房地产投资信托基金运行模式研究

发布时间：2018-01-31 10:48

本文关键词： 房地产投资信托基金 REITs 运行模式　出处：《北方工业大学》2014年硕士论文　论文类型：学位论文

【摘要】：近年来,房地产行业已经进入了地产资本时期,在各行业中房地产业资金运用较为密集,资本运作也是最有效的解决资金问题的方式之一,而不动产证券化作为新型的金融工具为房地产行业创造了新的资金来源。房地产投资信托基金(Real Estate Investment Trusts, REITs)可以有效解决房地产行业对资金的需求,同时作为一种收益高、流动性强的新型投资产品也填补了这类金融产品的空缺。其有效的结合了房地产市场和证券市场,加速了我国房地产资本市场的形成和发展。 REITs诞生于美国,现在亚洲国家和地区也相继推出了本国的REITs产品,]REITs在形式上属于投资基金的一种,究其根本其为证券化的金融产品,以认购股份或者受益凭证的形式,基金公司或者其他发起人集中吸纳社会投资者的资金,并聘请独立专业的投资机构进行与房地产相关的运营,并且REITs的股份或者受益凭证可以在证券交易所上市交易。REITs作为投资工具已经发展成熟,借鉴REITs市场成熟国家和地区的成功经验,在现有房地产市场和法律环境中探寻符合我国发展现状的REITs,对我国房地产和证券两个市场的长远发展具有积极的意义。 REITs是我国房地产金融创新的重点探讨的话题。无论是房地产产业还是金融业都在积极推动我国REITs的出台。本文从房地产投资信托基金(REITs)的概念、分类以及与相似产品的比较入手,阐述了各国成熟REITs市场的运行模式,通过比较分析,深入探讨了我国REITs可能的发展模式,在现有国情的基础上,分析了REITs可选择的制度模式并且对我国REITs的法律体系建设、产权制度、风控制度和监管制度等问题提出了建议。
[Abstract]:In recent years, the real estate industry has entered a period of real estate capital in various industries, the real estate industry is one of the intensive use of funds, capital operation is the most effective way to solve the problem of funds, and real estate securitization as a new financial tool for the real estate industry to create a new source of funds for real estate investment trusts. (Real Estate Investment Trusts, REITs) can effectively solve the real estate industry's demand for capital, as a kind of high yield, strong liquidity and new investment products but also to fill the vacancy of this kind of financial products. The effective combination of the real estate market and the stock market, accelerate the formation and development of China's real estate in the capital market.
REITs was born in the United States, now the Asian countries and regions have launched its own REITs products, a]REITs in the form of belonging to the investment fund, the reason for the securitization of financial products, to subscribe for shares or the beneficiary certificate in the form of fund company or other promoters from absorbing social investors funds, and hire the independent professional investment institutions and real estate related operations, and REITs shares or beneficiary certificates can be traded on the stock exchange.REITs as an investment tool has been developed, learn from the successful experience of REITs market mature countries and regions, in the current real estate market and legal environment are consistent with the development status of China's REITs that has a positive significance for the long-term development of China's real estate and stock market two.
REITs is a focus on China's real estate financial innovation topic. Whether it is the real estate industry and financial industry are actively promoting China's introduction of REITs. This article from the real estate investment trusts (REITs) concept, classification and comparison of similar products, expounds the operation mode of the mature REITs market through comparative analysis, discusses the development mode of China's REITs may, based on the current situation, analyzes the system model of REITs selection and construction of legal system of our country's REITs property rights system, risk control system and supervision problems and puts forward suggestions.

【学位授予单位】：北方工业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.23;F832.49

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