本文選題：房地產(chǎn)投資信托 + REITs　； 參考：《東北財(cái)經(jīng)大學(xué)》2013年碩士論文

【摘要】：房地產(chǎn)業(yè)作為一種資金高度密集的產(chǎn)業(yè),已經(jīng)成為我國(guó)經(jīng)濟(jì)發(fā)展所必不可少的重要產(chǎn)業(yè)。但從目前我國(guó)房地產(chǎn)業(yè)的發(fā)展現(xiàn)狀看,資金來(lái)源過(guò)于單一,過(guò)分依賴(lài)銀行業(yè)貸款,導(dǎo)致房地產(chǎn)業(yè)的巨大風(fēng)險(xiǎn)漸漸侵襲到銀行業(yè),對(duì)金融機(jī)構(gòu)造成了很大的影響。面對(duì)這些不利的影響因素,房地產(chǎn)業(yè)和資本市場(chǎng)必須要加強(qiáng)風(fēng)險(xiǎn)的分散。而房地產(chǎn)投資信托基金(REITs)作為一種新型的融資方式漸漸發(fā)展起來(lái),成為廣大投資者關(guān)注的創(chuàng)新型的金融產(chǎn)品,但是我國(guó)目前的REITs主要是借鑒國(guó)外一些國(guó)家的成熟經(jīng)驗(yàn),缺少具有我國(guó)特色的發(fā)展模式,而且并不完全符合我國(guó)現(xiàn)有的現(xiàn)實(shí)國(guó)情。對(duì)此,國(guó)內(nèi)外研究學(xué)者做出了大量的研究,希望能夠探索出更加適應(yīng)我國(guó)現(xiàn)實(shí)國(guó)情的REITs發(fā)展模式。 通過(guò)REITs模式來(lái)融資有很大的優(yōu)勢(shì),不僅可以拓寬房地產(chǎn)企業(yè)融資的通道,而且可以規(guī)避金融市場(chǎng)巨大的風(fēng)險(xiǎn),進(jìn)一步地促進(jìn)金融市場(chǎng)的創(chuàng)新。作為一種證券化的產(chǎn)業(yè)投資基金,REITs具有較高的流動(dòng)性和較穩(wěn)定的收益性,能夠聚集大量散戶(hù)投資者的資金,提高資金的循環(huán)使用效率,解決房地產(chǎn)項(xiàng)目資金周轉(zhuǎn)難的問(wèn)題,進(jìn)而促進(jìn)整個(gè)房地產(chǎn)業(yè)的健康發(fā)展。 本文依據(jù)“提出問(wèn)題——分析問(wèn)題——解決問(wèn)題”的脈絡(luò)進(jìn)行文章敘寫(xiě)。首先,基于目前我國(guó)房地產(chǎn)投資信托基金存在一系列的阻礙,面臨發(fā)展瓶頸的問(wèn)題,提出我國(guó)亟需發(fā)展符合我國(guó)現(xiàn)實(shí)國(guó)情的REITs發(fā)展模式；其次,通過(guò)文獻(xiàn)回顧、理論結(jié)合實(shí)際案例等分析方法,比較在REITs發(fā)展模式上,我國(guó)與國(guó)外一些先進(jìn)國(guó)家之間的差距,并借鑒國(guó)外REITs的成熟經(jīng)驗(yàn)；再次,總結(jié)出我國(guó)發(fā)展房地產(chǎn)投資信托基金的建議性意見(jiàn),進(jìn)一步探索出適合我國(guó)國(guó)情的REITs發(fā)展路徑。 本文一共分為以下六章： 第一章是緒論部分。主要介紹文章的選題背景和意義、研究?jī)?nèi)容和框架、研究方法和技術(shù)路線、研究的創(chuàng)新點(diǎn)和不足。 第二章是相關(guān)研究成果綜述。主要是針對(duì)相關(guān)基礎(chǔ)理論及研究成果進(jìn)行概述,對(duì)目前國(guó)內(nèi)外研究REITs的文獻(xiàn)及成果進(jìn)行了總結(jié)。 第三章是REITs在我國(guó)發(fā)展的現(xiàn)狀分析。這一章節(jié)主要是介紹了目前我國(guó)現(xiàn)有的REITs發(fā)展模式,進(jìn)而對(duì)幾種發(fā)展模式進(jìn)行比較和總結(jié)；以及REITs在我國(guó)發(fā)展面臨的障礙、在我國(guó)發(fā)展的可行性和必要性。 第四章是我國(guó)現(xiàn)有的REITs發(fā)展模式案例分析。本文選取越秀REITs在香港上市的案例和萬(wàn)達(dá)集團(tuán)試行REITs模式的案例分別進(jìn)行了實(shí)例分析。 第五章主要介紹了國(guó)際上REITs發(fā)展的成熟經(jīng)驗(yàn),著重分析了以香港、新加坡、韓國(guó)、日本等為代表的亞洲國(guó)家房地產(chǎn)信托發(fā)展模式和美國(guó)的REITs發(fā)展模式,通過(guò)對(duì)比分析,指出了今后我國(guó)REITs的發(fā)展方向。 第六章是REITs在我國(guó)發(fā)展的政策建議及路徑選擇。該章節(jié)是文章的核心部分,首先,針對(duì)REITs在我國(guó)發(fā)展的所需的法律監(jiān)管環(huán)境、風(fēng)險(xiǎn)控制體系、信息披露制度以及人才隊(duì)伍等提出相關(guān)政策建議；其次,提出了適合我國(guó)國(guó)情的REITs發(fā)展路徑。 本文是在借鑒和學(xué)習(xí)國(guó)外一些成熟REITs發(fā)展模式的基礎(chǔ)上,以我國(guó)現(xiàn)有的特殊經(jīng)濟(jì)體制和國(guó)情為出發(fā)點(diǎn),提出了適合我國(guó)的REITs發(fā)展模式,這是我國(guó)房地產(chǎn)業(yè)和金融市場(chǎng)的一種創(chuàng)新力量,對(duì)推進(jìn)我國(guó)房地產(chǎn)業(yè)和金融業(yè)的健康發(fā)展意義重大。但本文提出的REITs模式只是理論上的分析研究,對(duì)于具體的實(shí)施與運(yùn)作并沒(méi)有深刻的闡述分析。
[Abstract]:As a highly intensive industry, the real estate industry has become an essential industry in China's economic development. However, from the current situation of the development of China's real estate industry, the source of capital is too single, too much dependence on the bank loans, which has led to the huge risk of the real estate industry, which has gradually invaded the banking industry and caused the financial institutions. In the face of these unfavorable factors, the real estate industry and the capital market must strengthen the dispersion of the risk. The real estate investment trust (REITs) has gradually developed as a new type of financing, and has become an innovative financial product which the investors pay attention to. However, the current REITs in China is mainly used for reference to foreign countries. The mature experience of some countries, lack of the development model with our own characteristics, and does not fully conform to the existing actual conditions of our country. In this case, researchers at home and abroad have made a lot of research, hoping to explore the REITs development model which is more suitable to the actual conditions of our country.
