【摘要】：我國(guó)保障性住房作為保障體系建設(shè)的重要成果,同時(shí)也是緩解公眾住房壓力的重要途徑,一直以來(lái)主要依靠政府財(cái)政支持。但隨著近年來(lái)建設(shè)任務(wù)的不斷加大,各地財(cái)政都難以滿足保障性住房項(xiàng)目龐大的資金需求。如何結(jié)合其特點(diǎn)拓寬融資渠道,吸收民間閑置資本,成為保障性住房健康快速發(fā)展急需解決的關(guān)鍵問(wèn)題。 本文通過(guò)分析國(guó)外保障性住房房地產(chǎn)信托投資基金的現(xiàn)狀和我國(guó)當(dāng)前保障性住房融資存在的一系列問(wèn)題,認(rèn)為最主要的是我國(guó)目前保障性住房融資渠道不足,只有依靠金融創(chuàng)新才能解決這一問(wèn)題,而房地產(chǎn)信托投資基金風(fēng)險(xiǎn)低流動(dòng)性高收益穩(wěn)定的特點(diǎn)使其成為最適合的創(chuàng)新融資途徑。 本文針對(duì)我國(guó)保障性住房融資渠道創(chuàng)新,提出房地產(chǎn)投資信托基金(REITs)融資模式。在合理制定該模式的目標(biāo)、原則和設(shè)立形式之后,規(guī)劃出了其整體結(jié)構(gòu)與運(yùn)作流程。并根據(jù)運(yùn)作流程詳細(xì)分析了我國(guó)保障性住房通過(guò)房地產(chǎn)信托投資基金融資過(guò)程中資產(chǎn)配置、資金使用、資金回收、風(fēng)險(xiǎn)評(píng)估的方法。分析過(guò)程中通過(guò)定量和定性假設(shè),提出了投資組合模型并考慮實(shí)際情況加入風(fēng)險(xiǎn)度量系數(shù)對(duì)其進(jìn)行改進(jìn),之后利用國(guó)家統(tǒng)計(jì)局的統(tǒng)計(jì)數(shù)據(jù)進(jìn)行實(shí)例驗(yàn)證,考察我國(guó)保障性住房房地產(chǎn)信托投資基金融資模式預(yù)期收益情況,結(jié)果表明該融資模式是可行并有效的。這對(duì)解決我國(guó)保障性住房建設(shè)資金短缺、完善保障性住房制度等方面具有重要的理論意義和實(shí)踐意義。 最后,針對(duì)我國(guó)保障性住房房地產(chǎn)信托投資基金融資模式已有的相關(guān)法律法規(guī),提出了相應(yīng)的政策建議。
[Abstract]:As an important achievement in the construction of security system, affordable housing in China is also an important way to relieve the pressure of public housing. However, with the increasing construction tasks in recent years, local finance is difficult to meet the huge financial needs of affordable housing projects. How to broaden financing channels and absorb private idle capital is the key problem that needs to be solved in the healthy and rapid development of indemnificatory housing. Based on the analysis of the current situation of the real estate trust and investment fund abroad and a series of problems existing in the financing of the indemnificatory housing in our country, the author thinks that the most important thing is the shortage of the financing channels of the indemnificatory housing in our country at present. Only by relying on financial innovation can this problem be solved, and the characteristics of low risk and high return of real estate trust and investment fund make it the most suitable way of innovative financing. Aiming at the innovation of the financing channel of the indemnificatory housing in our country, this paper puts forward the (REITs) financing mode of the real estate investment trust fund. After reasonably formulating the objectives, principles and establishment forms of the model, the overall structure and operation process of the model are planned. According to the operation process, the paper analyzes in detail the methods of asset allocation, capital utilization, capital recovery and risk assessment in the process of financing of indemnificatory housing through real estate trust and investment fund. In the process of analysis, the investment portfolio model is put forward by quantitative and qualitative assumptions, and the risk measurement coefficient is added to improve it considering the actual situation, and then the statistical data of the National Bureau of Statistics are used to verify it. This paper investigates the expected income of the financing model of the supportable housing real estate trust investment fund in China. The results show that the financing model is feasible and effective. It is of great theoretical and practical significance to solve the shortage of funds for the construction of affordable housing in China and to perfect the system of affordable housing. Finally, this paper puts forward the corresponding policy suggestions on the existing laws and regulations of the financing mode of the indemnificatory housing real estate trust and investment fund.
【學(xué)位授予單位】：中南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：D922.28;D922.29;D922.22

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本文編號(hào)：2244706