房地产信托业务法律问题研究

发布时间：2018-05-16 07:05

本文选题：房地产投资信托 + 法律风险　；参考：《江西财经大学》2014年硕士论文

【摘要】：房地产投资信托是现代金融领域的重要组成部分,在银根紧缩,贷款政策愈加严格的情况下,信托作为新兴融资方式为房地产开发提供了充裕的资金支持,并且也给投资人、受益人提供高回报的投资渠道。我国房地产信托投资业务的出现只有短短十年,且以《信托法》、《信托公司管理办法》、《信托公司集合资金信托计划管理办法》——“一法两规”为主要监管法律制度。但是在房地产开发信托融资的实务当中,违规现象频繁。一方面,由于已有的部门法规较为宽泛,存在颇多法律规定空白让不法分子有可乘之机；第二方面,在全球经济一体化的影响下,我国的房地产信托融资业务虽然处于起步期,但是资金规模较大,运营复杂,而我国现有的“一法两规”已经跟不上行业发展的快节奏,立法水平落后,亟需向美英日德等信托发展历史更长,监管体系更为完善的国家学习。信托制度是一项伟大的创造,创造伊始成功规避僵化法律规定与封建统治者的剥削。但是我国关于信托财产所有权含糊不清的规定无疑阉割了信托最具创意的双重所有权设计。房地产信托业务中涉及的信托财产的内容多为：商业中心、住宅楼盘、保障住房等,若在建设过程出现问题,无法如约实现信托约定进行清算时还会出现：在建工程、土地使用权等不动产与相关权利。但是由于信托机构并没有取得财产的所有权,所以在对项目建设时并无法真正参与到运营决策与全盘监督的过程中。实务中设立房地产信托,信托公司与房产开发企业会在在建工程、土地使用权上设置担保,如果出现需要实现担保债权的情况,信托公司会因为没有所有权而有所掣肘。关于信托财产所有权的规定有待进一步厘清。现有法规对信托合同份数予以一刀切的规定,亦无法满足现在房地产建设融资动辄千万上亿的资金需求。实务当中,一些信托机构往往会试图通过拆分项目来规避该规定,从而又会产生可能导致项目无效的风险。同时,缺乏专业监管机构也给房地产信托业务的引导与监管工作带来压力,筹建信托监管委员会能够提供更加专业、高效的监管,引导该行业更好的发展。笔者针对我国房地产投资信托中多发法律风险的原因予以分析,参考成熟的行业监管法规与机构设置,探索完善房地产投资信托法律监管的具体方法——首先,从建立专业信托监管机构——信托监管委员会；其次,树立正确的立法价值取向——兼顾安全与效率,减少现有法规冲突与填补立法漏洞；再次,通过培养提高监管人员的专业素质；最后,完善信托财产为中心的信息披露制度。
[Abstract]:Real estate investment trust is an important part of the modern financial field. Under the circumstances of tight monetary resources and tighter loan policy, the trust, as a new financing method, provides abundant financial support for real estate development and also gives investors. Beneficiaries provide high return investment channels. The appearance of real estate trust investment business in our country is only ten years, and the main supervision legal system is "Trust Law", "Trust Company Management method", "Trust Company Collective funds Trust Plan Management method"-"one Law and two rules". But in the real estate development trust financing practice, the violation phenomenon is frequent. On the one hand, due to the wide range of existing departmental laws and regulations, there are quite a lot of gaps in laws and regulations that allow lawbreakers to take advantage of the opportunities. Second, under the influence of global economic integration, the real estate trust financing business in China is in its infancy. However, the scale of capital is large and the operation is complicated. However, the existing "one law and two rules" in our country can no longer keep up with the fast pace of industry development and the level of legislation is backward. Therefore, the history of developing trust such as the United States, Britain, Japan and Germany is urgently needed to be longer. Countries with better regulatory systems learn. Trust system is a great creation, which successfully evaded rigid legal regulations and exploitation of feudal rulers at the beginning of creation. However, the ambiguous provisions on the ownership of trust property undoubtedly castrate the most creative dual ownership design of trust. The contents of the trust property involved in the real estate trust business are mostly: commercial center, residential real estate, security housing and so on. If there is a problem in the construction process, the settlement of the trust agreement cannot be fulfilled as agreed by the trust. Land use right and other real estate and related rights. However, because the trust organization has not acquired the ownership of the property, it is unable to participate in the process of operation decision and overall supervision in the construction of the project. In practice, the real estate trust company and the real estate development company will set up the guarantee on the construction project and the land use right. If there is a need to realize the secured creditor's rights, the trust company will be constrained by the lack of ownership. The provisions on the ownership of trust property need to be further clarified. The existing regulations on the number of trust contracts to provide a one-size-fits-all provision, also can not meet the current real estate construction financing needs of tens of millions of dollars. In practice, some trust agencies often try to break up the project to avoid the regulation, which may lead to the project invalid risk. At the same time, the lack of professional regulatory agencies also brings pressure to the guidance and supervision of the real estate trust business. The preparation of the trust supervision committee can provide more professional, efficient supervision and guide the better development of the industry. The author analyzes the causes of multiple legal risks in real estate investment trusts in China, and explores the specific methods to perfect the legal supervision of real estate investment trusts by referring to the mature industry regulations and institutional settings. From the establishment of professional trust regulatory body-trust supervision committee; secondly, set up the correct legislative value orientation-to take into account safety and efficiency, reduce the existing laws and regulations conflict and fill legislative loopholes; third, Finally, improve the information disclosure system with trust property as the center.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：D922.282

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