【摘要】：從2009年開始,國內(nèi)房價(jià)不斷上漲,政府為了抑制房價(jià)過快上漲而出臺(tái)了一系列的調(diào)控措施,包括“國八條”、“國十條”和“新國十條”,整個(gè)房地產(chǎn)市場面臨著政府貨幣政策和限購政策的雙重壓力,房地產(chǎn)企業(yè)的資金鏈越來越緊。此時(shí),不少房地產(chǎn)企業(yè)開始尋找信托資金的支持,房地產(chǎn)信托逆勢發(fā)展,成為信托業(yè)最主要的利潤點(diǎn)之一,隨著政府調(diào)控政策越發(fā)嚴(yán)厲,房地產(chǎn)信托的數(shù)量和規(guī)模的出現(xiàn)了爆發(fā)式的增長,房地產(chǎn)信托已經(jīng)成了房地產(chǎn)企業(yè)最重要的融資渠道之一。 房地產(chǎn)信托是連接房地產(chǎn)實(shí)業(yè)和金融信托業(yè)的橋梁,它一方面能滿足普通投資者的投資需求,另一方面又能解決房地產(chǎn)企業(yè)過分依賴銀行的問題,降低了金融風(fēng)險(xiǎn),也為房地產(chǎn)企業(yè)提供了充足的開發(fā)資金,有利于房地產(chǎn)企業(yè)的健康發(fā)展。 信托可以通過貸款、股權(quán)投資等方式為房地產(chǎn)開發(fā)項(xiàng)目設(shè)計(jì)出不同的個(gè)性化信托產(chǎn)品。在當(dāng)前房地產(chǎn)市場環(huán)境下,伴隨著房地產(chǎn)信托的迅速增長,特別是傳統(tǒng)融資型房地產(chǎn)信托業(yè)務(wù)的迅速增長,房地產(chǎn)信托業(yè)務(wù)的風(fēng)險(xiǎn)也迅速加大,特別是流動(dòng)性風(fēng)險(xiǎn)更為突出。針對這種情況,監(jiān)管部門陸續(xù)出臺(tái)了相關(guān)政策建議對房地產(chǎn)信托的規(guī)模和增長速度等進(jìn)行把控,房地產(chǎn)企業(yè)從信托渠道進(jìn)行融資的難度加大。在新形勢下,信托機(jī)構(gòu)和房地產(chǎn)企業(yè)都需做出積極的改變,房地產(chǎn)企業(yè)對自身的開發(fā)模式需主動(dòng)進(jìn)行轉(zhuǎn)型升級,信托機(jī)構(gòu)也需對房地產(chǎn)信托的模式進(jìn)行積極創(chuàng)新,實(shí)現(xiàn)房地產(chǎn)業(yè)和信托業(yè)的共同發(fā)展。 本論文總共分為五章,第一章主要介紹了本文的研究背景和研究意義,以及主要研究對象和研究方法,同時(shí)對論文寫作的基本思路、全文的框架結(jié)構(gòu)以及可能的創(chuàng)新點(diǎn)進(jìn)行了說明。第二章主要對國內(nèi)外房地產(chǎn)信托模式的相關(guān)理論及研究現(xiàn)狀進(jìn)行綜述,為后文的展開進(jìn)行鋪墊。第三章回顧了我國房地產(chǎn)信托的發(fā)展歷程,并結(jié)合當(dāng)前情況,詳細(xì)分析了我國房地產(chǎn)信托發(fā)展中存在的一些問題和困難。第四章對國內(nèi)外房地產(chǎn)信托模式進(jìn)行了比較分析,并結(jié)合中信信托的實(shí)際案例對每種模式進(jìn)行了深入的闡述,同時(shí)介紹了國外以美國為例的已有房地產(chǎn)信托模式,并對美國混合型房地產(chǎn)投資信托基金進(jìn)行了實(shí)證分析。第五章在前面研究分析的基礎(chǔ)上,對我國房地產(chǎn)信托的創(chuàng)新模式進(jìn)行了探索,并設(shè)計(jì)提出了成本型REITs的房地產(chǎn)信托新模式,對該模式的設(shè)計(jì)思路、組織構(gòu)建及具體操作進(jìn)行了說明,也提出了實(shí)現(xiàn)成本型REITs應(yīng)采取的一些措施建議。結(jié)論在總結(jié)全文的基礎(chǔ)上,提出了我國發(fā)展成本型REITs的重要意義。
[Abstract]:Since 2009, domestic house prices have been rising continuously. The government has introduced a series of regulatory measures to curb the excessive rise in house prices, including the "eight articles of the country", the "National Ten articles" and the "New National Ten articles". The whole real estate market is facing the double pressure of the government monetary policy and the purchase restriction policy, and the capital chain of the real estate enterprises is becoming more and more tight. At this time, many real estate enterprises began to look for the support of trust funds. Real estate trusts developed against the trend and became one of the most important profit points in the trust industry. Real estate trust has become one of the most important financing channels for real estate enterprises. Real estate trust is a bridge connecting real estate industry and financial trust industry. On the one hand, it can meet the investment needs of ordinary investors, on the other hand, it can solve the problem of over-reliance on banks by real estate enterprises and reduce financial risk. Also for real estate enterprises to provide sufficient development funds, conducive to the healthy development of real estate enterprises. Trust can design different individualized trust products for real estate development project through loan, equity investment and so on. In the current real estate market environment, with the rapid growth of real estate trust, especially the rapid growth of traditional financing real estate trust business, the risk of real estate trust business also increases rapidly, especially the liquidity risk is more prominent. In view of this situation, the supervision department has issued the related policy suggestion one after another to carry on the control to the real estate trust scale and the growth speed and so on, the real estate enterprise carries on the financing from the trust channel to increase the difficulty. In the new situation, both the trust institution and the real estate enterprise need to make positive changes, the real estate enterprise needs to take the initiative to transform and upgrade its own development mode, and the trust institution also needs to actively innovate the real estate trust model. Realize the common development of real estate and trust industry. This paper is divided into five chapters. The first chapter mainly introduces the research background and significance of this paper, as well as the main research object and research methods, at the same time, the basic ideas of the thesis writing. The full text frame structure and possible innovation points are explained. The second chapter summarizes the related theories and research status of the real estate trust model at home and abroad. The third chapter reviews the development course of real estate trust in our country, and analyzes some problems and difficulties in the development of real estate trust in our country. The fourth chapter makes a comparative analysis of the real estate trust model at home and abroad, and gives a deep exposition of each model combined with the actual case of CITIC Trust. At the same time, it introduces the existing real estate trust model taking the United States as an example. And the mixed real estate investment trust funds in the United States are empirically analyzed. On the basis of the previous research and analysis, the fifth chapter explores the innovative mode of real estate trust in our country, and designs a new model of real estate trust based on cost REITs. The organization construction and concrete operation are explained, and some measures to be taken to realize cost REITs are also put forward. Conclusion based on the conclusion of this paper, the significance of developing cost-based REITs in China is put forward.
【學(xué)位授予單位】：西北大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.49;F293.3

【引證文獻(xiàn)】

相關(guān)期刊論文 前1條

1 馬迪;;我國房地產(chǎn)信托的兌付風(fēng)險(xiǎn)分析及對策[J];河南財(cái)政稅務(wù)高等專科學(xué)校學(xué)報(bào);2013年03期

相關(guān)碩士學(xué)位論文 前1條

1 楊斯惠;我國房地產(chǎn)信托業(yè)務(wù)的發(fā)展對策研究[D];吉林財(cái)經(jīng)大學(xué);2013年

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本文編號(hào)：2416191