房地产信托投资基金法律问题研究

发布时间：2018-05-15 04:42

本文选题：房地产 + 信托投资基金　；参考：《西南财经大学》2013年硕士论文

【摘要】：房地产信托投资基金直译自Real Estate Investment Trusts(简称REITs),肇始于19世纪美国马萨诸塞州的商事信托,最初旨在绕开禁止公司拥有房地产的法律管制。但随着越来越多投资者的涌入以及国民对房地产投资的迫切需求,20世纪60年代美国国会修正《国内税收法典》(Internal Revenue Code)正式允许设立REITs,并于1961年发行了世界上首支REITS。由于REITs投资门槛低、预期收益稳定、投资风险小,它逐渐吸引了大量投资者,目前已成为美国金融市场重要投资工具之一,并在短短几十年内被世界许多国家所效仿。随着国家不断加强对房地产行业的宏观调控,房地产企业融资难度不断加大,为了应对寒冬,我国房地产企业开始寻求与信托业的合作,并逐步开始出现一批以现有信托法律体系为设立依据的房地产信托项目,虽然这些项目在本质上并不是真正意义的REITs,但其中不乏有一些项目(如天津欧尚计划等)已经具备了REITs的基本雏形。随着今年来我国资产证券化以及泛资产运动的方兴未艾,社会对房地产产业升级的呼声不断提高,我国引入REITS法律制度可谓势在必行。房地产信托投资基金是指由特定或不特定多数人作为委托人依据契约——包括信托合同、资产管理合同、基金委托合同、公司章程等——将自己的财产委托或交与受托人,并由银行作为财产托管人保管该信托财产,由受托人对该资产进行房地产项目投资,受益人享有投资收益而成立的投资基金。在我引入REITs有着如下的优点①REITs是我国房地产开发企业拓展融资渠道的必然要求;②REITs是我国房地产业升级的重要支柱；③REITs是我国城市化发展的必然选择；④RETIs能够为各类投资者带来客观稳定的投资回报。我国开始关注房地产信托投资基金并非始于今日,可以说从05年甚至更早就有人开始勾勒我国未来房地产信托投资基金的蓝图。如何兼顾房地产建设资金需求、投资者财产安全、房地产产业升级以及关系到国计民生的房价成为了房地产信托投资金关注的焦点。本文的主要观点及结论如下：首先,房地产信托投资基金(REITs)的命名本身就是一个对英文词汇的直接翻译,不能因此就缩小了我国REITs应有的外延。可以说我国房地产信托投资基金的所包括的范围极为广泛,是投资基金或产业基金的一种。因此,只要是由特定或不特定多数人作为委托人依据契约——包括信托合同、资产管理合同、基金委托合同、公司章程等——将自己的财产委托或交与受托人,并由银行作为财产托管人保管该信托财产,由受托人对该资产进行房地产项目投资,受益人享有投资收益而成立的投资基金或产业基金都可以视为房地产信托投资基金。另外不论从促进我国房地产产业升级,还是拓展房地产的投资渠道,或能够为投资带来可观的投资回报上,在我国引入REITs都是大势所趋,不可阻挡。其次,从我国现有或即将颁行的法律看,我国正在努力构建以集合计划型REITs、契约型REITs及公司型REITs为体系法律制度。随着最新版《信托公司房地产信托投资基金计划试点管理办法》(草案)以及其他法律法规及规章制度的颁行,可以说,以信托公司为主导的集合计划型REITs及契约型REITs基本已成定局,公司型REITs也已“箭在弦上”。但需要提请注意的是,在看到成绩的同时仍存在着如REITs法律体系不健全、相关配套法律制度缺失、监管不明等一系列问题亟待解决。再次,本文强调在讨论我国未来REITs发展模式时,一方面不能因私募型REITs或抵押型REITs违反了投资基金的本质或其本身在世界REITs体系中所占份额较小,而将集合计划型REITs排除出我国REITs之外；另一方面也不能因公司型REITs的引入存在较大困难(主要是上市机制的建立)而忽视了对其的研究。我国REITs的运作模式及法律体系应当是一个包括了集合计划型REITs、契约型REITs以及公司型REITs的完整体系。最后,在未来对我国REITs进行法律制度建设时应当注重以下几点：①中国银监会及中国证监会应尽快完善相关REITs立法工作,同时REITs相关的诸如税收优惠法律制度、财产登记法律制度等法律制度也应尽快做出调整以适应我国REITs的发展。并最终在上述基础上进行《房地产信托投资条例》或《产业投资基金法》的立法工作。②尽快统一协调好中国银监会和中国证监会的REITs监管权限,同时积极发挥行业自治组织的作用,在我国建立起行政监管与行业自律相结合的REITs监管体系。③加强REITs的风险防范机制。可以从加强REITs内部治理与激励机制、建立强制性、持续性的REITs信息披露机制,以及完善REITs受托人责任制度等方面加强REITs的风险防范机制。本文的基本思路如下：第一部分,对房地产信托投资基金的内涵及外延做出准确界定,并对与REITs相关的概念进行必要的辨析；其次,在看到房地产信托投资基金制度优势的同时也应提请注意到REITs制度本身所带来的风险,以期为后文探讨我国全面引入该制度做必要的理论铺垫；最后,对我国引入REITs的必要性进行了深入的分析,试图对我国的REITs制度移植做适当的实践铺垫。本部分的主要目的就是对相关概念的引入以及明确,以期为后文的继续进行铺垫。第二部分,本部分通过以下两方面展开：一方面,在对我国现行或将要实行的房地产信托投资基金法律法规及规章制度进行较为详尽的梳理之后,对这些法律法规之间的联系与区别,以及对我国房地产信托投资基金发展所应有的影响进行必要的评价与阐述；另一方面,就目前我国房地产信托投资基金存在的法律问题进行了详细的论述。该部分的主要目的在于对我国目前较为繁杂的房地产信托投资基金法律体系进行完整的梳理和基本的归纳总结,并予以评价,以期为后文的论述提供详尽的法律支持和佐证,而非自说自话的成文,避免重蹈我国目前房地产信托投资基金理论研究中存在法条研读不清的覆辙。第三部分,对当今的美国REITs市场展开介绍,然后比较分析香港REITs市场的概况和特点。美国房地产信托法律在当前世界各国中最为发达,且具有典型意义和价值,因此在发展历程中着重介绍了美国REITs的发展,法律体系,以及现行交易结构。再比较香港,这一严格按照现有法律框架发展和运作,较保守的REITs市场,希望我国房地产市场实际情况能从中有所借鉴。第四部分,首先,介绍了目前在我国现实存在的C-REITs实例,以便对我国目前REITs有一个直观的了解；其次,则深入地探讨了未来我国三种REITs模式的具体形式,以及各自的优劣,并在此基础上展开对我国REITs模式进行选择的探讨；最后,就未来我国的REITs法律制度建立提出自己的意见与建议。该部分为文章主体,主要是对未来我国房地产信托投资基金的展望和一些立法建议。本文的主要创新点是：本文的立论及相关论点都是在对当前房地产信托投资基金新法旧法的逐条仔细研读与对比的基础上进行的。由于我国目前房地产信托投资基金仍处于造法阶段,而几部新法对我国房地产信托投资基金也确实起到了极大的推动作用,因此,对已公布法条的仔细研读与考证,并以此为基础进行障碍分析及制度构建的建议是必不可少的。但由于本文所引注法条多为最近出台或修改的条文,目前在学界还有待继续研究。
