我国公共租赁住房投资信托基金（REITs）融资模式研究

发布时间：2018-03-04 18:38

本文选题：公共租赁住房　切入点：房地产投资信托基金（REITs）　出处：《重庆大学》2013年硕士论文　论文类型：学位论文

【摘要】：随着我国经济结构转型以及城镇化进程的不断推进，城市“夹心层”群体的数量不断增多，他们迫切的住房需求与城市滞后的住房保障体系之间的矛盾日渐突出。公共租赁住房作为解决“夹心层”住房问题的有力手段，是我国住房保障体系的重要补充，是实现“住有所居”、改善民生的重要途径。近两年，各地政府响应国家要求，大力开展公共租赁住房建设，然而政府主导型的建设模式主要依赖于政府财政资金和银行贷款，在庞大的资金需求面前，政府面临着巨大的融资压力，公租房的发展遇到了资金瓶颈。因此，，除了充分发挥政府的主导作用外，探索如何调动社会资源参与公租房建设与运营，拓宽公租房融资途径，解决短期内政府资金不足是当前值得研究的重要课题。本文针对我国公租房的融资现状及困境，提出运用房地产投资信托基金解决我国公租房融资问题，通过对国际案例的分析及我国实际国情的论证，分析REITs在我国公租房融资中的具体应用模式，对我国公租房融资和发展具有一定的实际意义。首先，论文分析了我国公租房的运营现状，发现我国公租房存在进展缓慢，供不应求的问题，并指出造成这一问题的最重要原因就是资金短缺。接着分析了我国公租房的融资渠道和困境，对困境产生的原因进行了总结，总结得出我国公租房融资的主要问题是政府财政压力大，社会参与度不足，亟需拓展与创新融资渠道。然后，对REITs的概念、分类和特征优势进行了分析，并详细介绍了美国廉租住房REITs和香港领汇基金两个案例，得出对我国公租房融资采用REITs模式的经验借鉴与启示。在此基础上，结合我国具体国情和公租房的特性，分析了我国公租房采用REITs融资模式的可行性和障碍。最后，在前文研究的基础上，重点对我国公租房REITs融资的基本框架、盈利模式、运作流程和监管机制进行了设计，针对障碍提出了合理化的完善建议。
[Abstract]:With the transformation of economic structure and the advancement of urbanization, the number of urban "sandwich layer" groups is increasing. The contradiction between their urgent housing demand and the urban lagging housing security system is becoming increasingly prominent. As a powerful means to solve the housing problem of "sandwich layer", public rental housing is an important supplement to the housing security system of our country. In the past two years, local governments have responded to the request of the state and vigorously carried out the construction of public rental housing. However, the government-led construction model mainly depends on government financial funds and bank loans. In front of the huge capital demand, the government is facing the huge financing pressure, the development of the public rental housing has met the fund bottleneck. Therefore, besides giving full play to the leading role of the government, it explores how to mobilize the social resources to participate in the construction and operation of the public rental housing. It is an important subject worth studying at present to widen the financing channels of public rental housing and solve the shortage of government funds in the short term. In view of the current situation and difficulties of public rental housing financing in China, this paper proposes to use the real estate investment trust fund to solve the financing problem of public rental housing in China, through the analysis of international cases and the demonstration of the actual situation of our country. It is of practical significance for the financing and development of public rental housing to analyze the specific application mode of REITs in the financing of public rental housing in China. First of all, the paper analyzes the current operation of public rental housing in China, and finds that the progress of public rental housing in our country is slow and the supply is short of supply. It also points out that the most important cause of this problem is the shortage of funds. Then it analyzes the financing channels and difficulties of public rental housing in China, and summarizes the reasons for the difficulties. It is concluded that the main problems of public rental housing financing in China are government financial pressure, insufficient social participation, and urgent need to expand and innovate financing channels. Then, the concept, classification and characteristic advantages of REITs are analyzed. This paper also introduces two cases of low-rent housing REITs in the United States and Hong Kong remittance Fund in detail, and draws lessons from the REITs model of public rental housing financing in China. On this basis, combined with the specific conditions of our country and the characteristics of public rental housing, This paper analyzes the feasibility and obstacles of adopting REITs financing mode in public rental housing in China. Finally, on the basis of the previous research, the author designs the basic framework, profit model, operation process and supervision mechanism of REITs financing for public rental housing in China. Suggestions for rationalization of obstacles are put forward.
【学位授予单位】：重庆大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F299.23;F832.45

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