我国房地产信托业务现状及对策研究

发布时间：2019-02-26 17:50

【摘要】：房地产业能否良性发展，既关乎国民经济的增长，又是举足轻重的民生问题，为此，一直以来受到国家政策的重点调控。由于，房地产具有价值量大、建设期长、风险性大等特点,使得房地产融资成为房地产发展的关键，因此，通过行政手段作用于房地产金融市场，成为国家调控房地产业的主要发力点。近几年来，伴随房地产泡沫的加剧，房地产调控政策频频出台，特别是房地产信贷政策一再收紧，使得我国房地产融资尤其是中小房地产企业，很难依靠银行通道获得贷款。正是在这样的背景下，房地产信托凭借自身制度上的优势以及个性定制的房地产信托产品交易结构，成为房地产企业除银行贷款外的重要融资通道。但是，目前我国房地产信托产品的安全性、流动性和收益性相对较低，配套的税收政策不确定导致双重税收负担，使得我国房地产信托业务的信托优势发挥得不理想。并且，我国房地产信托起步晚，存在制度、风险控制、人才队伍的建设等方面的缺陷，使得房地产信托在当前紧缩的房地产宏观调控背景下，房地产信托产品增长为粗放式。而我国主要房地产信托业务模式类似银行贷款模式以及其监管套利的业务机制，不仅会推高房地产金融市场的风险，而且，还可能会削弱国家对房地产业的宏观调控政策力度。因此，我国房地产信托业务的发展已经到了瓶颈期，亟待寻求发展出路。本文就时下房地产宏观调控大背景，依托信息不对称、委托—代理理论，采用理论联系实际、实证分析、层次分析的研究方法，，以房地产信托机构的角度，对房地产信托发展现状进行深入研究。首先，从信托理论基础入手，全面介绍房地产信托；其次，分析了房地产信托业务发展环境以及存在的障碍；再次，通过层次分析法，从微观因素的角度对房地产信托业务方式进行选择；最后，提出解决房地产信托业务困境，规范房地产信托市场，促进其健康、理性、规范发展的建议。
[Abstract]:Whether the real estate industry can develop healthily is not only related to the growth of the national economy, but also a vital issue of people's livelihood. Therefore, the real estate industry has been subject to the key control of the national policy. Since real estate has the characteristics of large value, long construction period and great risk, real estate financing becomes the key to the development of real estate. Therefore, it acts on the real estate financial market through administrative means. Become the national regulation and control of the real estate industry is the main point of development. In recent years, with the aggravation of the real estate bubble, the real estate regulation and control policy has been issued frequently, especially the real estate credit policy has been tightened again and again, which makes the real estate financing, especially the small and medium-sized real estate enterprises, difficult to rely on the bank channel to obtain the loan. It is against this background that real estate trust has become an important financing channel for real estate enterprises in addition to bank loans by virtue of its own institutional advantages and customized transaction structure of real estate trust products. However, at present, the security, liquidity and profitability of real estate trust products in China are relatively low. The uncertainty of matching tax policy leads to double tax burden, which makes the trust advantage of real estate trust business in China not ideal. Moreover, the real estate trust of our country starts late, has the system, the risk control, the talent team construction and so on the flaw, causes the real estate trust under the current tightening real estate macro-control background, the real estate trust product growth is extensive. But the main real estate trust business model of our country is similar to the bank loan model and the business mechanism of its supervision arbitrage, which will not only push up the risk of the real estate financial market, but also may weaken the macro-control policy of the country to the real estate industry. Therefore, the development of China's real estate trust business has reached the bottleneck period, and it is urgent to find a way out. Based on the current macro-control background of real estate, relying on the asymmetric information, principal-agent theory, this paper adopts the research methods of combining theory with practice, empirical analysis and analytic hierarchy process (AHP), and from the perspective of real estate trust organization, To the real estate trust development present situation carries on the in-depth research. First of all, from the theoretical basis of trust, a comprehensive introduction of real estate trust; secondly, analysis of the real estate trust business development environment and existing obstacles; Thirdly, through Analytic hierarchy process (AHP), choose the business mode of real estate trust from the angle of microcosmic factors; Finally, some suggestions are put forward to solve the dilemma of real estate trust business, to standardize the real estate trust market and to promote its healthy, rational and normative development.
【学位授予单位】：长安大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.23;F832.49

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