本文關鍵詞： REITs 房地產(chǎn)投資信托 稅法 稅收政策　出處：《云南財經(jīng)大學》2014年碩士論文　論文類型：學位論文

【摘要】：新千年之后，全球房地產(chǎn)市場迎來了“地資本”時代。尤其是自2008年美國全面爆發(fā)金融危機以來，不僅美國經(jīng)濟全面下滑，全球的經(jīng)濟都遭到重創(chuàng)。其中，最先遭遇危機的當屬房地產(chǎn)市場。此次金融危機下，有見識的專家和學者已看清房地產(chǎn)市場本質(zhì)，只有通過多樣化的資本運作，分散風險，保證持續(xù)且穩(wěn)定的收益率，才能滿足投資者對市場的巨大需求，保證房地產(chǎn)市場健康穩(wěn)定的發(fā)展。早在1990年，諾貝爾獎獲得者威廉·夏普和莫頓·米勒兩位教授就在邏輯推導和實證分析的基礎上預言，21世紀全球金融業(yè)的發(fā)展趨勢是不動產(chǎn)證券化、金融結構調(diào)整以及金融工具的創(chuàng)新�？偨Y這次美國次貸危機的教訓，要實現(xiàn)他們的這種預言，前提是必須保證虛擬經(jīng)濟與實體經(jīng)濟相平衡、金融創(chuàng)新與金融穩(wěn)定相協(xié)調(diào)。在經(jīng)濟結構調(diào)整中，，現(xiàn)中國的許多房地產(chǎn)企業(yè)將很多的精力轉移到融資方面，尤其是證券化的融資方面，以此來提高資本實力。在開辟多元化的融資渠道和方式中，設立和發(fā)展房地產(chǎn)投資信托基金（Real Estate Investment Trust,簡稱REITs），我認為是最能解決問題、最有前途且最具有戰(zhàn)略意義的。 證券市場和房地產(chǎn)市場是我國從20世界90年代以來兩個發(fā)展最快速的市場。從房地產(chǎn)市場來看，20世紀90年代后期房地產(chǎn)業(yè)才開始迅速發(fā)展，根據(jù)統(tǒng)計報告，其年均增長率已高至35.6%。因為快速的城市化建設進程以及我國居民對于住宅的剛需，會導致我國房地產(chǎn)業(yè)在今后仍將有一定的發(fā)展空間。目前，房地產(chǎn)貸款在銀行所有貸款中的比重過高是銀行業(yè)需要面臨的問題，為此，銀行相應提高了房地產(chǎn)項目的貸款條件以降低貸款風險。而且房地產(chǎn)區(qū)域市場出現(xiàn)嚴重泡沫，房價上漲超過了居民的收入水平，也超過了若干國際大都市的房價水平。因此，房地產(chǎn)業(yè)迫切需要開辟銀行外的融資渠道，以解決項目開發(fā)和經(jīng)營的資金來源問題。 然而，引入REITs過程中，我國沒有一個與之相配套的稅收體系，按照原有的稅法規(guī)定，存在稅負過重以及雙重征稅等問題，因此，本文通過對比分析美國，澳大利亞、法國、香港這四個分屬不同洲的國家或地區(qū)REITs的發(fā)展歷程以及稅收優(yōu)惠情況分析，再利用稅負示意性測算，測算其稅負水平，得出我國稅負過重的 結論，并分析其原因所在，對現(xiàn)行的稅收政策提出建議，改善REITs稅負水平，推動其在我國的實施。 本專題研究中，使用到的稅收原則有稅收中性原則、導管原則、避免重復課稅原則以及收益發(fā)生課稅原則，以此為依據(jù)對我國REITs的稅收政策提出了一些建議，這對研究我國REITs的稅負水平有較強的實際意義。但由于在實際的研究過程中，如存在數(shù)據(jù)收集上的不完整或者證明過程中條件過于統(tǒng)一化的影響，可能對最終研究的結果產(chǎn)生一定的影響，但不影響其作為研究我國REITs稅收政策在實際應用中的參考價值。
[Abstract]:After the new millennium, the global real estate market has ushered in an era of "local capital." especially since the financial crisis broke out in the United States in 2008, not only has the United States economy fallen across the board, but the global economy has been hit hard. The real estate market was the first to be hit by the crisis. In this financial crisis, knowledgeable experts and scholars have seen the essence of the real estate market, only by diversifying capital operations, dispersing risks and ensuring a sustained and stable rate of return. In order to meet the huge market demand of investors and ensure the healthy and stable development of the real estate market. As early as 1990, Nobel laureates William Sharp and Morton Miller predicted, on the basis of logical derivation and empirical analysis, that the global financial industry of the 21st century is going to be real estate securitization. Financial restructuring and innovation of financial instruments. Summarizing the lessons of the US subprime mortgage crisis and realizing their predictions, the premise is that the virtual economy must be balanced with the real economy. Financial innovation is in harmony with financial stability. In the course of economic restructuring, many real estate enterprises in China have shifted a lot of energy to financing, especially in the area of securitization. In order to improve the capital strength, the establishment and development of real estate investment trust fund Real Estate Investment Trust, I think, is the most problem-solving, the most promising and the most strategic. The securities market and the real estate market are the two fastest developing markets in China since 90s in the 20th century. From the point of view of the real estate market, the real estate industry began to develop rapidly in the late 90s of the 20th century, according to the statistical report. Its average annual growth rate has reached 35.6.Because of the rapid process of urbanization and the rigid demand for housing by Chinese residents, there will still be some room for development of the real estate industry in our country in the future. At present, The excessive proportion of real estate loans in all bank loans is a problem facing the banking industry. For this reason, banks have accordingly raised the loan conditions for real estate projects in order to reduce the loan risk. Moreover, there has been a serious bubble in the real estate regional market. The rise of house price exceeds the income level of residents and the price level of several international cities. Therefore, the real estate industry urgently needs to open up financing channels outside banks to solve the problem of financing source for project development and operation. However, in the process of introducing REITs, our country does not have a corresponding tax system. According to the original tax law, there are some problems such as excessive tax burden and double taxation. Therefore, this paper analyzes the problems of the United States, Australia, France and so on. The development course of REITs and tax preferential situation in the four countries or regions belonging to different continents in Hong Kong are analyzed. Then, by means of the indicative calculation of tax burden, the level of tax burden is calculated, and the excess tax burden of our country is obtained. The conclusion, and the reasons are analyzed, and some suggestions are put forward to improve the tax burden of REITs and promote its implementation in China. In this study, the tax principles used include tax neutrality principle, conduit principle, avoidance of double taxation principle and income taxation principle. Based on these principles, some suggestions are put forward to the tax policy of REITs in China. This is of great practical significance to the study of the tax burden level of REITs in China. However, in the actual research process, if there is incomplete data collection or the condition is too uniform in the process of proving, It may have a certain influence on the results of the final research, but it does not affect its reference value in the practical application of the study of REITs tax policy in China.
【學位授予單位】：云南財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F299.23;F832.49;F812.42

