我国房地产信托投资基金运营模式的研究

发布时间：2018-03-21 02:55

本文选题：REITs　切入点：运营模式　出处：《北京交通大学》2014年硕士论文　论文类型：学位论文

【摘要】：房地产信托投资基金(REITs)是一种以公开发行方式汇集特定多数投资者的资金,由专门投资机构进行房地产投资经营管理,并将投资综合收益按比例分配给投资者的一种信托基金,它是发达国家常见的房地产证券化的重要手段。本文研究意义在于论文是在研究美国及亚太REITs市场发展的基础上,从产品设计的角度,分析适合我国市场环境和法律制度的REITs运营模式。以最小法律制度障碍为目标,分析中国现阶段最有可能的REITs运营发展模式。本文采用的研究方法主要是：通过查阅专业统计数据,印证本文中部分观点与结论；通过表格等工具对比的方法,找出分析材料中的共同点与区别,总结出成熟模式下的共性特征；引用相关文献及调研分析报告等资料或结论。本论文的主要工作及结论如下：首先对房地产信托投资基金剖析,简述了其发展历程及其在海外市场迅速发展的原因,对REITs的基本类型做出了较全面的分析。其次从房地产信托投资基金的发展环境分析,论述了我国当前社会条件、经济状况、房地产行业发展需求均适合REITs市场的建立和发展。然后,本文对美国和亚太的房地产信托投资基金运营模式进行了深入的对比研究,而且本文分别列举了美国模式与亚太模式的案例,从铁狮门与凯德置地的案例中,更加清楚的认识到REITs产品的实际应用与经验总结。最后,本文解析了信托型、上市公司型、封闭基金型REITs的不同特点及对我国现有政策的匹配度,从而推演出适合我国现有国情的房地产信托投资基金模式即封闭型基金模式。
[Abstract]:Real estate trust and investment fund (REITs) is a kind of trust fund that brings together the funds of a specific majority of investors by means of a public offering, is managed by a specialized investment institution and distributes the comprehensive income of the investment to the investors in a proportional manner. It is an important means of real estate securitization in developed countries. The significance of this paper lies in the fact that the thesis is based on the study of the development of the REITs market in the United States and the Asia-Pacific region, and from the point of view of product design, it analyzes the REITs operation mode suitable for the market environment and legal system of our country, with the aim of minimum legal system obstacles. This paper analyzes the most likely REITs operation and development model in China at the present stage. The research methods used in this paper are as follows: checking professional statistical data to confirm some of the views and conclusions in this paper; finding out the common points and differences in the analysis materials by means of comparison of tables and other tools. Summarize the common characteristics of mature model, quote relevant literature and research and analysis reports, and other materials or conclusions. The main work and conclusions of this paper are as follows: firstly, the paper analyzes the real estate trust and investment fund, briefly describes its development history and the reasons for its rapid development in overseas markets. This paper makes a comprehensive analysis of the basic types of REITs. Secondly, from the analysis of the development environment of the real estate trust and investment fund, it discusses the current social conditions and economic situation of our country. The development needs of the real estate industry are suitable for the establishment and development of the REITs market. Then, this paper makes a deep comparative study on the operation mode of the real estate trust and investment funds in the United States and Asia Pacific. Moreover, this paper enumerates the cases of American model and Asia-Pacific model, from the case of Tishimen and Cade Land, it clearly recognizes the practical application and experience summary of REITs products. Finally, this paper analyzes the trust type, the listed company type, and so on. The different characteristics of closed fund type REITs and the matching degree of our country's existing policy, thus deduces the real estate trust investment fund mode which is suitable for our country's current situation, namely the closed type fund pattern.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

【参考文献】