东方信托房地产投资信托基金（REITs）运作研究

发布时间：2018-01-20 14:40

本文关键词： 房地产投资信托基金资本市场组织结构运作模式风险防范充分性必要性　出处：《兰州大学》2013年硕士论文　论文类型：学位论文

【摘要】：房地产投资信托基金(Real Estate Investment Trusts,简称REITs)是一种新型的金融产品。它把个人和机构投资者的资金集中起来,再投资于能够产生稳定现金流和收益的房地产。REITs利用募集的资金购买优质的房地产资产,建立一个相当大的房地产资产组合并进行适当的管理,以满足长期投资的需求。 REITs能够建立新的融资渠道和资本退出通道,有利于融通房地产市场与资本市场；能够降低房地产的周期风险,改进房地产资金的流动性；也有利于促进房地产行业向细分化发展。REITs有利于分散与降低金融市场系统性风险,提高国家金融安全；能够扩充并深化资本市场,提供价格信息和改进市场效率；有利于分散银行系统的信贷风险。REITs能带来竞争红利和良好效益；有利于宏观经济稳定发展；有利于促进经济全球化发展。REITs是有效的避税工具；具有较高的红利和较低的风险,可以满足多样化投资需求。东方信托有必要引入REITs。首先,它能拓宽东方信托融资客户的融资渠道,降低银行贷款风险,支持房地产业务健康稳定地发展。其次,它能分离东方信托对房地产市场直接的投资需求,优化投资方向。最后,它还能加快金融产品创新,拓宽东方信托投资客户的资金投资渠道。东方信托R E I T s应该选择C-R E I T s模式。东方信托以契约型为主的基金已发展多年,在实践中积累了许多宝贵的经验,这可以为契约型REITs的运行提供指导。在实际建设过程中,应该采用以公募为主的公私结合募集方式,采取先封闭,后开放的交易方式,投资方向应该以品质优秀的商业性房地产、某些房地产细分市场、政府廉租房项目等为主。东方信托要重视风险控制,强化风险管理。要强化风险规避意识,从源头上控制项目风险；建立风险分散机制,尽量分散非系统风险；强化风险抑制制度；加强内部控制制度建设,强化风险监控。
[Abstract]:Real estate investment trust fund Real Estate Investment Trusts. REITs is a new financial product that brings together the funds of individuals and institutional investors. Reinvest in real estate. REITs, which can generate stable cash flow and income, use the raised funds to purchase high quality real estate assets, establish a large real estate portfolio and manage it properly. To meet the needs of long-term investment. REITs can establish new financing channel and capital exit channel, which is beneficial to finance real estate market and capital market. Can reduce the real estate cycle risk, improve the liquidity of real estate funds; It also helps to promote the development of the real estate industry into fine differentiation. REITs is conducive to dispersing and reducing the systemic risks of financial markets and improving national financial security; Ability to expand and deepen capital markets, provide price information and improve market efficiency; Credit risk. REITs, which are beneficial to disperse the banking system, can bring competitive dividends and good benefits. Conducive to the stable development of macroeconomic; It is beneficial to promote the development of economic globalization. REITs is an effective tax avoidance tool. With higher dividends and lower risks, diversified investment needs can be met. It is necessary to introduce REITs. First of all, it can broaden the financing channels of Orient Trust financing customers, reduce the risk of bank loans, and support the healthy and stable development of real estate business. It can separate the direct investment demand of East Trust from the real estate market and optimize the investment direction. Finally, it can speed up the innovation of financial products and broaden the investment channels of clients. Eastern trust R E I T s should choose C-R E I T s model. Eastern trust funds mainly based on contract have been developed for many years and accumulated many valuable experiences in practice. This can provide guidance for the operation of contractual REITs. In the actual construction process, we should adopt the public offering as the main combination of public and private fund-raising, the first closed, then open trading. Investment direction should be high quality commercial real estate, some real estate market segments, government low-rent housing projects and so on. Dongfang Trust should pay attention to risk control, strengthen risk management, strengthen risk evading consciousness, and control project risk from source. Establishing a risk decentralization mechanism to disperse the non-systematic risk as far as possible; Strengthening the system of risk suppression; Strengthen the construction of internal control system, strengthen risk monitoring.
【学位授予单位】：兰州大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F299.233.4

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