【參考文獻】

相關期刊論文 前10條

1 任佩;美國房地產(chǎn)投資信托(REIT)的模式及其對我國的啟示[J];商業(yè)研究;2003年22期

2 鄧子華,李化民,余貴玲;房地產(chǎn)金融新工具——房地產(chǎn)投資信托[J];重慶建筑大學學報;2004年03期

3 曹華;我國房地產(chǎn)投資信托的發(fā)展特征[J];經(jīng)濟導刊;2004年04期

4 安體富,林魯寧;宏觀稅負實證分析與稅收政策取向[J];經(jīng)濟理論與經(jīng)濟管理;2002年05期

5 陳志鵬;發(fā)展房地產(chǎn)投資信托 為房地產(chǎn)公司融資另辟蹊徑[J];金融教學與研究;2003年04期

6 劉曉兵;美國日本房地產(chǎn)投資信托發(fā)展對中國的啟示[J];金融理論與實踐;2003年10期

7 王諍諍,陳華東;房地產(chǎn)投資信托運營模式研究[J];金融理論與實踐;2004年09期

8 陳柳欽;美國房地產(chǎn)投資信托基金(REITs)發(fā)展與啟示[J];建筑經(jīng)濟;2004年11期

9 吳嬋君,虞曉芬;美國房地產(chǎn)投資信托基金及其借鑒[J];濟南金融;2003年07期

10 趙秦魯;對我國宏觀稅負的模型分析[J];稅務縱橫;2003年11期

本文編號：1515814