本文關(guān)鍵詞：我國(guó)房地產(chǎn)信托轉(zhuǎn)型發(fā)展研究　出處：《重慶大學(xué)》2014年碩士論文　論文類(lèi)型：學(xué)位論文

  更多相關(guān)文章： 房地產(chǎn)信托 運(yùn)作模式 制度變遷 轉(zhuǎn)型發(fā)展

【摘要】：2003年以來(lái)，我國(guó)房地產(chǎn)市場(chǎng)不斷受到宏觀政策的調(diào)控，，尤其是近年來(lái)限購(gòu)限貸政策的持續(xù)深入，對(duì)房地產(chǎn)行業(yè)多元化融資渠道建設(shè)提出了較高的要求。正是基于此，靈活多變的房地產(chǎn)信托得以吸收大量民間資本，滿足房地產(chǎn)企業(yè)融資需求，規(guī)模不斷增長(zhǎng)。我國(guó)房地產(chǎn)信托在快速發(fā)展過(guò)程中也暴露了不少問(wèn)題，近年來(lái)兌付風(fēng)險(xiǎn)事件頻發(fā)，同時(shí)，在當(dāng)前泛資產(chǎn)管理時(shí)代及利率市場(chǎng)化改革的外部環(huán)境作用下，傳統(tǒng)房地產(chǎn)信托轉(zhuǎn)型發(fā)展刻不容緩。 論文以我國(guó)房地產(chǎn)信托轉(zhuǎn)型發(fā)展為研究主線，積極探索我國(guó)房地產(chǎn)信托轉(zhuǎn)型發(fā)展路徑，以期促進(jìn)房地產(chǎn)信托在我國(guó)的持續(xù)健康發(fā)展，對(duì)于我國(guó)房地產(chǎn)企業(yè)多元化融資、民間資本不斷增長(zhǎng)的理財(cái)需求以及信托公司的持續(xù)發(fā)展具有重要的理論價(jià)值和現(xiàn)實(shí)意義。論文綜合運(yùn)用文獻(xiàn)研究、案例分析、比較研究、專家訪談、數(shù)據(jù)分析以及邏輯演繹等研究方法，從宏觀發(fā)展層面和微觀操作層面、運(yùn)用制度變遷理論對(duì)房地產(chǎn)信托轉(zhuǎn)型發(fā)展進(jìn)行全面的研究分析。研究從以下方面進(jìn)行： ①宏觀發(fā)展層面。運(yùn)用制度變遷理論對(duì)我國(guó)房地產(chǎn)信托發(fā)展歷史進(jìn)行分析研究；分析資產(chǎn)管理新政和利率市場(chǎng)化改革對(duì)我國(guó)房地產(chǎn)信托發(fā)展的影響；分析房地產(chǎn)信托轉(zhuǎn)型發(fā)展的支撐要素；總結(jié)分析國(guó)外房地產(chǎn)投資信托基金（REITs）發(fā)展演變及其啟示。 ②微觀操作層面。詳細(xì)論述并分析房地產(chǎn)信托運(yùn)作模式；在回顧我國(guó)房地產(chǎn)信托發(fā)展歷史基礎(chǔ)上，指出其發(fā)展中存在的問(wèn)題；在借鑒國(guó)外REITs制度的基礎(chǔ)上，對(duì)房地產(chǎn)信托存在的問(wèn)題進(jìn)行歸納分類(lèi)并提出房地產(chǎn)信托轉(zhuǎn)型發(fā)展框架。 通過(guò)上述研究，論文取得一定成果。我國(guó)房地產(chǎn)信托伴隨著信托法律法規(guī)的制度供給和信托產(chǎn)品的規(guī)避創(chuàng)新而發(fā)展變遷。存在諸多問(wèn)題的傳統(tǒng)房地產(chǎn)信托在泛資產(chǎn)管理時(shí)代和利率市場(chǎng)化改革加快的外部環(huán)境變化下發(fā)展難以為繼。房地產(chǎn)信托轉(zhuǎn)型發(fā)展擁有五大支撐要素，國(guó)外REITs制度在我國(guó)發(fā)展存在現(xiàn)實(shí)困境。得到房地產(chǎn)私募基金、基金化房地產(chǎn)信托以及資產(chǎn)證券化三條信托產(chǎn)品創(chuàng)新發(fā)展路徑，和建立信托產(chǎn)品轉(zhuǎn)讓平臺(tái)、設(shè)立信托登記制度以及推進(jìn)信托稅收立法三條信托制度創(chuàng)新發(fā)展路徑。提出了加強(qiáng)營(yíng)銷(xiāo)渠道建設(shè)、重視外部監(jiān)督作用、大力發(fā)展機(jī)構(gòu)投資者、積極推進(jìn)投資者教育、加強(qiáng)信托人才建設(shè)以及積極創(chuàng)新信托產(chǎn)品等六大建議。期望該研究成果可以對(duì)我國(guó)房地產(chǎn)信托轉(zhuǎn)型發(fā)展起到一定的借鑒作用。
[Abstract]:Since 2003, the real estate market of our country has been constantly regulated by macro-policies, especially the continuous deepening of the policy of restricting purchase and lending in recent years. On the basis of this, the flexible and changeable real estate trust can absorb a large amount of private capital to meet the financing needs of real estate enterprises. China's real estate trust in the rapid development process also exposed a lot of problems, in recent years, frequent payment of risk events, at the same time. Under the influence of the current pan-asset management era and the interest rate marketization reform, the transformation and development of the traditional real estate trust need not be delayed. This paper takes the transformation and development of real estate trust in our country as the main line of study, actively explores the development path of real estate trust transformation in our country, in order to promote the sustainable and healthy development of real estate trust in our country. It has important theoretical value and practical significance for the diversification of financing of real estate enterprises, the increasing demand of private capital and the sustainable development of trust companies. Comparative study, expert interview, data analysis and logical deduction, from the macro level of development and micro level of operation. This paper makes a comprehensive research and analysis on the transformation and development of real estate trust by using the theory of institutional change. The research is carried out from the following aspects: 1. To analyze the history of real estate trust development in our country by using the theory of institutional change; This paper analyzes the influence of the new policy of asset management and the marketization of interest rate on the development of real estate trust in China. Analyzing the supporting factors of the transformation and development of real estate trust; This paper summarizes and analyzes the development and evolution of REITs in foreign real estate investment trust fund and its enlightenment. 2 microcosmic operation level. Discuss and analyze the operation mode of real estate trust in detail; On the basis of reviewing the development history of real estate trust in China, the paper points out the existing problems in the development of real estate trust. On the basis of drawing lessons from foreign REITs system, this paper summarizes and classifies the problems existing in real estate trusts and puts forward a framework for the transformation and development of real estate trusts. Through the above research. Some achievements have been made in this paper. The development of real estate trust in our country is accompanied by the supply of trust laws and regulations and the innovation of circumvention of trust products. There are many problems in traditional real estate trust in the era of pan-asset management and benefit. The rate of market-oriented reform accelerated under the changing external environment development is difficult to continue. Real estate trust transformation and development has five major supporting factors. The development of foreign REITs system in China is in a difficult situation. There are three innovative development paths of real estate private equity fund, fund real estate trust and asset securitization. And the establishment of trust product transfer platform, the establishment of trust registration system and the promotion of trust tax legislation three trust system innovation and development path. Proposed to strengthen the construction of marketing channels, attach importance to the role of external supervision. We will vigorously develop institutional investors and actively promote investor education. It is expected that the research results can be used for reference in the transformation and development of real estate trust in China.
【學(xué)位授予單位】：重慶大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F299.23;F832.49

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