發(fā)布時(shí)間：2018-06-24 21:23

  本文選題：廉租住房 + 融資�。� 參考：《西南財(cái)經(jīng)大學(xué)》2013年碩士論文

【摘要】：近年來,我國(guó)房地產(chǎn)市場(chǎng)蓬勃發(fā)展,為經(jīng)濟(jì)發(fā)展做出了重大貢獻(xiàn),但是也帶來了房?jī)r(jià)的過快上漲。為了促進(jìn)房地產(chǎn)行業(yè)的健康發(fā)展,政府一方面加大了對(duì)房地產(chǎn)行業(yè)的調(diào)控,推出了“限購(gòu)”、“房產(chǎn)稅試點(diǎn)”、“住房交易個(gè)人所得稅”等各種調(diào)控措施；另一方面加大了保障性住房的建設(shè)力度,滿足中低收入人群住房需求。為此在“十二五”期間,全國(guó)將新建3600萬套保障性住房。但是巨大的保障房建設(shè)需要耗費(fèi)大量資金,在現(xiàn)行融資模式下,保障性住房(包括廉租住房)的融資、規(guī)劃、建設(shè)、管理等基本上由政府一家包干,政府面臨著巨大資金壓力。為了緩解這種壓力,各界都提出了很多設(shè)想,例如將土地出讓金的10%作為保障性住房建設(shè)資金、商品房配建保障房、住房公積金支持保障性住房建設(shè)等,這些方式有的已經(jīng)在實(shí)踐中被采用,但是沒有從根本上解決資金難題。2005年兩會(huì)期間全國(guó)工商聯(lián)提出的保障性住房REITs融資模式,引起了政府和廣大學(xué)者的關(guān)注,對(duì)于REITs的研究和探索也越來越多。本文就是基于這樣的背景來積極探索REITs融資模式在廉租住房中的應(yīng)用。 本文的主要內(nèi)容和觀點(diǎn)可以分成了六個(gè)部分,具體如下所述： 本文首先交待了研究背景和意義,從而引出本文的研究問題------REITs模式應(yīng)用于廉租住房融資的問題。在對(duì)這個(gè)問題上,本文從國(guó)際國(guó)內(nèi)兩個(gè)大的環(huán)境,從保障性住房相關(guān)問題、保障性住房融資、REITs相關(guān)問題三個(gè)從大到小的角度對(duì)前人的研究做了一個(gè)論述和分析。 在第二部分本文進(jìn)行了必要的理論鋪墊,從REITs的概念、特點(diǎn)、分類介紹了REITs的相關(guān)理論,又分析了REITs的一般運(yùn)作程序和模式。這些都是為后文分析的基礎(chǔ),只有在這部分將REITs的優(yōu)劣分析清楚了才能為后文構(gòu)造適合我國(guó)國(guó)情以及適合廉租住房特點(diǎn)的REITs。 本文第三部分是在宏觀層面上,論證廉租住房REITs融資模式的必要性與可行性。在論證必要性時(shí)從現(xiàn)有融資方式的倒逼影響和市場(chǎng)的客觀需要正反兩個(gè)方面來分析,從而判斷在我國(guó)現(xiàn)行融資模式下,需要拓展融資渠道、多元化投資主體；在分析可行性時(shí),主要是從他山之石——即借鑒國(guó)外經(jīng)驗(yàn)、先決條件——即國(guó)內(nèi)充足的資金、類似經(jīng)驗(yàn)——即國(guó)內(nèi)房地產(chǎn)信托的運(yùn)作經(jīng)驗(yàn)、政策扶持——即廉租住房屬性決定了政府的政策支持、運(yùn)作關(guān)鍵——即投資者有利可圖等五個(gè)方面來論證,比較好的闡述了廉租住房REITs融資模式的可行性。 第四部分是本文的次重點(diǎn)內(nèi)容,這部分是在前文已經(jīng)在宏觀層面上分析得到了我國(guó)推行廉租住房REITs融資模式的必要性和可行性的基礎(chǔ)上,進(jìn)行適合我國(guó)的REITs即C-REITs (取China第一個(gè)字母)的模式設(shè)計(jì)。模式的設(shè)計(jì)主要是REITs類型的選擇、廉租住房REITs模式的具體運(yùn)作流程、廉租住房REITs模式的組織框架三個(gè)方面來展開：其一,在REITs的類型選擇上,本文認(rèn)為權(quán)益型、契約型、公募方式的REITs是適合我國(guó)國(guó)情的,這里主要考慮到了國(guó)外的經(jīng)驗(yàn)、稅收、潛在投資者、風(fēng)險(xiǎn)監(jiān)管等因素：其二,在具體運(yùn)作流程上,本文的設(shè)計(jì)與前人研究的最大區(qū)別在于充分考慮到政府在廉租住房建設(shè)中的作用,承認(rèn)并加強(qiáng)政府的主導(dǎo)地位即政府通過建設(shè)或收購(gòu)聚集房源然后轉(zhuǎn)讓給REITs投資者,然后再整體回租轉(zhuǎn)讓的房源。這樣做的目的一是為了保障廉租住房的福利屬性、二是解決市場(chǎng)中符合廉租住房標(biāo)準(zhǔn)房源偏少的問題、三是增加市場(chǎng)中該類型房屋的供給以此來加強(qiáng)對(duì)市場(chǎng)租金的控制避免租金過高；其三,在組織框架問題上,結(jié)合流程的設(shè)計(jì)本文涉及到的組織框架主體不僅僅包括了常規(guī)契約型REITs所有的投資者、管理者、托管人、物業(yè)管理人外,還增加了政府、低收入人群和評(píng)估與物管機(jī)構(gòu)等行為主體。