具体说明了我国发展REITs的必要性,同时为本文的研究分析提供理论基础;第二部分主要介绍了REITs的概念及其在美国的发展,并从美国REITs的发展历程中总结出我国REITs发展中应当注意的问题;第三部分选取目前我国具有代表性的两款REITs类型的产品,中信启航专项资产管理计划和鹏华前海万科REITs,分别对它们的组织结构、目标资产、投资策略、风险等方面进行了分析,并对二者进行了比较研究。在此基础上,总结出了目前我国REITs产品发展存在的问题。第四部分内容在案例分析的基础上,根据对我国REITs产品发展问题的总结,从发展模式、法律法规建设、以及不动产市场完善三个角度,对我国REITs发展提出了相应的对策建议。本文的主要结论有:从美国REITs的发展历程中,可以发现REITs产品的发展需要完善的法律和政策支持,REITs产品的发展不能脱离房地产行业的发展,REITs产品的发展需要严格的风险控制体系;根据对案例研究结果的分析,指出了我国目前REITs产品存在法律法规不健全,对投资者利益保护不当、税收条款不明确、与资产证券化界线模糊的问题;基于我国REITs产品目前存在的问题,提出我国目前应采用公募型、权益型的REITs发展模式,对REITs进行专项立法工作,明确我国REITs的法律地位,规范REITs的投资行为、税收条款、监管主体等方面内容,同时在法律上明确区分房地产资产证券化和REITs的界线;此外,应对我国不动产市场及其资产证券化市场进行完善。
[Abstract]:With the continuous development of our economy, the real estate industry has entered the stock age. In this context, on the one hand, the financing of real estate enterprises is becoming more difficult, on the other hand, Real estate enterprises are also faced with the process of industrial transformation and upgrading from focusing on sales to focusing on development and operation. Therefore, at this stage, how to provide appropriate financial service support for the real estate enterprises in our country, and help the real estate enterprises to transform smoothly. According to the development experience of foreign countries, REITs can provide financial support for real estate enterprises at the financing end and the development and operation end. It is of great significance to study the development of REITs products in China to launch suitable REITs products and promote the smooth development of the real estate industry. This paper focuses on the analysis of the problems and obstacles in the development of REITs in our country, and puts forward the development path of REITs suitable for our country. The article is divided into five parts. The first part is the introduction of this paper, mainly the research background of this paper. The significance of the study is analyzed and stated, and the current research situation and conclusions are summarized, which are closely related to this paper. The necessity of developing REITs in China is explained in detail, and the theoretical basis is provided for the research and analysis of this paper. The second part mainly introduces the concept of REITs and its development in the United States, and summarizes the problems that should be paid attention to in the development of REITs in China from the development course of REITs in the United States. CITIC Kai Hang Special Asset Management Plan and Penghua Qianhai Vanke REITs respectively analyze their organizational structure, target assets, investment strategy, risk and so on. This paper summarizes the problems existing in the development of REITs products in China at present. The fourth part is based on the case analysis, according to the summary of the problems in the development of REITs products in China, from the development model, the construction of laws and regulations, From the three angles of perfecting the real estate market, this paper puts forward the corresponding countermeasures and suggestions for the development of REITs in China. The main conclusions of this paper are as follows: from the development course of REITs in the United States, It can be found that the development of REITs products needs perfect legal and policy support. The development of REITs products can not be separated from the development of real estate industry and the development of REITs products needs a strict risk control system. This paper points out the problems of imperfect laws and regulations of REITs products, improper protection of investors' interests, unclear tax terms and vague boundary with asset securitization, based on the existing problems of China's REITs products. This paper puts forward that China should adopt the REITs development mode of public offering and equity type at present, carry out special legislative work on REITs, clarify the legal status of REITs in our country, standardize the investment behavior of REITs, tax provisions, the main body of supervision, and so on. At the same time, the line between real estate asset securitization and REITs should be clearly distinguished in law, in addition, the real estate market and its asset securitization market in China should be perfected.
【学位授予单位】：云南财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.23;F832.51

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