基于我国保障性住房建设融资的REITs运作模式研究

发布时间：2018-06-18 21:38

本文选题：房地产投资信托基金 + 融资　；参考：《湖南科技大学》2014年硕士论文

【摘要】：近年来，房地产业的迅猛发展，在很大的程度上影响着人们的日常生活。长期以来，房地产业相关政策一直处于不完善的状态，最近几年其所造成的弊端日渐显现，最明显的一个后果便是我国的房地产业泡沫化速度急剧加快。为了促进房地产业健康发展，我国政府不仅专门为其制定并发布了相关政策，同时还将保障性住房建设列为重点关注领域。在国内大力发展保障性住房建设，不仅可以促进保障性住房相关产业的发展，还能够消除房地产市场泡沫，使得商品房价格趋于稳定，避免其增长过快。另外，还能够起到刺激消费，扩大内需的作用，而最为关键的作用是其能够促使中低收入住房困难家庭早日走出困境。可是保障性住房建设得以健康发展的一个关键性问题便是其需要有大量的、持续性的资金供应。那么我们该如何解决保障性住房建设的资金供应这一住房保障工作的关键问题呢？目前我国在保障性住房融资领域主要还是依靠的银行贷款，部分地区政府也会通过发行私募债券来募集资金，可见在我国保障性住房融资领域运用到的融资工具和渠道是很少的。随着政府对于保障性住房建设力度的加大，仅靠如此单一的融资工具和渠道，越来越难以满足保障性住房建设的资金供应要求了。因此积极的探索能够运用于我国保障性住房融资中的REITs运作模式，不仅会增加中小投资者的投资渠道，还能够促进我国房地产市场结构的优化调整，从而达到解决我国保障性住房的资金缺口问题的目的。本文主要内容由六个部分组成：第一部分，归纳总结了国内外保障性住房REITs的理论成果，阐述了本文的研究背景及意义、内容和主要创新点。第二部分，介绍REITs的相关理论基础，从根源开始对REITs进行了详细的介绍，并对现有REITs的分类以及特征进行介绍。第三部分，，主要阐述其在美国以及亚洲（地区）的发展历程及现状，并对国内外REITs的运作模式进行介绍，从国外的成功运作模式中汲取经验。第四部分，从我国金融市场环境、相关政策和REITs在保障性住房融资中的盈利性等方面进行分析，阐述了REITs在我国保障性住房融资领域运用的可行性，以及在我国保障性住房领域运用REITs进行融资的制约因素。第五部分，构建适合我国国情的保障性住房REITs运作模式，并探讨其所需的制度保障。第六部分，对于本文研究的内容进行总结。
[Abstract]:In recent years, the rapid development of real estate industry affects people's daily life to a great extent. For a long time, the related policies of the real estate industry have been in a state of imperfection. In recent years, the malpractices caused by them have gradually appeared, and the most obvious consequence is that the frothing speed of the real estate industry in our country is quickening rapidly. In order to promote the healthy development of the real estate industry, our government has not only formulated and issued related policies for the real estate industry, but also listed the construction of affordable housing as a key area of concern. Developing the indemnificatory housing construction in our country can not only promote the development of the indemnificatory housing related industry, but also eliminate the bubble of the real estate market, make the price of the commodity house tend to stabilize, avoid its growth too fast. In addition, it can stimulate consumption and expand domestic demand, and the most important role is that it can help low-income families to get out of the predicament as soon as possible. However, a key issue for the healthy development of affordable housing construction is the need for a large, sustained supply of funds. So how should we solve the financing of affordable housing construction, the key issue of housing security? At present, our country mainly relies on bank loans in the field of affordable housing financing. Some regional governments will also raise funds by issuing private equity bonds. It can be seen that the financing tools and channels used in the field of affordable housing financing in China are few. With the increase of the construction of the indemnificatory housing, it is more and more difficult to meet the demand of the fund supply for the construction of the indemnificatory housing by relying on such a single financing tool and channel. Therefore, the active exploration can be applied to the REITs operation mode in our country's affordable housing financing, which will not only increase the investment channels of the small and medium-sized investors, but also promote the optimization and adjustment of the real estate market structure of our country. In order to solve the problem of financing gap of affordable housing in China. The main content of this paper is composed of six parts: the first part summarizes the theoretical results of REITs at home and abroad, expounds the research background and significance of this paper, the content and the main innovation points. In the second part, the theoretical basis of REITs is introduced, and the classification and characteristics of existing REITs are introduced in detail. In the third part, the development course and present situation of REITs in the United States and Asia (region) are described, and the operation mode of REITs at home and abroad is introduced. The fourth part analyzes the financial market environment, relevant policies and the profitability of REITs in affordable housing financing, and expounds the feasibility of using REITs in the field of affordable housing financing in China. And in the field of affordable housing in China to use REITs to finance the constraints. In the fifth part, the author constructs the REITs operating mode which is suitable for our country's national conditions, and discusses the system guarantee needed by REITs. The sixth part summarizes the content of this paper.
【学位授予单位】：湖南科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.23

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