本文關(guān)鍵詞： 商業(yè)地產(chǎn) 房地產(chǎn)投資信托基金 融資模式　出處：《重慶大學(xué)》2012年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：房地產(chǎn)行業(yè)作為我國(guó)國(guó)民經(jīng)濟(jì)的重要支柱，屬于典型的資本密集型行業(yè)，與其他行業(yè)相比，具有資金需求量大和資金周轉(zhuǎn)周期長(zhǎng)的特點(diǎn)，對(duì)房地產(chǎn)金融市場(chǎng)具有很強(qiáng)的依賴(lài)性。 目前，我國(guó)正處在經(jīng)濟(jì)結(jié)構(gòu)轉(zhuǎn)型期，強(qiáng)化了對(duì)內(nèi)需的支持，商業(yè)地產(chǎn)作為服務(wù)業(yè)的發(fā)展平臺(tái)，其需求規(guī)模隨之增加。同時(shí)我國(guó)城市化的快速推進(jìn)也將為商業(yè)地產(chǎn)的持續(xù)發(fā)展提供廣闊的空間。相對(duì)于傳統(tǒng)的房地產(chǎn)開(kāi)發(fā)—銷(xiāo)售模式所取得的一次性收益，商業(yè)地產(chǎn)持有—經(jīng)營(yíng)模式能帶來(lái)更大的利潤(rùn)，包括持續(xù)經(jīng)營(yíng)取得的租金收入，資產(chǎn)價(jià)格升值和土地升值取得的雙重利潤(rùn)以及商業(yè)品牌所帶來(lái)的溢價(jià)。因此，以經(jīng)營(yíng)為目標(biāo)的商業(yè)地產(chǎn)在我國(guó)迅速發(fā)展起來(lái)，，成為房地產(chǎn)行業(yè)的一個(gè)重要分支。 我國(guó)商業(yè)地產(chǎn)在快速發(fā)展的同時(shí)，也衍生出了諸多問(wèn)題，例如：用住宅的思維開(kāi)發(fā)商業(yè)地產(chǎn)、忽視運(yùn)營(yíng)階段的管理及商業(yè)與地產(chǎn)相分離等。導(dǎo)致這些問(wèn)題的最根本原因在于商業(yè)地產(chǎn)開(kāi)發(fā)商資金壓力大，同時(shí)缺乏能夠支持商業(yè)地產(chǎn)統(tǒng)一經(jīng)營(yíng)的專(zhuān)業(yè)管理的資本平臺(tái)。為了保證我國(guó)商業(yè)地產(chǎn)的長(zhǎng)期可持續(xù)性發(fā)展，需要從融資上來(lái)尋找解決問(wèn)題的途徑。房地產(chǎn)投資信托基金（REITs）是上世紀(jì)60年代起源于美國(guó)的金融創(chuàng)新工具，在房地產(chǎn)融資領(lǐng)域起到重要的作用，尤其對(duì)于商業(yè)地產(chǎn)，通過(guò)發(fā)行REITs，商業(yè)地產(chǎn)開(kāi)發(fā)企業(yè)可以獲得穩(wěn)定的資金來(lái)源，有利于長(zhǎng)期的可持續(xù)性發(fā)展。 該論文首先對(duì)商業(yè)地產(chǎn)的概念和運(yùn)作特點(diǎn)進(jìn)行了深入的研究，明確了商業(yè)地產(chǎn)未來(lái)的發(fā)展趨勢(shì)是向著持有—經(jīng)營(yíng)模式發(fā)展，然后，根據(jù)商業(yè)地產(chǎn)的發(fā)展趨勢(shì)，探析了商業(yè)地產(chǎn)的階段性投融資特點(diǎn)。即商業(yè)地產(chǎn)存在著兩個(gè)差別較大的階段，分別是以現(xiàn)金流出為主的開(kāi)發(fā)—建設(shè)階段和以現(xiàn)金流入為主的持有—經(jīng)營(yíng)階段。接下來(lái)，在理論分析的指導(dǎo)下，該論文又對(duì)我國(guó)商業(yè)地產(chǎn)的融資結(jié)構(gòu)、狀況和在融資中存在的問(wèn)題進(jìn)行了分析研究。我國(guó)商業(yè)地產(chǎn)融資主要存在著融資渠道單一，過(guò)度依賴(lài)銀行信貸，缺少針對(duì)商業(yè)地產(chǎn)特點(diǎn)的融資方式等問(wèn)題。因此，為了保證我國(guó)商業(yè)地產(chǎn)健康可持續(xù)性發(fā)展，根據(jù)商業(yè)地產(chǎn)的融資規(guī)律，亟須建立一個(gè)能正確指引商業(yè)地產(chǎn)發(fā)展方向，真正滿(mǎn)足商業(yè)地產(chǎn)融資需求的融資模式。 最后，通過(guò)學(xué)習(xí)借鑒REITs在國(guó)外商業(yè)地產(chǎn)的發(fā)展經(jīng)驗(yàn)，在論證了我國(guó)商業(yè)地產(chǎn)采用REITs融資方式可行的基礎(chǔ)上，主要結(jié)合商業(yè)地產(chǎn)開(kāi)發(fā)—建設(shè)階段和持有—經(jīng)營(yíng)階段的階段性融資特點(diǎn)，以REITs的基本運(yùn)作流程為切入點(diǎn)，從REITs的成立階段、籌資階段、投資階段、管理階段、收益分配階段及退出等階段，具體分析REITs的組織結(jié)構(gòu)、運(yùn)作模式、資金募集方式、投資范圍和收益分配等方面，然后提出現(xiàn)階段我國(guó)商業(yè)地產(chǎn)投資信托基金（REITs）階段性融資模式，并對(duì)該模式盡快運(yùn)用于我國(guó)商業(yè)地產(chǎn)給出相關(guān)建議。
[Abstract]:As an important pillar of China's national economy, the real estate industry is a typical capital-intensive industry. Compared with other industries, the real estate industry has the characteristics of large capital demand and long turnover period. To the real estate financial market has very strong dependence. At present, our country is in the economic structure transformation period, strengthened the support to the domestic demand, the commercial real estate as the service industry development platform. At the same time, the rapid development of urbanization in China will also provide a broad space for the sustainable development of commercial real estate. Compared with the traditional real estate development-sales model of the one-time income. Commercial real estate holding-business model can bring greater profits, including rental income from going concern, double profits from asset price appreciation and land