广州公租房建设中REITs融资的方案设计

发布时间：2018-11-12 10:26

【摘要】：作为保障性住房体系的一个组成部分，，公共租赁住房在解决城市中低收入人群住房困难的问题上作用巨大。然而，在各地公租房的建设实践中，政府普遍面临着建设资金不足，财政压力过大的困难，资金问题已成为现阶段我国公租房建设发展的瓶颈。与此相对应的是，我国民间资本充裕，但投资渠道匮乏。因此，通过金融创新，引导民间资本参与公共租赁住房的建设，是一种帕列托改进，也是我国公共租赁住房金融发展的趋势。本文旨在结合我国制度环境和广州市公租房建设实际，探索公共租赁住房信托投资基金（REITs）在广州运作的可行性及具体模式，为利用REITs这一金融工具引导社会资金参与解决我国公租房建设融资问题提供有益的参考。本文从广州市的实际出发，分析了现阶段广州市公租房建设投、融资两方面的问题，得出了广州市公租房建设资金需求较大，但融资渠道单一，亟需创新融资途径的结论。针对目前不理想的融资模式，在总结国内外经验的基础上，提出利用REITs来为广州市公租房建设进行融资的设想，并对这一设想的可行性、运作模式、成本收益以及风险等进行了系统的研究，得出广州具备开发REITs产品的条件，且其收益水平能够达到市场要求，具备一定竞争力的结论。本文主要在资料搜集，文献查询的基础上，通过对比分析、定性和定量假设、归纳总结等方法得出有关结论。
[Abstract]:As an integral part of the affordable housing system, public rental housing plays an important role in solving the housing difficulties of urban low- and middle-income people. However, in the construction practice of public rental housing, the government is generally faced with the difficulties of insufficient construction funds and excessive financial pressure, which has become the bottleneck of the construction and development of public rental housing in China at this stage. Corresponding to this, our country folk capital is abundant, but the investment channel is scarce. Therefore, it is a kind of Pareto improvement to guide private capital to participate in the construction of public rental housing through financial innovation, and it is also the trend of the development of public rental housing finance in China. The purpose of this paper is to explore the feasibility and the concrete mode of the public rental housing trust and investment fund (REITs) in Guangzhou based on the system environment of our country and the reality of public rental housing construction in Guangzhou. It provides a useful reference for the use of REITs as a financial tool to guide social funds to participate in solving the financing problems of public rental housing construction in China. Based on the reality of Guangzhou City, this paper analyzes the problems of public rental housing investment and financing in Guangzhou at present, and draws the conclusion that Guangzhou has a large demand for public rental housing construction funds, but the financing channel is single, so it is urgent to innovate the financing way. On the basis of summing up the experience at home and abroad, this paper puts forward the idea of using REITs to finance the construction of public rental housing in Guangzhou, and puts forward the feasibility and operation mode of this idea. The conclusion is that Guangzhou has the conditions to develop REITs products, and its income level can meet the market requirements and have a certain competitiveness. On the basis of data collection and literature inquiry, this paper draws some conclusions by means of comparative analysis, qualitative and quantitative hypotheses, summing up and so on.
【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.45;F299.23

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