本文選題：房地產(chǎn)投資信托　切入點(diǎn)：法律模式　出處：《山西財(cái)經(jīng)大學(xué)》2014年碩士論文

【摘要】：房地產(chǎn)業(yè)是我國現(xiàn)階段經(jīng)濟(jì)發(fā)展的支柱型產(chǎn)業(yè)之一，它具有資金密集、周期長、受政策影響大等特點(diǎn)。而房地產(chǎn)實(shí)體不可移動(dòng)、不可分割、價(jià)格昂貴等特性使得其資產(chǎn)流動(dòng)性較差，容易引起該行業(yè)投資風(fēng)險(xiǎn)的過度集中和形成資金缺口，因此房地產(chǎn)行業(yè)是否有優(yōu)質(zhì)的融資渠道是其生存和發(fā)展的關(guān)鍵所在。 房地產(chǎn)投資信托（Real Estate Investment Trusts），簡稱REITs，是房地產(chǎn)金融在發(fā)展過程中所衍生的一種產(chǎn)品。它募集社會(huì)資金形成信托資產(chǎn)，并投資于房地產(chǎn)及相關(guān)領(lǐng)域，為該行業(yè)提供了新的融資渠道，有效利用了社會(huì)閑散資金，也為中小投資者提供了投資房地產(chǎn)的渠道，使其有機(jī)會(huì)參與到該行業(yè)的收益分配中。我國目前REITs尚屬于初級(jí)階段，其運(yùn)行體制的不完善使得房地產(chǎn)行業(yè)的發(fā)展受到了一定程度的限制，也間接影響了我國的經(jīng)濟(jì)，而法律因素是阻礙REITs在我國發(fā)展的重要原因。為確保REITs在我國有序地發(fā)展，，必須建立和完善一系列配套的法律法規(guī)。 本文致力于研究我國發(fā)展REITs需構(gòu)建的法律模式，采用了文獻(xiàn)法、案例研究法、比較分析法等研究方法，試圖通過對(duì)REITs各種模式的分析和比較，提出符合我國國情的REITs發(fā)展模式及配套法律體系。 全文共分為五部分。第一部分簡單介紹了REITs的研究背景和意義，對(duì)于目前國內(nèi)外相關(guān)的文獻(xiàn)進(jìn)行了研究和匯總，并闡明了文章所用的研究方法；第二部分闡述了REITs的定義、特征、發(fā)展概況和類型，并對(duì)美國及亞洲地區(qū)REITs運(yùn)行機(jī)制、配套法律等進(jìn)行了介紹和比較；第三部分對(duì)于REITs的法律模式進(jìn)行分析和提煉。就法律架構(gòu)而言主要有契約型和公司型兩種，兩種架構(gòu)的適用領(lǐng)域及側(cè)重點(diǎn)各有不同，在具體操作的過程中各法律主體分別對(duì)應(yīng)各自的權(quán)利及責(zé)任；第四部分對(duì)我國發(fā)展REITs意義及現(xiàn)狀進(jìn)行了分析，揭示了目前的法律模式所面臨的問題；第五部分提出了我國REITs法律模式的構(gòu)建初想，即：發(fā)展真正意義上的C-REITs可采用契約型的法律架構(gòu)、統(tǒng)一型的立法模式、對(duì)C-REITs進(jìn)行專項(xiàng)立法、營造良好的法律環(huán)境、限制C-REITs的經(jīng)營條件、規(guī)范其操作模式等，為C-REITs在我國的快速的發(fā)展創(chuàng)造良好的條件。
[Abstract]:The real estate industry is one of the pillar industries in the economic development of our country at the present stage. It has the characteristics of intensive capital, long period, and is greatly influenced by the policy, while the real estate entity can not be moved, indivisible, etc. The property of high price makes its assets liquidity is poor, which easily leads to the excessive concentration of investment risk and the formation of capital gap. Therefore, whether the real estate industry has high-quality financing channels is the key to its survival and development. Real Estate Investment Trust is a kind of product derived from the development of real estate finance. It raises social funds to form trust assets and invests in real estate and related fields, which provides a new financing channel for the industry. Social idle funds have been used effectively, and small and medium investors have been provided with channels to invest in real estate, so that they have the opportunity to participate in the distribution of income in this industry. At present, REITs is still in the primary stage in our country. The imperfect operation system restricts the development of the real estate industry to a certain extent, and indirectly affects the economy of our country, and the legal factor is the important reason that hinders the development of REITs in our country. In order to ensure the orderly development of REITs in our country, Must establish and perfect a series of supporting laws and regulations. This paper is devoted to the study of the legal model that needs to be constructed in the development of REITs in our country. It adopts the methods of literature, case study and comparative analysis to try to analyze and compare the various models of REITs. This paper puts forward the development mode and supporting legal system of REITs in accordance with the national conditions of our country. This paper is divided into five parts. The first part introduces the research background and significance of REITs, studies and summarizes the relevant literature at home and abroad, and clarifies the research methods used in this paper. The second part expounds the definition of REITs. Characteristics, general situation and types of development, and the introduction and comparison of the REITs operation mechanism and supporting laws in the United States and Asia; The third part analyzes and refines the legal model of REITs. In terms of legal framework, there are two main types of legal framework, contractual and corporate, and the application areas and emphases of the two frameworks are different. The fourth part analyzes the significance and current situation of the development of REITs in China and reveals the problems faced by the current legal model. In the fifth part, the author puts forward the idea of constructing the legal model of REITs in our country, that is, developing the real C-REITs can adopt the contractual legal framework, unify the legislative model, carry on the special legislation to the C-REITs, and create a good legal environment. Restricting the operating conditions of C-REITs and standardizing its operating mode, it creates good conditions for the rapid development of C-REITs in China.
【學(xué)位授予單位】：山西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：D922.29;D922.282

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