基于REITs的公共租赁住房融资分析及对策研究

发布时间：2018-01-06 15:41

本文关键词：基于REITs的公共租赁住房融资分析及对策研究　出处：《复旦大学》2014年硕士论文　论文类型：学位论文

【摘要】：自从1998年正式取消福利分房制度,我国商品房市场跟随着经济大环境得到了蓬勃发展,形成了较为完善的市场化机制。同时,在此过程中也产生了诸多的负外部效应,尤其是中低收入群体的住房问题日益突出。因此,结合我国实际国情,建立健全我国住房保障体系,加快国内保障性住房的建设与供给,已经受到社会各方面广泛关注。2009年3月“两会”期间,政府工作报告中第一次提出要大力推进公共租赁住房,公共租赁住房成为我国保障住房体系的重要组成部分；2011年3月,“重点发展公共租赁住房,逐步使其成为保障性住房的主体”这一主张被列入“十二五”规划,代表着中央政府对未来我国保障性住房体系的整体设想中,公共租赁住房将居于主体地位。近年来,在各地方政府主导下,公共租赁住房的建设已经大规模展开。但由于保障性住房具有公共产品属性,经济效益不明显,市场机制无法完全发挥作用,导致公共租赁住房在内的各类保障房建设存在诸多瓶颈,尤其是融资问题成为了其发展的重要制约因素。为此,我国政府已经明确提出：鼓励拓展社会融资渠道,创新融资思路以确保公共租赁住房建设工作的稳步开展,其中包括鼓励运用保险资金、信托资金与房地产投资信托基金(即REITs)来拓展公共租赁住房建设的融资渠道。本文以上述概况作为背景,将理论与实践结合,围绕如何参考国际市场经验将房地产投资信托基金(REITs)运用于公共租赁房建设融资进行研究,提出构建一套适应我国国情的REITs融资机制,对我国公共租赁房建设融资具有一定现实意义。本文主要内容如下：首先,从制度基础入手分析了保障性住房的理论基础。其中制度基础包括了马斯洛需求层次理论、国民收入再分配理论和福利经济学理论,市场理论包括了公共产品和公共项目区分理论。通过理论分析指出保障性住房的资金来源不仅需要政府支持,也需要扩大社会融资。然后,结合我国上海、重庆等地较为有特点的融资模式,对我国保障性住房的融资现状、问题和难点进行了分析与评价,指出在中国国情下,单纯依靠政府财政融资无法支持大规模的公租房建设,我们需要在政府引导下拓展社会化融资,使其成为公租房建设的重要资金来源。在此基础上,本文进一步分析论证了我国发展房地产投资信托基金(REITs)可行性和必要性。进而,笔者探索分析了美国、新加坡、香港等发达国家和地区在保障性住房融资,尤其是REITs方面的制度特征和融资模式,从中提炼出可供参照的有益借鉴。最后,笔者结合我国国情总结并提出了引入REITs创新公共租赁房融资模式的相应思路和对策,重点设计了政府主导下、契约型REITs的组织结构和运作模式,并以上海公共租赁住房REITs为例,对公共租赁住房的成本及预计收益率进行了定量研究,以内部收益率(IRR)替代REITs预计收益率,分析公共租赁住房运用REITs融资的可行性前提,同时提出了保障其有效运作的配套措施。
[Abstract]:Since 1998 formally abolished the welfare housing distribution system, China's real estate market with the economic environment has been booming, the market has formed a more perfect mechanism. At the same time, this process also produced many negative external effects, especially the housing problems of low-income groups have become increasingly prominent. Therefore, combined with China's actual conditions, establish and improve China's housing security system, speed up domestic security construction and supply of housing, has been the widespread concern in March.2009 "NPC and CPPCC" period, the government work report first proposed to vigorously promote public rental housing, public rental housing has become an important part of the housing security system in China; March 2011 focus on the development of public rental housing, and gradually become the subject of affordable housing "this idea was included in the" 12th Five-Year "plan, on behalf of the central government On the whole idea of the future of China's affordable housing system, public rental housing will be dominant. In recent years, the local government under the guidance of the construction of public rental housing has been launched on a large scale. But because of affordable housing has the property of public goods, economic benefits is not obvious, the market mechanism can not fully play a role, there are many the bottleneck caused public rental housing of low-income housing construction, especially the problem of financing has become an important factor restricting its development. To this end, the Chinese government has clearly put forward: to encourage the expansion of social financing channels, innovative financing ideas to ensure the steady development of public rental housing construction work, including encouraging the use of insurance funds, trust funds and the real estate investment trust fund (REITs) to expand the construction of public rental housing financing channels. In this paper, the general situation as the background, theory Combined with the practice and experience in the international market will focus on how to reference the real estate investment trust fund (REITs) used in the study of the construction of public rental housing financing, it is proposed to construct a set to adapt to China's national conditions REITs financing mechanism, has a certain practical significance for China's construction of public rental housing financing. The main contents of this paper are as follows: firstly, from the system the foundation of the analysis of the theoretical basis of public housing. The system includes the basis of Maslow's hierarchy of needs theory, national income redistribution theory and welfare economics theory, market theory including public products and public project division theory. Through theoretical analysis shows that the affordable housing funding sources not only need the support of the government, but also the need to expand social and financing. According to our country, Shanghai, Chongqing, is characteristic of the financing mode, financing status of affordable housing in our country, and the difficult problem The point of analysis and evaluation, pointed out that in Chinese conditions, relying solely on government financing to support the construction of public rental housing in large scale, we need under the guidance of the government to expand social financing, make it become an important source of funding for public rental construction. On this basis, this paper further analyzes the development of China's real estate investment trust fund (REITs) feasibility and necessity. Furthermore, the author explored the United States, Singapore, Hongkong and other developed countries and regions in the affordable housing financing, especially the institutional characteristics and financing mode of REITs, extract the useful reference for reference from it. Finally, the author summarized and combined with the situation of our country put forward the corresponding ideas and Countermeasures for the introduction of REITs innovation of public rental housing financing mode, focus on the design of the government, organization structure and operation mode of contract type REITs, and the Shanghai public rental Rental housing REITs as an example, to the public rental housing cost and the expected rate of return was quantitatively studied by the internal rate of return (IRR) instead of REITs is expected to yield, analysis of public rental housing by the feasibility of the REITs financing and put forward the premise, guarantee the effective operation of the matching measures.

【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.23;F832.4

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