我国公共租赁房融资方式的创新

发布时间：2018-03-24 03:05

本文选题：公共租赁房　切入点：房地产投资信托基金(REITs)　出处：《浙江大学》2013年硕士论文

【摘要】：中华上下五千年,传统的国人一直追求着“安居乐业”的梦想。“安居”才可乐业,中国人对“家”的在意,与世界其他国家相比,有过之而无不及。然而,我国住房市场的现状是,商品房价格持续攀升,保障房供给又极为缺失。2009年以来,中央政府数次强调保障性住房建设的重要性,以丰富二元住房市场。然而,地方政府贯彻力度及成效却不尽理想,尤其是公共租赁房,建设十分迟缓。公共租赁房的供给对象除中低收入群体外,还包含大学毕业生、进城务工农民等社会夹心层。它的建设难题,归根结底是融资难题。而融资难题的核心,则是缺乏合理的收益率空间。收益率包含两个阶段性指标：开发期间的建设利润率及运营阶段的投资回报率,两者一脉相承。一方面,公共租赁房所需资金多、回款周期长、导致建设利润低；另一方面,公共租赁房缺乏长效运营机制,资金流动与退出困难,投资回报率不具吸引力。因此,亟需对公共租赁房的融资方式进行创新。这也正是本文重点研究的领域。利用政府支持(包括成本支持与收益支持两方面)和构建创新的市场化的公共租赁房G-REITs (政府主导的房地产投资信托基金)的融资方式,可以有效解决公共租赁房的融资难题。此外,政府支持方式哪种更有效,怎样构建合理的G-REITs融资方式,影响G-REITs收益率的主要因素有哪些,影响方向如何,本文也通过实证分析进行了相应的研究和回答。同时,根据研究结果,本文以政府为主体,提出了积极影响公共租赁房收益率的政策建议。总体而言,经过理论研究和实证分析,本文得出了以下主要的结论：第一,公共租赁房建设困局的主因是融资难题,而融资难题的核心原因是缺乏合理的收益率区间。因此,提高收益率是解决上述问题的突破口。第二,公共租赁房收益率包含两个阶段性指标：建房期间,房地产商的建设利润率；存续运作期间,资金参与者的投资回报率。第三,政府的成本支持与收益支持可提高建设利润率；构建市场化的G-REITs融资方式可提高投资回报率,两者的结合,将提高公共租赁报酬率,有利于吸引社会资金,从而形成公共租赁房创新的融资方式。
[Abstract]:For 5,000 years, traditional Chinese people have been pursuing the dream of "living and working in peace". "living in peace" is the only way to be happy. Chinese people care more about "home" than other countries in the world. However, The current situation of China's housing market is that commodity housing prices continue to rise and indemnificatory apartment's supply is extremely lacking. Since 2009, the central government has emphasized several times the importance of affordable housing construction in order to enrich the dual housing market. Local government implementation and results are not ideal, especially public rental housing, construction is very slow. In addition to the middle and low income groups, the supply of public rental housing also includes the social sandwich layer, such as college graduates, migrant workers and peasants in cities. The construction problem is, in the final analysis, the financing problem. And the core of the financing problem, The rate of return includes two stages: the profit rate of construction during the development period and the rate of return on investment in the operation phase, both of which are in the same vein. On the one hand, the public rental housing needs more funds, and the payback period is long. On the other hand, the lack of long-term operation mechanism of public rental housing, the difficulty of capital flow and exit, the return on investment is not attractive. Therefore, it is urgent to innovate the financing methods of public rental housing. This is also the focus of this paper. The use of government support (including cost support and income support) and the construction of innovative market-oriented public rental housing G-REITs (government-led real estate investment trust fund) financing, It can effectively solve the financing problem of public rental housing. In addition, which way of government support is more effective, how to build a reasonable G-REITs financing mode, what are the main factors that affect the yield of G-REITs, and how to influence the direction? Meanwhile, according to the research results, this paper puts forward some policy suggestions which positively affect the yield of public rental housing, taking the government as the main body. In general, through theoretical research and empirical analysis, this paper draws the following main conclusions:. First, the main reason for the difficulties in the construction of public rental housing is the financing problem, and the core reason of the financing problem is the lack of a reasonable yield range. Therefore, raising the yield rate is the breakthrough to solve the above problems. Second, the rate of return on public rental housing includes two stages: the profit rate of the real estate developer during the construction period and the return on investment of the capital participant during the period of operation. Third, the cost support and income support of the government can improve the profit rate of construction, and the construction of market-oriented G-REITs financing mode can improve the return on investment. The combination of the two will improve the rate of return on public rental, which will help to attract social funds. Thus forms the public rental housing innovation financing way.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F299.23

【参考文献】