本文關(guān)鍵詞： 房地產(chǎn)投資信托 REITs 法律障礙 法律監(jiān)督　出處：《西南政法大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：自1998年我國(guó)實(shí)行房改政策以來，住房由社會(huì)福利分配轉(zhuǎn)向市場(chǎng)商品化，我國(guó)的房?jī)r(jià)節(jié)節(jié)攀升，原本就已非常嚴(yán)峻的低收入群體的住房問題，此刻更是雪上加霜。為緩解低收入家庭住房壓力，2007年8月國(guó)務(wù)院出臺(tái)了《關(guān)于解決城市低收入家庭住房困難的若干意見》，開啟了保障房建設(shè)的契機(jī)。但是由于保障性住房的福利性特點(diǎn)，以廉租房為代表的保障性住房的建設(shè)主要靠政府的出資來完成。同時(shí)隨著城市人口不斷增加，在低收入群體對(duì)于房屋的需求量居高不下的情況下，政府的保障性住房的建設(shè)資金缺口進(jìn)一步加大。在這樣的背景下，為滿足廉租房建設(shè)的資金需求，迫切需要引入一種符合市場(chǎng)的融資模式。 在廉租房建設(shè)融資方面，一些西方發(fā)達(dá)國(guó)家的舉措為我國(guó)提供了可行的方案。比如起源于上世紀(jì)60年代的美國(guó)房地產(chǎn)投資信托基金（REITs），不僅為美國(guó)的中小投資者提供了豐富的投資渠道，，同時(shí)為美國(guó)的房地產(chǎn)市場(chǎng)的發(fā)展做出了巨大的貢獻(xiàn)。對(duì)我國(guó)而言，2011年為了保障低收入居民的住房問題而出臺(tái)的關(guān)于廉租房保障措施，為我國(guó)的房地產(chǎn)融資模式提供了良好的發(fā)展空間。在新政策的導(dǎo)向下，中國(guó)特色的房地產(chǎn)投資信托基金的推出必然會(huì)推動(dòng)我國(guó)的房地產(chǎn)市場(chǎng)的創(chuàng)新。本文第一部分從REITs的基礎(chǔ)理論著手，對(duì)REITs的概念與特征進(jìn)行分析，同時(shí)區(qū)分REITs與類似的概念的異同；第二部分分析比較美國(guó)和我國(guó)香港地區(qū)的立法模式與發(fā)展現(xiàn)狀，綜合比較REITs美國(guó)與亞洲模式的優(yōu)劣概括出在法律實(shí)施中對(duì)我國(guó)REITs立法啟示；第三部分進(jìn)行我國(guó)廉租房建設(shè)融資引進(jìn)REITs的理性分析；第四部分從法律體系和具體制度設(shè)計(jì)出發(fā)，提出規(guī)制REITs的設(shè)想。提出我國(guó)REITs的發(fā)展應(yīng)當(dāng)遵循的思路，首先要選擇合適的立法模式，然后要明確REITs的運(yùn)作機(jī)制和REITs投資風(fēng)險(xiǎn)管理，同時(shí)對(duì)REITs投資給與稅收優(yōu)惠，以求促進(jìn)廉租房REITs的良性發(fā)展。
[Abstract]:Since the implementation of housing reform policy in 1998, housing has shifted from social welfare distribution to market commercialization, and housing prices in our country have been rising, which is already a very severe housing problem for low-income groups. In order to alleviate the housing pressure of low-income families, in August 2007, the State Council issued several opinions on solving the housing difficulties of low-income families in urban areas, which opened the opportunity for indemnificatory apartment to build. Welfare characteristics of barrier housing, The construction of affordable housing, represented by low-rent housing, mainly depends on government funding. At the same time, as the urban population continues to increase, the demand for housing among low-income groups remains high. In this context, in order to meet the demand of low-rent housing construction, it is urgent to introduce a financing model in line with the market. In the area of low-rent housing construction financing, The initiatives of some western developed countries have provided China with feasible solutions. For example, the United States Real Estate Investment Trust (REITs), which originated in -40s, not only provides a rich investment channel for small and medium-sized investors in the United States. At the same time, it has made a great contribution to the development of the real estate market in the United States. For our country, in 2011, in order to protect the housing problem of low-income residents, the low-rent housing security measures were introduced. It provides a good development space for the real estate financing mode of our country. Under the guidance of the new policy, The introduction of the real estate investment trust fund with Chinese characteristics will inevitably promote the innovation of the real estate market in China. The first part of this paper begins with the basic theory of REITs and analyzes the concept and characteristics of REITs. At the same time, it distinguishes the similarities and differences between REITs and similar concepts. The second part analyzes and compares the legislative models and development status of the United States and Hong Kong, summarizes the advantages and disadvantages of the REITs American and Asian models, and summarizes the enlightenment to China's REITs legislation in the implementation of the law. The third part is the rational analysis of the introduction of REITs into low-rent housing construction financing in China, the 4th part is based on the legal system and specific system design, put forward the idea of regulating REITs, and put forward the development of REITs in China should follow the train of thought. First of all, we should choose the appropriate legislative model, then make clear the operating mechanism of REITs and the risk management of REITs investment, and at the same time give tax preference to REITs investment in order to promote the benign development of low-rent REITs.
【學(xué)位授予單位】：西南政法大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：D922.181

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