本文關(guān)鍵詞：我國房地產(chǎn)信托投資基金（REITs）法律問題分析　出處：《吉林大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

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【摘要】：房地產(chǎn)信托投資基金(簡稱REITs),作為美國金融市場最強(qiáng)勁的投資工具之一,因?yàn)榫哂型顿Y門檻低、投資風(fēng)險(xiǎn)小、預(yù)期收益穩(wěn)定等優(yōu)點(diǎn),逐漸被大量投資者所青睞,在短短幾十年內(nèi)世界上許多國家紛紛相仿。在中國,政府對房地產(chǎn)行業(yè)進(jìn)行了數(shù)次宏觀調(diào)控,導(dǎo)致房地產(chǎn)企業(yè)融資難度不斷增加。為了生存和發(fā)展,房地產(chǎn)企業(yè)開始尋求與信托業(yè)的合作,以此解決融資難的問題。在此基礎(chǔ)上,出現(xiàn)了一批房地產(chǎn)信托項(xiàng)目,主要采用現(xiàn)有的信托法律體系為存在依據(jù),但從嚴(yán)格意義上將這并不是真正的REITs,只是在其中一些項(xiàng)上具備了REITs的雛形。隨著資產(chǎn)證券化和泛資產(chǎn)運(yùn)動(dòng)的蓬勃發(fā)展,我國引入REITs法律制度的呼聲也越來越高,雖然有幾部新法對我國地產(chǎn)信托投資基金起到了一定的推動(dòng)作用,但房地產(chǎn)信托投資基金仍處于造法階段。因此,有必要對已公布的法條進(jìn)行細(xì)致的考證與研讀,分析障礙,并在此基礎(chǔ)上進(jìn)行制度構(gòu)建,這將對法律制度的完善起到推動(dòng)作用。我國的房地產(chǎn)信托投資基金涉及的內(nèi)容宏大,從2005年之后便被人不斷關(guān)注,因?yàn)樗P(guān)系到國計(jì)民生,諸如在市場中房地產(chǎn)建設(shè)資金的需求、社會投資者財(cái)產(chǎn)安全、房地產(chǎn)產(chǎn)業(yè)升級等方面都起著重大的影響�！缎磐泄痉康禺a(chǎn)信托投資基金計(jì)劃試點(diǎn)管理辦法》(草案)在2011年被重新修訂,讓許多人感到驚喜,并認(rèn)為中國房地產(chǎn)信托投資基金的大好時(shí)代到來了。但事與愿違,該法案并未正式頒布,因?yàn)榛谥袊鴩?房地產(chǎn)信托投資基金的生長涉及到太多的問題。可以說,我國今天的房地產(chǎn)信托投資基金在本質(zhì)上并非真正的房地產(chǎn)信托投資基金,只是準(zhǔn)備階段的初級形態(tài)。實(shí)物界的低迷直接導(dǎo)致理論界的彷徨。目前針對我國房地產(chǎn)信托投資基金的學(xué)術(shù)文獻(xiàn)隨處可見,但大部分理論觀點(diǎn)存在偏頗,例如REITs的概念相互混淆,運(yùn)作模式張冠李戴等,最主要的問題為理論創(chuàng)新嚴(yán)重匱乏。本文以2011年新起草的《信托公司房地產(chǎn)信托投資基金計(jì)劃試點(diǎn)管理辦法》(草案)為線索,以現(xiàn)行或者將要頒發(fā)的法律為基石,對我國房地產(chǎn)信托投資基金從理論概念的正確描述、運(yùn)行模式的明確表述,到發(fā)展障礙的深入探析,最后到法律制度的構(gòu)建進(jìn)行論述。
[Abstract]:Real estate trust investment fund (REITs), as one of the strongest investment instruments in American financial market, has the advantages of low investment threshold, low investment risk and stable expected return. In just a few decades, many countries in the world have been like each other. In China, the government has carried out several macroeconomic controls on the real estate industry. In order to survive and develop, the real estate enterprises began to seek the cooperation with the trust industry in order to solve the financing problem. On this basis. There are a number of real estate trust projects, mainly using the existing trust legal system as the basis of existence, but strictly speaking, this is not the real REITs. With the rapid development of asset securitization and pan-asset movement, the voice of introducing the REITs legal system is becoming higher and higher in our country. Although there are several new laws to our real estate trust investment funds play a certain role, but real estate trust investment funds are still in the legal stage. It is necessary to make careful textual research and study on the published laws and regulations, analyze the obstacles, and build the system on this basis. This will promote the improvement of the legal system. China's real estate trust and investment fund involved in the content of a grand, since 2005 has been paid attention to, because it relates to the national economy and people's livelihood. Such as the demand for real estate construction funds in the market, social investors property security. Real estate industry upgrading and other aspects have played a major impact. "Trust Company Real Estate Trust Investment Fund pilot Management measures" (draft) was revised in 2011, so many people are surprised. And think that China's real estate investment trust and investment funds have come a good age. But contrary to what was hoped, the bill has not been formally promulgated because of China's national conditions. The growth of real estate trust investment funds involves too many problems. It can be said that today's real estate trust investment funds are not real estate trust investment funds in essence. It is only the primary form of the preparatory stage. The downturn in the physical sector directly leads to the loss of the theoretical circle. At present, the academic literature on the real estate trust and investment funds is everywhere, but most of the theoretical views are biased. For example, the concept of REITs is confused with each other, and the operating mode is as follows: GuanGuan Li Dai and so on. The main problem is the serious lack of theoretical innovation. This paper draws up the "Trust Company Real Estate Trust Investment Fund pilot Management measures" (draft) as the clue. Based on the existing or to be issued laws, the real estate investment funds in China from the correct description of the theoretical concept, the clear description of the operation model, to the in-depth analysis of obstacles to development. Finally, the construction of the legal system is discussed.
【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：D922.282

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