Financing through the REITs model has great advantages, not only to broaden the financing channel of real estate enterprises, but also to avoid the huge risk of the financial market, and to further promote the innovation of the financial market. As a securitization industry investment fund, REITs has high liquidity and more stable income, and can gather a lot of dispersion. The investors' funds improve the efficiency of circulating funds, solve the problem of capital turnover in real estate projects, and further promote the healthy development of the whole real estate industry.
Firstly, based on a series of obstacles in the current real estate investment trust fund in China, facing the problem of development bottleneck, we put forward that China needs to develop the REITs development model which is in accordance with the actual conditions of our country. Secondly, through the literature review, the paper makes a conclusion. On the basis of the analysis methods such as actual cases, this paper compares the gap between China and some foreign advanced countries in the REITs development model, and draws on the mature experience of foreign REITs. Thirdly, it summarizes the suggestion of developing the real estate investment trust fund in China, and further explores the development path of REITs suitable for the national conditions of our country.
This article is divided into the following six chapters:
The first chapter is the introduction. It mainly introduces the background and significance of the article, the research content and framework, the research methods and technical line, the innovation and deficiencies of the research.
The second chapter is a summary of the relevant research results. The main purpose is to summarize the relevant basic theories and research achievements, and to summarize the literature and achievements of the research on REITs at home and abroad.
The third chapter is the analysis of the status quo of the development of REITs in China. This chapter mainly introduces the current REITs development model in China, and then compares and summarizes several development models; and the obstacles that REITs faces in the development of our country, and the feasibility and necessity of the development in our country.
The fourth chapter is the case analysis of the existing REITs development model in China. This paper analyzes the case of Yuexiu REITs listed in Hongkong and the case of Wanda Group trial REITs model.
The fifth chapter mainly introduces the mature experience of REITs development in the world, and focuses on the analysis of the Asian national real estate trust development model and the American REITs development model represented by Hongkong, Singapore, Korea, Japan and so on. Through comparative analysis, it points out the development direction of our country's REITs in the future.
The sixth chapter is the policy suggestion and path selection of REITs in our country. This chapter is the core part of the article. Firstly, it puts forward relevant policy suggestions on the legal supervision environment, risk control system, information disclosure system and talent team that REITs needs in the development of our country. Secondly, it puts forward the development path of REITs suitable for the national conditions of our country. Diameter.
On the basis of learning and studying some mature REITs development models of foreign countries and starting from the existing special economic system and national conditions in our country, this paper puts forward a REITs development model suitable for our country. This is a kind of innovation force in China's real estate industry and financial market, which is of great significance to promoting the healthy development of China's real estate industry and financial industry. But the REITs model proposed in this paper is only a theoretical analysis, and there is no deep analysis of the specific implementation and operation.
【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(lèi)號(hào)】：F832.51

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