[Abstract]:The direct translation of the real estate trust investment fund, from Real Estate Investment Trusts (abbreviated to REITs), began in nineteenth Century, Massachusetts business trust, originally designed to bypass the prohibition of legal controls on the ownership of real estate. But with the influx of more and more investors and the urgent demand for real estate investment, the 1960s U. S. The National Congress amendment (Internal Revenue Code) formally allowed the establishment of REITs, and in 1961, the first branch of the world issued the first REITS. in the world because of the low threshold of REITs investment, the expected return is stable, and the investment risk is small. It has gradually attracted a large number of investors, and has now become one of the most important investment tools in the financial market of the United States. In order to cope with the cold winter, the real estate enterprises began to seek cooperation with the trust industry, and gradually began to appear a number of real estate trusts based on the existing trust legal system. Although these projects are not really REITs in essence, there are some projects (such as the Tianjin auk program, etc.) already have the basic prototype of REITs. As China's asset securitization and pan asset movement are in the ascendant this year, the voice of the social upgrading of real estate industry is increasing, and REITS is introduced into China. The legal system is imperative.
The real estate trust investment fund refers to the trust contract, the asset management contract, the fund entrustment contract, the company's constitution and so on - the trust contract, the asset management contract, the company's articles of association, etc. - the trust contract, the asset management contract, the company's articles of association, etc. - the trust property is kept by the bank as the property trustee and the trustee enters the assets by the trustee. Investment in real estate projects and investment funds established by beneficiaries enjoy the benefit of investment. The introduction of REITs has the following advantages: (1) REITs is the inevitable requirement for China's real estate development enterprises to expand financing channels; (2) REITs is an important pillar of the upgrading of our real estate industry; (3) REITs is the inevitable choice for the development of China's urbanization; (4) RETIs It can bring an objective and stable return on investment for all kinds of investors. China began to pay attention to the real estate trust investment fund not started today. It can be said that from 05 years or even earlier, some people began to outline the blueprint of our future real estate trust investment fund. How to take account of the capital demand of real estate construction, the safety of investors' property, and the real estate industry Upgrading and housing prices related to the national economy and the people's livelihood have become the focus of real estate investment trust.
