本文關(guān)鍵詞：REITs在公租房融資中的運(yùn)作模式研究　出處：《東北財(cái)經(jīng)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 公共租賃住房 Real Estate Investment Trusts 公共租賃住房補(bǔ)貼基金

【摘要】：自2010年起,公共租賃住房(簡(jiǎn)稱公租房)建設(shè)量占我國(guó)保障房建設(shè)任務(wù)的比重逐年上漲,成為我國(guó)保障性住房體系的重要組成部分。公租房的保障對(duì)象主要是城市外來務(wù)工人員、應(yīng)屆畢業(yè)生等即不滿足廉租房要求又無法負(fù)擔(dān)經(jīng)濟(jì)適用房的城市“夾心層”。公租房投資量大、回收期長(zhǎng)、收益低,如何有效引入社會(huì)資金參與,改變目前主要由政府財(cái)政投入建設(shè)的現(xiàn)狀是公租房融資問題研究的重點(diǎn)。 通過對(duì)當(dāng)前公租房發(fā)展現(xiàn)狀以及引入房地產(chǎn)投資信托(REITs)的公租房融資方法進(jìn)行深入研究指出,我國(guó)目前公租房租金定價(jià)偏高,不利于充分發(fā)揮公租房保障性質(zhì),公租房的租金水平應(yīng)該下調(diào),在此背景下,通過直接引入REITs參與公租房項(xiàng)目的融資會(huì)導(dǎo)致REITs的收益率偏低,無法滿足投資者的需要,在實(shí)踐中無法發(fā)揮出吸引社會(huì)資金投入的作用。以此為背景,本文進(jìn)行了一下研究： 首先,結(jié)合對(duì)公租房項(xiàng)目成本結(jié)構(gòu)的分析,本文提出了公租房土地不再采用無償劃撥方式提供,而是按市場(chǎng)價(jià)格入股公租房項(xiàng)目,再引入REITs對(duì)公租房項(xiàng)目進(jìn)行收購(gòu),REITs獲得公租房項(xiàng)目的全部所有權(quán),政府獲以土地出讓獲得的收益成立公共租賃住房補(bǔ)貼基金(下稱補(bǔ)貼基金),基金按全國(guó)社�；鹉Ｊ竭\(yùn)營(yíng),由補(bǔ)貼基金對(duì)REITs進(jìn)行補(bǔ)貼,以提高REITs收益率,吸引社會(huì)資金參與公租房項(xiàng)目的建設(shè)和運(yùn)營(yíng)這一REITs在公租房融資中的運(yùn)作模式。 其次,本文詳細(xì)介紹了應(yīng)用補(bǔ)貼基金的REITs在公租房融資中的運(yùn)作模式,提出了在現(xiàn)有市場(chǎng)、法律環(huán)境條件下,REITs可以采用由封閉式基金發(fā)起再轉(zhuǎn)為上市開放式基金的模式設(shè)立,補(bǔ)貼基金按全國(guó)社�；鸬墓芾砟Ｊ竭M(jìn)行運(yùn)營(yíng)。并分析了這一運(yùn)作模式對(duì)于政府、投資者、公租房承租人三方收益的影響,認(rèn)為應(yīng)用了補(bǔ)貼基金的REITs運(yùn)作模式能夠減輕政府資金壓力、提高投資者收益并且適度降低公租房承租人負(fù)擔(dān),以及加強(qiáng)公租房項(xiàng)目的風(fēng)險(xiǎn)控制,同時(shí),公租房項(xiàng)目股權(quán)由政府轉(zhuǎn)移至以REITs為代表的社會(huì)投資者,有利于公租房項(xiàng)目建設(shè)運(yùn)營(yíng)效率的提高。 再次,將應(yīng)用了補(bǔ)貼基金的REITs運(yùn)作模式與無補(bǔ)貼基金的REITs運(yùn)作模式同時(shí)應(yīng)用于重慶市公租房項(xiàng)目民心佳園小區(qū)時(shí),計(jì)算出REITs的內(nèi)部收益率與公租房租金之間的關(guān)系式。得出以下結(jié)論,在當(dāng)前租金水平下,從REITs角度來看,應(yīng)用了補(bǔ)貼基金的REITs運(yùn)作模式的內(nèi)部收益率要高于無補(bǔ)貼基金的REITs運(yùn)作模式的內(nèi)部收益率,應(yīng)用了補(bǔ)貼基金的REITs運(yùn)作模式是可行的。并分析了對(duì)應(yīng)用補(bǔ)貼基金的REITs運(yùn)作模式內(nèi)部收益率的影響因素主要有公租房土地成本與建筑成本比值、補(bǔ)貼基金收益率、公租房項(xiàng)目出售給REITs時(shí)的收益率、公租房出租率。 最后,分析補(bǔ)貼基金-REITs融資模式在我國(guó)當(dāng)前市場(chǎng)、法律制度環(huán)境下應(yīng)用所面臨的困境,提出相應(yīng)完善措施。
[Abstract]:Since 2010, the construction of public rental housing (referred to as public rental housing) has been increasing year by year in our country's indemnificatory apartment construction task. Become an important part of our country's affordable housing system. The main object of public rental housing is urban migrant workers. This year's graduates do not meet the requirements of low-rent housing and can not afford comfortable housing's city "sandwich layer". Public rental housing investment is large, the payback period is long, the income is low, how to effectively introduce social funds to participate. It is the focus of the research on financing of public rental housing to change the current situation which is mainly invested by the government. Through the current development of public rental housing and the introduction of real estate investment trust (REITs) of public rental housing financing methods in-depth study pointed out that the current public rental rent pricing in China is on the high side. Not conducive to giving full play to the nature of public rental housing security, public rental rent should be reduced, in this context, through the direct introduction of REITs to participate in public rental housing