模式的最大特點(diǎn)在于可以將政府投資建設(shè)廉租住房這樣一種一次性的、大規(guī)模的實(shí)物補(bǔ)貼熨平為長(zhǎng)期的、相對(duì)小額的現(xiàn)金補(bǔ)貼,減輕了政府財(cái)政壓力。 第五部分是本文的重點(diǎn)。前文已經(jīng)對(duì)我國(guó)實(shí)行廉租住房REITs融資模式進(jìn)行了宏觀層面上、定性方面的必要性和可行性分析,并據(jù)此設(shè)計(jì)了適合我國(guó)國(guó)情以及廉租住房特征的REITs融資模式。本部分主要將從微觀層面上、構(gòu)建廉租住房REITs融資模式可行性檢驗(yàn)?zāi)Ｐ投糠治�。模型�?gòu)建的總體思路如下： (1)從政府的角度考慮,比較現(xiàn)行融資模式下政府對(duì)某個(gè)已建成投入使用的廉租住房項(xiàng)目的補(bǔ)貼總額(即前期項(xiàng)目建設(shè)的資金與投資期限內(nèi)租戶繳納租金現(xiàn)值的差額)與進(jìn)行了REITs模式改造以后政府對(duì)這個(gè)廉租住房項(xiàng)目的補(bǔ)貼總額(即政府在投資期限內(nèi)繳納的市場(chǎng)租金和租戶繳納租金差額的現(xiàn)值)。若是經(jīng)過REITs模式改造以后的補(bǔ)貼總額現(xiàn)值少于現(xiàn)行模式補(bǔ)貼總額現(xiàn)值,那么REITs模式就是可行的,否則不可行； (2)從REITs投資者的角度考慮,運(yùn)用財(cái)務(wù)分析上的內(nèi)部收益率的方法,模擬測(cè)算某個(gè)已經(jīng)過REITs模式改造并已建成投入使用的廉租住房項(xiàng)目的內(nèi)部收益率IRR并將這個(gè)測(cè)算得到的內(nèi)部收益率IRR與REITs投資者的最低期望收益率MARR比較,若是IRR≥MARR則認(rèn)為此廉租住房項(xiàng)目的盈利能力滿足了REITs投資者的最低要求,投資者可以接受的； (3)將(1)和(2)得到的模型結(jié)合,即為判斷REITs模式融資是否可行的檢驗(yàn)?zāi)Ｐ汀?在構(gòu)建了REITs模式融資是否可行的檢驗(yàn)?zāi)Ｐ鸵院?本文對(duì)成都市溫江區(qū)魚鳧新村廉租住房小區(qū)進(jìn)行了實(shí)證研究,研究結(jié)果表明,在該項(xiàng)目投資規(guī)模等前提條件不變的情況下,廉租住房REITs融資模式可行是要求市場(chǎng)租金符合計(jì)算得到的市場(chǎng)租金可行域的。進(jìn)一步,通過對(duì)該項(xiàng)目周邊一千米范圍內(nèi)在租普通商品房市場(chǎng)租金的調(diào)查,確定了該項(xiàng)目的參考市場(chǎng)租金,由于調(diào)查確定的市場(chǎng)租金在市場(chǎng)租金可行域范圍內(nèi),因此判斷這個(gè)項(xiàng)目可以進(jìn)行REITs融資模式是可行的,可以進(jìn)行REITs融資模式改造。 第六部分是在前文從宏觀和微觀、從定性分析和定量分析都得到REITs融資模式是可行的判斷基礎(chǔ)之上,對(duì)于我國(guó)實(shí)行該模式前所面臨的障礙、實(shí)行該模式后所面對(duì)的風(fēng)險(xiǎn)以及破解障礙、規(guī)避風(fēng)險(xiǎn)所要采取的政策的分析研究。在分析障礙問題時(shí),本文認(rèn)為最大的障礙在于我們必須首先要解決法律的限制問題,這是能否成功推行REITs的關(guān)鍵所在。本文對(duì)此的建議是希望立法機(jī)關(guān)從盡快完成對(duì)保障性住房的立法,明確民間資本進(jìn)入保障房建設(shè)的合法性；其次是通過法律或者規(guī)章制度承認(rèn)REITs,并對(duì)REITs設(shè)立條件、形式、產(chǎn)品結(jié)構(gòu)、發(fā)行標(biāo)準(zhǔn)等等問題專門解釋。這樣才能利于REITs的發(fā)展。 在研究過程中,本文在前人的基礎(chǔ)上做了一些創(chuàng)新,主要體現(xiàn)在以下幾個(gè)方面：第一,是對(duì)我國(guó)廉租住房REITs模式設(shè)計(jì)時(shí)充分考慮到政府的主導(dǎo)作用,將政府包辦一切的現(xiàn)狀改變?yōu)橐哉疄橹鲗?dǎo)、市場(chǎng)積極參與的商業(yè)化模式,承認(rèn)并加強(qiáng)政府的主導(dǎo)地位。