本文選題：REITs + 房地產(chǎn)融資��； 參考：《河北大學(xué)》2013年碩士論文

【摘要】：房地產(chǎn)投資信托基金（REITs）是一種專門投資于房地產(chǎn)行業(yè)的新型金融工具，它將投資者的資金歸集起來交由專業(yè)團(tuán)隊經(jīng)營管理，并為投資者提供穩(wěn)定收益。REITs最早起源于美國，并在歐洲和亞洲的一些發(fā)達(dá)國家逐漸興起。從投資的角度來講，REITs降低了投資者參與不動產(chǎn)投資的門檻，減少了以投資為目的的房地產(chǎn)真實交易，實現(xiàn)了房地產(chǎn)投資的便捷的交易。從房地產(chǎn)企業(yè)的角度上來講，REITs還可以幫助房地產(chǎn)企業(yè)將流動性欠佳的資產(chǎn)盤活，穩(wěn)定房地產(chǎn)開發(fā)商的現(xiàn)金流。可以說REITS是金融行業(yè)對于房地產(chǎn)行業(yè)發(fā)展重大的創(chuàng)新型支持。 我國自20世紀(jì)90年代以來，房地產(chǎn)市場與證券市場就成為了兩個高速發(fā)展的市場。從房地產(chǎn)的角度來看，我國房地產(chǎn)從20世紀(jì)90年代以后開始迅速發(fā)展，年均增長率高達(dá)37.8%，并且由于中國居民的剛性需求和城鎮(zhèn)化的加快，我國房地產(chǎn)市場未來的發(fā)展空間很大。伴隨著城鎮(zhèn)化進(jìn)程的發(fā)展，許多人不再選擇購房而是傾向于租用廉價房屋來居住，這就需要地產(chǎn)商改變傳統(tǒng)經(jīng)營模式，形成“建房、經(jīng)營”的新模式，以解決房地產(chǎn)企業(yè)商業(yè)模式創(chuàng)新的問題。雖然現(xiàn)階段REITs在我國的實踐面臨許多困難與障礙，，但其能為我國的房地產(chǎn)業(yè)提供大量的民間資金，同時還能從一定程度上避免由于過度投資需求而引發(fā)的投機風(fēng)險�，F(xiàn)階段我國房地產(chǎn)市場正積極探索REITs發(fā)展的最優(yōu)路徑，本文在闡述房地產(chǎn)投資信托基金理論和各國經(jīng)驗借鑒的基礎(chǔ)上，對現(xiàn)階段我國發(fā)展REITs的現(xiàn)狀與障礙進(jìn)行了系統(tǒng)的研究，并針對央行與證監(jiān)會兩個不同的REITs方案進(jìn)行比較分析，這一研究角度在國內(nèi)的文獻(xiàn)資料中比較少見，從而體現(xiàn)出論文新意。 本文共分為五章。第一章作為緒論部分，包括選題背景、選題意義和國內(nèi)外文獻(xiàn)綜述。第二章介紹了REITs的含義功能與概念界定。第三章寫了美國、日本以及香港的REITs發(fā)展現(xiàn)狀，總結(jié)國外的發(fā)展經(jīng)驗對我國的借鑒意義。第四張分析了我國當(dāng)前的市場現(xiàn)狀以及發(fā)展REITs可能遇到的障礙。第五章對我國REITs所面臨的困難提出了相應(yīng)對策，并對其發(fā)展模式進(jìn)行了探討。
[Abstract]:Real Estate Investment Trust (REITs) is a new type of financial instrument specializing in the real estate industry. It gathers investors' funds to be managed by professional teams, and provides investors with stable returns. REITs originated in the United States. And some developed countries in Europe and Asia gradually rose. From the point of view of investment, REITs lower the threshold for investors to participate in real estate investment, reduce the real estate transactions for the purpose of investment, and realize the convenient transaction of real estate investment. From the point of view of real estate companies, REITs can also help real estate companies to revive illiquid assets and stabilize the cash flow of real estate developers. It can be said that REITS is the financial industry for the real estate industry to develop a major innovative support. Since 1990's, real estate market and securities market have become two high-speed developing markets in China. From the point of view of real estate, China's real estate began to develop rapidly since the 1990s, with an average annual growth rate of 37.8%. Due to the rigid demand of Chinese residents and the acceleration of urbanization, the future development space of China's real estate market is very large. With the development of urbanization, many people do not choose to buy a house but prefer to rent a cheap house to live in. This requires the developers to change the traditional business model and form a new model of "building and managing". In order to solve the real estate business model innovation problem. Although the practice of REITs in our country is facing many difficulties and obstacles at present, it can provide a large amount of private funds for the real estate industry of our country, and at the same time, it can avoid the speculative risk caused by excessive investment demand to a certain extent. At present, our real estate market is actively exploring the optimal path of REITs development. On the basis of expounding the theory of REITs and the experiences of other countries, this paper makes a systematic study on the present situation and obstacles of the development of REITs in China. Two different REITs schemes of Central Bank and Securities Regulatory Commission are compared and analyzed. This research angle is relatively rare in domestic literature, thus reflecting the new ideas of the paper. This paper is divided into five chapters. The first chapter is the introduction, including the background, significance of the topic and literature review at home and abroad. The second chapter introduces the meaning function and concept definition of REITs. The third chapter describes the development of REITs in the United States, Japan and Hong Kong. The fourth part analyzes the current market situation and the possible obstacles to the development of REITs in China. The fifth chapter puts forward the corresponding countermeasures and discusses the development mode of REITs in China.
【學(xué)位授予單位】：河北大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.49;F299.23

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