appreciation, and premium from commercial brand. Commercial real estate, which aims at management, has developed rapidly in our country and become an important branch of real estate industry. With the rapid development of commercial real estate in our country, many problems have arisen, such as: using residential thinking to develop commercial real estate. Ignore the management of the operation phase and the separation of commercial and real estate. The most fundamental reason for these problems is that commercial real estate developers have a lot of financial pressure. At the same time, there is a lack of capital platform to support the unified management of commercial real estate. In order to ensure the long-term sustainable development of commercial real estate in China. Real estate investment trust fund (REITs) is a financial innovation tool originated from the United States in -40s, which plays an important role in the field of real estate financing. Especially for commercial real estate, through the issue of REITs, commercial real estate developers can obtain a stable source of funds, which is conducive to long-term sustainable development. In this paper, the concept and operational characteristics of commercial real estate are studied in depth, and the future development trend of commercial real estate is towards the holding-management mode, and then, according to the development trend of commercial real estate. This paper probes into the characteristics of investment and financing in commercial real estate, that is, there are two different stages in commercial real estate. Cash outflow is the main stage of development-construction and cash inflow mainly in the holding-business phase. Next, under the guidance of theoretical analysis, the paper on the financing structure of commercial real estate in China. The situation and the existing problems in financing are analyzed and studied. Commercial real estate financing in China has a single financing channel and excessive reliance on bank credit. Therefore, in order to ensure the healthy and sustainable development of commercial real estate in China, according to the law of commercial real estate financing. It is urgent to establish a financing model which can guide the development of commercial real estate and meet the financing needs of commercial real estate. Finally, by learning from the development experience of REITs in foreign commercial real estate, this paper demonstrates the feasibility of using REITs to finance commercial real estate in our country. Mainly combined with the commercial real estate development-construction stage and the holding-management phase of the stage of financing characteristics, with the basic operating process of REITs as a starting point, from the establishment of REITs stage, financing phase. Investment stage, management stage, income distribution stage and exit stage, the specific analysis of REITs organizational structure, operation mode, the way to raise funds, investment scope and income distribution and so on. Then it puts forward the stage financing model of REITs, and gives some suggestions on how to apply this model to commercial real estate in China as soon as possible.
【學(xué)位授予單位】：重慶大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F293.3;F832.49

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