建議由政府新建或收購(gòu)房屋轉(zhuǎn)讓給REITS,然后政府再回租整個(gè)項(xiàng)目以保證廉租住房的福利屬性、保障市場(chǎng)有符合標(biāo)準(zhǔn)的房源供應(yīng)、保證市場(chǎng)租金的穩(wěn)定性；第二,前人在廉租住房REITs融資模式是否可行的問題上一般都是采用定性分析的方法,而本文不僅從宏觀層面定性分析了可行性,還從微觀層面,通過構(gòu)建模型定量分析項(xiàng)目是否能夠被REITs融資模式改造,這是一個(gè)嘗試。 同樣,本文也存在了很多不足：本文雖然構(gòu)建了REITs融資模式的可行性檢驗(yàn)?zāi)Ｐ?但是模型構(gòu)建粗糙,很多問題沒有考慮到,例如對(duì)投資者收益來源的問題上只是考慮到市場(chǎng)租金來源,忽略了能給REITs帶來收益的其他方面比如底商出租出售收入、稅收減免等；另外,對(duì)于模型中有的變量數(shù)值的確定方法或者計(jì)算標(biāo)準(zhǔn)值得商榷,這些都可能影響模型的正確性和模型的檢驗(yàn)?zāi)芰Α?br/>[Abstract]:In recent years, China's real estate market has flourished, made a great contribution to the economic development, but also brought about the rapid rise of housing prices. In order to promote the healthy development of the real estate industry, the government has increased the regulation of the real estate industry on the one hand, introduced "Limited purchase", "real estate tax pilot", "housing transaction personal income tax" and so on. On the other hand, the construction of affordable housing will be strengthened to meet the housing needs of the middle and low income population. In the period of "12th Five-Year", 36 million sets of affordable housing will be built throughout the country. However, the construction of huge housing needs to spend a lot of money, under the current financing mode, the affordable housing (including low rent housing) Financing, planning, construction, management and so on are basically done by the government, and the government is facing huge financial pressures. In order to alleviate this pressure, all walks of life have put forward a lot of ideas, such as the 10% of the land transfer money as the funds for the construction of the guaranteed housing, the construction of the housing, the housing accumulation fund to support the construction of the guarantee housing and so on. Some have been adopted in practice, but there is no fundamental solution to the REITs financing model proposed by the National Federation of industry and Commerce during the two sessions of.2005, which has attracted the attention of the government and the majority of scholars and more and more research and exploration for REITs. This article is based on this background to actively explore the financing of REITs The application of the model in low rent housing.