project financing will lead to the low rate of return of REITs. Unable to meet the needs of investors and unable to play a role in attracting social capital investment in practice. First of all, combined with the analysis of the cost structure of the public rental housing project, this paper proposes that the public rental land is no longer provided by way of free transfer, but shares in the public rental housing project according to the market price. Then the introduction of REITs to the public rental housing project acquisition of REITs to obtain the full ownership of the public rental housing project. The government obtains the income from the land sale to set up the public rental housing subsidy fund (hereinafter referred to as the subsidy fund), the fund is operated according to the national social security fund model, and the subsidy fund subsidizes REITs. In order to increase the rate of return of REITs and attract social funds to participate in the construction and operation of public rental housing project this REITs in public rental housing financing operation mode. Secondly, this paper introduces the operating mode of REITs in public rental housing financing, and puts forward the existing market, legal environment conditions. REITs can be established by the closed-end fund initiated and then converted into the open-end fund, and the subsidy fund is operated according to the management mode of the national social security fund. Investors, tenants of public rental housing, the impact of tripartite income, think that the use of subsidy fund of REITs operation model can reduce the pressure on government funds, improve the return of investors and moderately reduce the burden of public rental tenants. And strengthen the risk control of public rental housing project, at the same time, the public rental project equity transfer from the government to social investors represented by REITs, which is conducive to the construction of public rental housing project operation efficiency. Thirdly, the REITs operation mode of the subsidy fund and the REITs operation mode of the non-subsidy fund are applied to the public rental housing project in Chongqing. Calculate the relationship between REITs's internal rate of return and public rental rent. Draw the following conclusions, in the current rent level, from the REITs perspective. The internal rate of return of the REITs operating mode of the subsidized fund is higher than that of the REITs operating mode of the non-subsidized fund. It is feasible to apply the REITs operation mode of the subsidy fund, and analyze the influencing factors of the internal rate of return of the REITs operation mode applying the subsidy fund: the ratio of the land cost to the construction cost of the public rental housing. . The rate of return of subsidy fund, the rate of return when the public rental project is sold to REITs, and the rental rate of public rental. Finally, this paper analyzes the difficulties faced by the application of the subsidy fund-REITs financing model in the current market and legal system of our country, and puts forward the corresponding improvement measures.
【學(xué)位授予單位】：東北財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F299.23;F832.4

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本文編號(hào)：1384547