The main views and conclusions of this paper are as follows:
First, the name of the real estate trust investment fund (REITs) itself is a direct translation of English vocabulary, so it can not reduce the extension of our country's REITs. It can be said that the scope of our real estate trust fund is very wide, one of the investment fund or the industrial fund. A specific majority of people as trustees, including trust contracts, asset management contracts, fund entrustment contracts, articles of association, etc. - entrust their property to the trustee, and keep the trust property by the bank as a property custodian. The trustee invested the property in the real estate project, and the beneficiary enjoys the investment. The investment fund or industrial fund that is established can be regarded as the real estate trust investment fund. In addition, it is an inevitable trend to introduce REITs in our country, whether to promote the upgrading of our real estate industry, or to expand the investment channel of real estate, or to bring a considerable return on investment.
Secondly, in view of the existing or forthcoming laws in China, our country is trying to build a system of legal system with a set plan REITs, a contractual REITs and a company type REITs. With the latest edition of the trust company's real estate trust investment fund program pilot management method (Draft) and other laws and regulations and regulations, we can say that The collective planned REITs and contractual REITs, which are dominated by trust companies, have basically been established, and the company type REITs has been "on the line". However, it needs to be noted that there are still a series of problems, such as the imperfect legal system of REITs, the lack of relevant legal systems, unidentified supervision and so on.
Again, this paper emphasizes that in the discussion of the future REITs development model in China, on the one hand, the private REITs or the mortgaged REITs can not violate the essence of the investment fund or the share of its own in the world REITs system, and the collective planned REITs is excluded from the REITs of our country; on the other hand, the company type REITs can not be introduced. The operation mode and legal system of REITs in China should be a complete system including the set plan REITs, the contract type REITs and the corporate REITs.
Finally, in the future of the construction of the legal system of REITs in China, we should pay attention to the following points: (1) China Banking Regulatory Commission and China Securities Regulatory Commission should improve the relevant REITs legislation as soon as possible, while REITs related legal systems such as tax preferential legal system and property registration legal system should also be adjusted as soon as possible to adapt to the development of China's REITs. The legislative work of the "real estate trust and Investment Regulations > or the industrial investment fund law" is carried out on the basis of the above basis. (2) to harmonize and coordinate the REITs regulatory authority of the China Banking Regulatory Commission and the China Securities Regulatory Commission as soon as possible. At the same time, the role of the self-governing organization of the industry is actively played, and the REITs supervision of the combination of administrative supervision and self-discipline in China is established. To strengthen the risk prevention mechanism of REITs, we can strengthen the risk prevention mechanism of REITs from the aspects of strengthening the internal governance and incentive mechanism of the REITs, establishing a mandatory, continuous REITs information disclosure mechanism, and improving the responsibility system of the REITs trustee.
The basic ideas of this article are as follows:
The first part makes an accurate definition of the connotation and extension of the real estate trust investment fund, and makes a necessary analysis of the concepts related to the REITs. Secondly, we should also draw attention to the risks brought by the REITs system itself while seeing the advantages of the real estate trust investment fund system, with a view to the further introduction of the system in our country. In the end, the necessity of the introduction of REITs in our country is analyzed in depth to try to make appropriate practice for the transplant of REITs system in our country. The main purpose of this part is to introduce and clarify the related concepts so as to make the further progress for the latter.
The second part, this part is carried out in the following two aspects: on the one hand, after a more detailed combing of the laws, regulations and rules and regulations of the real estate trust investment fund in China, the relations and differences between these laws and regulations, as well as the impact on the development of the real estate trust investment fund in China are also discussed. On the other hand, the legal problems of the current real estate trust investment fund in China are discussed in detail. The main purpose of this part is to make a complete combing and summary of the legal system of the more complex real estate trust investment fund in China, and to evaluate it. The latter provides a detailed legal support and evidence, rather than a self speaking article, to avoid repeating the mistakes of the current theory of the real estate trust investment fund.
The third part is to introduce the current REITs market in the United States, and then compare and analyze the general situation and characteristics of the Hongkong REITs market. The United States real estate trust law is the most developed in the current world, and has the typical significance and value. Therefore, the development of REITs, the legal system and the current trade knot are emphatically introduced in the course of development. Comparison of Hongkong, this one strictly according to the existing legal framework development and operation, the more conservative REITs market, hope that the real estate market in China can learn from the actual situation.
The fourth part, first of all, introduced the existing actual C-REITs examples in our country, in order to have an intuitive understanding of the current REITs in our country. Secondly, the concrete forms of the three REITs patterns in the future and their respective advantages and disadvantages are discussed in depth, and on this basis, the choice of our country's REITs mode is explored; finally, The future of our country's REITs legal system set up their own opinions and suggestions. This part is the main body of the article, mainly to the future of China's real estate trust investment fund prospects and some legislative proposals.
The main innovation of this article is:
On the basis of careful study and comparison of the current real estate trust and investment fund new law and old law, the present real estate trust investment fund is still in the stage of law making, and several new laws have played a great role in promoting the real estate trust investment fund of our country. Therefore, it is necessary to make a careful study and examination of the published law, and to make suggestions on the analysis of obstacles and the construction of the system on the basis of this. However, because most of the articles cited in this article are recently issued or revised, the study still remains to be studied in the academic field.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D922.282

【参考文献】