The main contents and viewpoints of this article can be divided into six parts, as follows:
This paper first deals with the research background and significance, which leads to the problem of applying the ------REITs model in this paper to the financing of low rent housing. On this issue, this article from the two big international and domestic environment, from the security housing related issues, the guarantee housing financing, the REITs related issues from the large to the small angle to the predecessors to the predecessors. The research has made a discussion and analysis.
In the second part, the necessary theoretical paving is carried out, the related theories of REITs are introduced from the concept, characteristics and classification of REITs, and the general operation procedures and patterns of REITs are analyzed. All these are the basis for the analysis of the latter. Only in this part, the analysis of the advantages and disadvantages of the REITs can be constructed for the situation of our country and suitable for the latter. REITs. of low rent housing
The third part of this paper is on the macro level, demonstrating the necessity and feasibility of the REITs financing model of low rent housing. In the demonstration of the necessity, it is analyzed from the two aspects of the influence of the existing financing mode and the objective needs of the market, so as to judge that in the current financing mode of China, it is necessary to expand the financing channels and diversify the investment subject. In the analysis of the feasibility, it is mainly from the stone of other mountains - that is to learn from foreign experience, the prerequisite - sufficient funds at home, similar experience - the operation experience of domestic real estate trust and policy support - that is, the policy support of the low rent housing determines the government's policy support and the key to operation - that is, five investors are profitable and so on. In terms of argument, the feasibility of REITs financing mode for low rent housing is expounded.
The fourth part is the key content of this article, which is based on the analysis of the necessity and feasibility of implementing the REITs financing model of low rent housing in our country. The model design is suitable for our country's REITs C-REITs (taking the first letter of China). The design of the model is mainly the selection of the type of REITs. Selection, the concrete operation process of REITs model of low rent housing and the organizational framework of REITs model of low rent housing in three aspects: first, in the type selection of REITs, this paper thinks that the REITs of rights and interests, contract type and public offering is suitable for our national conditions, and the main consideration is foreign experience, tax, potential investors, risk regulation. And other factors: second, in the specific operation process, the biggest difference between the design of this paper and the previous research lies in the full consideration of the government's role in the construction of low rent housing, and the recognition and strengthening of the government's dominant position that the government transfers to the REITs investors through the construction or acquisition of the accumulation of housing sources and then the whole rents of the transfer of the house. The purpose of the sample is to guarantee the welfare property of low rent housing, two is to solve the problem that the standard of low rent housing is less in the market, and the three is to increase the supply of this type of housing in the market so as to strengthen the control of the market rent and avoid the excessive rent; thirdly, in the organizational framework, the design of the combined process involves this article. The main body of the organization framework not only includes all the investors, managers, trustees and property managers of the conventional contract type REITs, but also the government, the low income crowd and the evaluation and management agencies. The biggest feature of the model is that the government can invest in building low rent housing such a one-time, large scale. The subsidy is reduced to a long-term, relatively small cash subsidy, which relieves the financial pressure of the government.
