REITs的价值分析与其在中国市场的展望

发布时间：2018-06-23 21:08

  本文选题：REITs + 资产证券化　； 参考：《上海交通大学》2014年硕士论文

【摘要】：REITs(Real Estate Investment Trusts)作为投资不动产（房地产）市场的重要投融资载体和工具，在海外多个金融市场如美国，英国，澳大利亚，法国，日本，，新加坡，香港地区等已是一个较为成熟和热门的投资品种，其中在公开市场交易的Public REITs是产品中的主流而另一方面，REITs在中国的发展步伐较长时期都处于一个较为暧昧的节奏本文从REITs的基本属性和历史表现出发，结合我国的实际金融地产市场状况，探讨REITs这一金融产品的价值究竟何在，是否正真适合中国市场，同时引申展望REITs在中国发展的起步领域全文除第一章导论外共分五个章节，逻辑结构上是一个层层递进的关系，第三四五章节最为重要 其中，第二章对美国及全球的REITs市场做了描述和统计，共分为3节知古而论今，第1节简要回顾了REITs自1960年的起源和之后步步发展第2节侧重美国市场，通过US-REITs累计6千亿存量规模，近10年每年200只的募集个数；2位数的年化收益率和分门别类的品种形式在深度，宽度，广度上证明REITs在美国惊人的成功第3节则简要介绍了全球其他国家地区REITs的复制性和发展 其后，第三章分为2大部分，第1节重点探讨了令REITs成功的特质历史数据证明REITs的成功是长期而非偶然的，其资产证券化创造流动性的能力，集合投资的功能，长期风险收益比的优势等几大因素奠定了它的成功而这些成功的基因也需要适宜的土壤第2节则通过结合分析目前我国国内金融地产市场现状，指出REITs在中国市场落地发芽的需求和意义，以及未来茁壮成长的可能 在此基础上第四章首先回顾了之前国内资产借道海外REITs上市案例的得失，其后着重展望了在国内本土市场发展REITs的准备工作，包括制度建设，框架设计，标的资产导向，税收等几方面如何借鉴海外经验，发挥后发优势，因地制宜地优化国内REITs的发展模式 第五章则更近一步，第1节探讨了国内市场REITs起步领域可能的选择，也指出了适时地推出保障房REITs有着促进住宅市场健康发展，降低政府负债水平，拓宽地产投资渠道等一举多得的作用第2节则以保障房中的公租房为例，通过海外类似种类REITs的真实交易价格回测数据，结合我国现阶段经济状况，探讨了公租房REITs的合理定价，希望能借此对国内市场创造既叫好又叫座的REITs产品产生些许帮助 第六章是全文的结论，提炼了在中国市场REITs的价值所在，如何扬弃地加以借鉴，并对起步领域的展望做了总结
[Abstract]:REITs (Real Estate Investment Trusts) as an important investment and financing vehicle for investing in the real estate market, in many overseas financial markets such as the United States, the United Kingdom, Australia, France, Japan, Singapore, Hong Kong is already a mature and popular investment variety. Among them, Public REITs traded in the open market is the mainstream of products, and on the other hand, the pace of development of REITs in China has been in a more ambiguous rhythm for a long time. This paper starts from the basic attributes and historical manifestations of REITs. Combined with the actual financial and real estate market situation in China, this paper discusses the value of REITs as a financial product and whether it is really suitable for the Chinese market. At the same time, the full text of the beginning field of REITs development in China is divided into five chapters in addition to the introduction in the first chapter. The logical structure is a progressive relationship. Chapter 345 is the most important one. Chapter two describes and counts the REITs market in the United States and the world. Section 1 briefly reviews the origin and development of REITs since 1960. Section 2 focuses on the American market. Through the US-REITs accumulated 600 billion stock scale, the annual collection of 200 REITs in the past 10 years; In depth, width and breadth, the annual rate of return of the two digits and the form of the classified varieties prove the astonishing success of REITs in the United States. Section 3 briefly introduces the replicability and development of REITs in other parts of the world. The third chapter is divided into two parts, section 1 focuses on the characteristics of the success of REITs historical data prove that the success of REITs is long-term, not accidental, its asset securitization ability to create liquidity, the function of collective investment, Several factors, such as the advantage of long-term risk-return ratio, have established its success, and these successful genes also need suitable soil. Section 2 analyzes the present situation of domestic financial and real estate market by combining with the analysis of the current situation of our country's financial and real estate market. The paper points out the demand and significance of REITs' emergence in China market, and the possibility of growing up in the future. The fourth chapter first reviews the gains and losses of domestic assets' overseas REITs listing cases. After that, the paper emphatically looks forward to the preparatory work of developing REITs in the domestic market, including system construction, framework design, target asset orientation, taxation and so on, how to draw lessons from overseas experience and bring into play the advantage of latecomer. The fifth chapter is a step closer to optimizing the development mode of domestic REITs according to local conditions. Section 1 discusses the possible choice of the starting field of indemnificatory apartment in the domestic market, and points out that the timely introduction of indemnificatory apartment REITs can promote the healthy development of the housing market. Reducing the level of government debt, widening the channels of real estate investment, and so on, section 2 takes the public rental housing in indemnificatory apartment as an example, through the real transaction price data of similar types of REITs overseas, combined with the current economic situation in China. This paper discusses the reasonable pricing of REITs in public rental housing, hoping that it can help the domestic market to create both good and popular REITs products. Chapter VI is the conclusion of the full text, refining the value of REITs in the Chinese market. How to develop and discard the land for reference, and the prospect of the starting field is summarized.
【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;F832.49

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