市场化开发保障性住房视角下的REITs模式研究

发布时间：2018-01-15 17:41

  本文关键词：市场化开发保障性住房视角下的REITs模式研究　出处：《浙江工商大学》2013年硕士论文　论文类型：学位论文

  更多相关文章： 住房市场 REITs 保障性住房 住房制度

【摘要】：2010年中央政府大规模启动以公共租赁房为主的保障性住房建设工程,以解决城镇困难家庭的居住需求。但现有保障性住房建设主要由地方政府以行政化方式建设,而非市场化开发,致使地方政府难以承担大规模保障性住房建设的资金压力。2009年10月,中国人民银行推出《银行间市场房地产信托受益券发行管理办法》讨论稿,探讨以房地产投资信托基金(Real Estate Investment Trusts,简称REITs)的方式解决房地产企业融资难题,而此后国务院明确要求REITs试点应结合保障性住房融资需求。但是,REITs试点工作迄今仍无进展,其中主要原因之一,就是脱离我国房地产市场实际情况,与我国保障性住房建设的融资模式难以匹配,不具有可操作性。 本文以市场化开发保障性住房为视角,在分析现有房地产市场融资方式的基础上,从资金供给、投资标的、市场交易、税收以及投资者收益等五个维度,对中国人民银行推出的REITs讨论稿进行较为系统的分析,探讨如何构建满足市场主体融资需求的REITs模式。 通过分析,本文认为,中国人民银行的REITs讨论稿需要多方面的修改：在REITs设立方面,应选择权益型保障性住房REITs并在证券交易所上市；在REITs投资者与投资标的方面,应允许开发期保障性住房作为REITs资产标的,并鼓励机构投资者参与；在REITs税收方面,应给予保障性住房REITs有条件的税收减免优惠。同时,还需要加强REITs的立法工作,推出专项REITs法规等。 在上述分析的基础上,本文提出具体的政策建议,并给出适应我国保障性住房建设融资需求的REITs模式。同时,利用香港市场REITs数据实证分析REITs的收益风险,证明证券市场的权益型REITs符合投资者需求,从证券市场募集保障性住房建设资金具有可行性。
[Abstract]:In 2010, the central government launched a large-scale public rental housing based on the indemnificatory housing construction project. In order to solve the housing needs of urban families, but the existing affordable housing construction mainly by the local government in the form of administrative construction, rather than market-oriented development. In October 2009, the people's Bank of China issued the "Management measures for the issuance of Real Estate Trust beneficiary Notes in the Interbank Market". This paper discusses how to solve the financing problem of real estate enterprises by real estate investment trust fund Real Estate Investment Trusts (referred to as REITs). Since then, the State Council has explicitly requested that the REITs pilot should be combined with the demand for affordable housing financing. But so far, no progress has been made on the REITs pilot work, one of the main reasons. It is difficult to match with the financing mode of our country's indemnificatory housing construction, and it is not feasible to break away from the real estate market of our country. This paper from the perspective of market-oriented development of affordable housing, on the basis of the analysis of the existing real estate market financing methods, from the capital supply, investment targets, market transactions, tax and investor income. This paper makes a systematic analysis of the REITs discussion draft issued by the people's Bank of China, and discusses how to construct a REITs model to meet the financing needs of market participants. Through the analysis, this paper thinks that the REITs discussion draft of the people's Bank of China needs to be revised in many aspects: in the aspect of the establishment of REITs. REITs should be chosen and listed on the stock exchange. In the REITs investor and investment target, should allow the development guarantee housing as the REITs asset target, and encourages the institutional investor to participate; In the aspect of REITs tax, REITs should be granted conditional tax relief and concessionary. At the same time, it is necessary to strengthen the legislative work of REITs and introduce special REITs regulations and so on. On the basis of the above analysis, this paper puts forward specific policy recommendations, and gives the REITs model to meet the financing needs of affordable housing construction in China. At the same time. By using the REITs data of Hong Kong market, this paper empirically analyzes the return risk of REITs, and proves that the equity REITs of the securities market meets the demand of investors. Raising housing construction funds from the securities market is feasible.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.45;F299.23;F224

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