本文關鍵詞：REITs引入我國保障住房融資的模式研究　出處：《首都經濟貿易大學》2014年碩士論文　論文類型：學位論文

  更多相關文章： 房地產投資信托基金 保障住房 模式

【摘要】：國務院在“十二五”規(guī)劃中提出要在2015年把保障住房覆蓋人群從7%提高到20%。但統(tǒng)計顯示實際開發(fā)進度緩慢，最嚴重的一個原因就是保障住房的資金短缺問題。而REITs作為一項新型的金融工具，它從一定程度上降低了投資者參與房地產投資的門檻，幫助房地產企業(yè)將流動性欠佳的地產盤活，使其維持項目現金流穩(wěn)定，美國、香港等地都已將發(fā)展非常成熟的REITs體系引入保障住房建設，為保障住房項目融資，但REITs在內陸卻發(fā)展緩慢。2009年10月，，北京、天津、上海成為中國首批REITs試點城市。天津已經結合廉租房推出保障住房RIETs產品。隨著REITs在試點城市的發(fā)展，REITs同保障住房建設相結合的保障性住房REITs模式也應運而生。因此，在借鑒其他國家、地區(qū)發(fā)展REITs經驗的基礎上，研究最適合中國國情的保障性住房REITs模式，推進中國保障性住房REITs的發(fā)展，對解決保障住房建設的融資難題，促進保障住房的健康發(fā)展有著重要的意義。 本文通過文獻分析法、歷史考察法、案例分析法對保障性住房REITs進行分析后得出以下研究成果：第一、在分類介紹各種保障住房特征之后，根據保障住房收益率偏低的情況，得出為緩解政府財政壓力，可以在保障住房REITs資產池中包含非保障住房，如寫字樓，配套車庫等收益率偏高的商業(yè)設施。通過這些收益率高的項目可以提高保障住房REITs的基本收益率。 第二、通過分析REITs的特點以及其在中國的發(fā)展情況，探索出符合我國國情的保障住房REITs運作模式應以公募型方式籌集資金，采取契約型組織形式，投資方向宜向權益型過渡，上市交易方式也應向證監(jiān)會版REITs過渡。通過分析保障住房REITs參與方、盈利模式等，初步構建了基于保障住房建設的REITs融資模式。 第三、提出了符合我國保障住房REITs發(fā)展的合理建議，基于保障住房REITs建設中出現的各種風險提出了應對措施。
[Abstract]:In the 12th Five-Year Plan, the State Council proposed to increase housing coverage from 7% to 20 by 2015, but statistics show that the actual development progress is slow. One of the most serious reasons is the shortage of funds to secure housing. As a new type of financial instrument, REITs has lowered the threshold for investors to participate in real estate investment to some extent. To help real estate companies to revive illiquid real estate to maintain the project cash flow stability, the United States, Hong Kong and other places have developed a very mature REITs system has been introduced to secure housing construction. REITs is slowly growing inland to secure financing for housing projects. October 2009, Beijing, Tianjin. Shanghai has become the first REITs pilot city in China. Tianjin has launched a housing RIETs product in combination with low-rent housing. With the development of REITs in the pilot city. The REITs model of indemnificatory housing, which combines REITs with housing construction, also arises at the historic moment. Therefore, based on the experience of developing REITs in other countries and regions. This paper studies the REITs model of affordable housing, which is most suitable for China's national conditions, and promotes the development of REITs of affordable housing in China, which will solve the financing problem of housing construction. It is of great significance to promote the healthy development of housing. This article through the literature analysis, historical investigation, case analysis of affordable housing REITs analysis of the following research results: first, after the classification of various housing security features. According to the low rate of return on the housing security, it is concluded that in order to alleviate the financial pressure of the government, the REITs asset pool of housing security can include non-secure housing, such as office buildings. Supporting garage and other high-yielding commercial facilities. Through these high-yielding projects can improve the basic rate of return on housing REITs. Second, through the analysis of the characteristics of REITs and its development in China, this paper explores that the mode of REITs operation of housing security should be raised funds in the form of public offering, which is in line with the national conditions of our country. Adopting the contractual organization form, the investment direction should be transferred to the equity type, and the way of listing and trading should also be transferred to the REITs version of the Securities Regulatory Commission. Through the analysis of the housing REITs participants, the profit model and so on. The REITs financing model based on housing construction is preliminarily constructed. Thirdly, it puts forward some reasonable suggestions on the development of REITs, and puts forward some countermeasures based on the various risks in the construction of REITs.
【學位授予單位】：首都經濟貿易大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F299.23

【引證文獻】

相關碩士學位論文 前2條

1 宋丹陽;公租房信托融資模式及風險評價研究[D];西安建筑科技大學;2015年

2 南錦順;保障性住房建設多元化融資模式研究[D];東北林業(yè)大學;2015年

本文編號：1405388