中国房地产投资信托基金C-REITs的发展现状、存在问题以及未来路径探讨

发布时间：2018-01-11 14:14

本文关键词：中国房地产投资信托基金C-REITs的发展现状、存在问题以及未来路径探讨　出处：《上海交通大学》2014年硕士论文　论文类型：学位论文

【摘要】：随着经济全球化进程的加快和我国建设有中国特色经济的发展和全面改革事业的持续推进,我国的房地产业正呈现出日益迅猛的发展趋势。房地产业是近年来我国发展较快的主导性产业之一并在国民经济中占据着非常重要的地位。由于房地产行业自身的特点：如资金投入大、建设周期长、资金周转慢等,使得该行业与金融业之间息息相关、密不可分。目前以银行和信托为主的地产融资模式越来越不能满足行业发展的需要,金融系统也积聚了巨量的风险。制度失衡和制度缺陷强力呼唤着我国房地产金融的制度创新。“房地产投资信托基金(REITs)"一个具有百年历史、五十年发展的国际房地产金融新工具,在中国开始日益引起广泛关注。甚至有专家预测：REITs将成为我国二十一世纪最重要的金融创新之一。地产开发,尤其是商业地产的开发、廉租房经适房的建设等需要沉淀大量的资金(投入大、租金回收期长),商业地产和廉租房经适房的兴旺发达需要REITs产品的支持。本文的研究从最基本的概念开始,分了四章六个小点来阐述中国房地产信托产品C-REIT。首先,把REITs的基本概念明确下。第二,我们来研究REITs和其他房地产融资工具的关系,比如房地产上市IPO,私募RE基金,包括信托股权和债权的区别。第三,我们看一下REITs市场,包括在美国、日本、新加坡等整个REITs产品管理结构的情况。第四,讲一下当前我国C-REITs发展的情况,它所面临的一些难点、困难和问题。第五,阐述真正C-REITs产品应解决的商业地产融资问题,并提出C-REITs除了是一种金融产品以外,它还带来了新的商业模式。最后,借鉴境外先进经验,探讨了我国发展C-REITs的3种可能路径。
[Abstract]:With the acceleration of the process of economic globalization and the development of China's economy with Chinese characteristics and the continuous advancement of the cause of overall reform. The real estate industry of our country is showing an increasingly rapid development trend. The real estate industry is one of the leading industries of our country in recent years, and also occupies a very important position in the national economy. Because of the real estate industry itself, the real estate industry occupies a very important position in the national economy. Characteristics of:. Such as large investment. The long construction cycle, slow capital turnover and so on, make the industry and the financial industry are closely linked. At present, the real estate financing model based on banks and trusts is more and more unable to meet the needs of the development of the industry. The financial system has also accumulated a huge amount of risks. Institutional imbalance and institutional defects strongly call for the institutional innovation of China's real estate finance. "Real Estate Investment Trust Fund" has a history of one hundred years. Fifty years of development of international real estate finance new tools, in China began to attract more and more attention. Even experts predict that one of the most important financial innovation in 21th century, real estate development, will become one of China's most important financial innovation. In particular, the development of commercial real estate, low-rent housing comfortable housing construction and other needs to precipitate a large number of funds (large investment, rental payback period is long). Commercial real estate and low-rent housing, the prosperity of adequate housing needs the support of REITs products. The research of this paper begins with the most basic concept, which is divided into four chapters and six small points to explain the Chinese real estate trust product C-REIT.Firstly, the basic concept of REITs is clearly defined. Second. We study the relationship between REITs and other real estate financing instruments, such as real estate listing IPO, private RE funds, including trust equity and debt. Third. Let's take a look at the REITs market, including the entire REITs product management structure in the United States, Japan, Singapore and so on. 4th, talk about the current development of C-REITs in China. It is faced with some difficulties, difficulties and problems. 5th, the real C-REITs products should solve the commercial real estate financing problem, and put forward that C-REITs is not only a kind of financial products. It also brings a new business model. Finally, three possible paths for the development of C-REITs in China are discussed based on the overseas advanced experience.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.23;F832.51

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