The fifth part is the focus of this article. The previous article has carried out the macro level of the REITs financing model of low rent housing in our country, the necessity and feasibility of the qualitative aspect. According to this, we have designed the REITs financing mode suitable for the national conditions of our country and the characteristics of low rent housing. This part is mainly to build the low rent housing REITs melting from the micro level. Quantitative analysis of the feasibility test model of capital mode. The general idea of the model construction is as follows:
(1) from the point of view of the government, the total amount of subsidies for a low rent housing project which has been put into use under the current financing model (i.e. the difference between the present value of the tenants in the initial project construction and the term of the tenant in the period of investment) and the total amount of the government subsidy to this low rent housing project after the REITs model reform (that is, the total amount of subsidies for this low rent housing project) If the present value of the total amount of the subsidy after the REITs model is less than the present value of the current model, then the REITs model is feasible, otherwise it is not feasible.
(2) from the perspective of REITs investors, using the method of internal rate of return on financial analysis, we simulate and calculate the internal rate of return (IRR) of a low rent housing project that has already been transformed into REITs model and have been put into use, and compares the calculated internal rate of return IRR with the lowest expected return rate of REITs investors, if I is I. RR or MARR considers that the profitability of this low rent housing project meets the minimum requirements of REITs investors, which investors can accept.
(3) combine the models obtained from (1) and (2), that is, to test the feasibility of REITs model financing.
After constructing the feasibility test model of REITs model financing, this paper makes an empirical study on the low rent housing district of Yufu village in Wenjiang District of Chengdu. The results show that the REITs financing model of low rent housing is feasible to meet the calculated market rent under the condition that the investment scale of the project is unchanged. The field rent is feasible. Further, through the investigation of the rent of the common commodity housing market within one thousand meters around the project, the reference market rent is determined. Because the market rent in the market rent is within the feasible scope of the market rent, it is feasible to judge this item to carry out the REITs financing model. Reform the REITs financing model.
The sixth part is on the basis of the feasible judgment of the REITs financing model from both macroscopic and microscopic, both from qualitative analysis and quantitative analysis, for the obstacles faced by the model before the implementation of the model, the analysis of the risks faced by the model, and the analysis of the policies to be taken to solve the obstacles and avoid the risks. The biggest obstacle in this paper is that we must first solve the limitation of the law. This is the key to the successful implementation of the REITs. The suggestion is that the legislature should complete the legislation on the affordable housing as soon as possible, and clarify the legitimacy of the private capital into the building of the housing protection house; secondly, through the law. Or rules and regulations recognize REITs, and explain the conditions, form, product structure, issuing standard and other issues of REITs, so as to facilitate the development of REITs.
In the process of research, this article has made some innovations on the basis of the predecessors, which are mainly embodied in the following aspects: first, the government's leading role is fully taken into consideration in the design of the REITs model of low rent housing in China, and the current situation of the government is changed into a commercial model, which is dominated by the government and the market is actively involved, and is recognized and strengthened. The government's dominant position is to recommend the transfer of new or acquired houses to REITS, and then the government will rent the whole project to ensure the welfare property of low rent housing, guarantee the standard housing supply and ensure the stability of the market rent; second, the former is generally on the problem of the feasibility of the REITs financing model of low rent housing. It is a qualitative analysis method, and this article not only analyzes the feasibility from the macro level, but also from the micro level, it is an attempt to analyze whether the project can be reconstructed by the REITs financing model by building a model.
Similarly, there are many shortcomings in this paper: Although the feasibility test model of REITs financing model is built in this paper, the model is constructed rough, many problems are not considered, for example, the source of the investor's income is only taken into account the source of the market rent, and the other aspects such as the infirm renting that can bring the benefits to the REITs In addition, the method of determining the value of some variables in the model or the standard of calculation is debatable, which may affect the correctness of the model and the testing ability of the model.
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.45

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