本文關(guān)鍵詞： 養(yǎng)老地產(chǎn) 基金房地產(chǎn)投資信托 REIT 財(cái)務(wù)分析 稅務(wù)　出處：《上海交通大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：中國(guó)正加快進(jìn)入老年化社會(huì)。傳統(tǒng)的以家庭為單位，養(yǎng)兒防老的情況，由于一胎政策與4-2-1的現(xiàn)象而顯得不足。由于二元戶籍，退休人員如何以城市的房地產(chǎn)融通，以房養(yǎng)老成為面對(duì)巨大而長(zhǎng)期的養(yǎng)老負(fù)債的對(duì)沖方法。中國(guó)養(yǎng)老產(chǎn)業(yè)的發(fā)展前景是遠(yuǎn)大的。 中國(guó)養(yǎng)老產(chǎn)業(yè)最大的瓶頸是土地、融資與稅務(wù)政策。目前境內(nèi)較為成功的初始個(gè)案，都有著地成本土地的優(yōu)勢(shì)。有些為了在高稅的環(huán)境下節(jié)省稅務(wù)成本，做出不少創(chuàng)新的商業(yè)模式。可是，如何利用資本市場(chǎng)卻成為發(fā)展的瓶頸，如果能夠打通融資渠道，如利用公募資金里的退休金、保險(xiǎn)金等較長(zhǎng)期的低成本資金，能把成功的模式迅速?gòu)?fù)制全國(guó)，搶先打開(kāi)市場(chǎng)。 在資本市場(chǎng)較發(fā)達(dá)的國(guó)家，如美國(guó)；發(fā)展了先進(jìn)的公募房地產(chǎn)信托基金系統(tǒng)(Real Estate Investment Trust, REIT)，在幾十年的發(fā)展沿革下，政策上對(duì)養(yǎng)老地產(chǎn)的投資方與營(yíng)運(yùn)放作出分工；更好的利用了各自低成本基金與超水平管理的優(yōu)勢(shì)。 本文作者以上海REIT專家預(yù)備組組員的身份，參與中國(guó)REIT的政策設(shè)計(jì)外部專家，提出過(guò)有關(guān)建議。本文以中國(guó)的養(yǎng)老地產(chǎn)個(gè)案財(cái)務(wù)狀況，結(jié)合美國(guó)養(yǎng)老地產(chǎn)REIT的財(cái)務(wù)分析，預(yù)示中國(guó)養(yǎng)老地產(chǎn)的證券化前景，也對(duì)有關(guān)養(yǎng)老產(chǎn)業(yè)的融資、稅務(wù)等政策作出意見(jiàn)。
[Abstract]:China is speeding up its entry into an aging society. The traditional situation of taking the family as a unit and raising children to prevent old age is not enough because of the one-child policy and the phenomenon of 4-2-1. Because of the dual household registration, how do retirees use the real estate in the city? Housing for the aged has become a hedge against huge and long-term pension liabilities. China's pension industry has a bright future. The biggest bottleneck in China's pension industry is land, financing and tax policies. At present, the most successful initial cases in China have the advantage of land cost and land. Some of them are aimed at saving tax costs in a high-tax environment. Make a lot of innovative business models. However, how to use the capital market has become the bottleneck of development. If we can open up the financing channels, such as the use of public funds in the retirement fund, insurance funds and other longer-term low-cost funds, The successful model can be quickly replicated throughout the country, the first to open the market. In the developed countries of capital market, such as America, we have developed the advanced public raising real estate trust system, Real Estate Investment Trust, REITT. Under the development of several decades, we have made a division of labor between the investors and the operation of the endowment real estate. Better use of their low-cost funds and super-level management advantages. In his capacity as a member of the Shanghai REIT expert Preparatory Group, the author participated in the policy design of China's REIT and put forward some suggestions. This paper, based on the financial situation of China's pension real estate case, combined with the financial analysis of American pension real estate REIT, Foreshadowing the prospect of securitization of China's pension property, also on the pension industry financing, tax and other policy advice.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F299.23
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本文編號(hào)：1549740