本文選題：REITs　切入點(diǎn)：中信啟航　出處：《云南財(cái)經(jīng)大學(xué)》2017年碩士論文

【摘要】：隨著我國經(jīng)濟(jì)的不斷發(fā)展,我國的房地產(chǎn)行業(yè)已經(jīng)步入存量時(shí)代。在這種背景下,一方面房地產(chǎn)企業(yè)的融資愈發(fā)困難,另一方面,房地產(chǎn)企業(yè)也面臨著從注重銷售到注重開發(fā)運(yùn)營的產(chǎn)業(yè)轉(zhuǎn)型升級(jí)過程。因此,在這一階段,如何為我國房地產(chǎn)企業(yè)提供適當(dāng)?shù)慕鹑诜⻊?wù)支持,幫助房地產(chǎn)企業(yè)順利轉(zhuǎn)型,是我國目前金融改革的重要課題之一。根據(jù)國外的發(fā)展經(jīng)驗(yàn),REITs能夠很好地在融資端和開發(fā)運(yùn)營端為房地產(chǎn)企業(yè)提供金融支持,因此,研究我國REITs產(chǎn)品發(fā)展問題對(duì)于我國推出合適的REITs產(chǎn)品,促進(jìn)房地產(chǎn)行業(yè)的平穩(wěn)發(fā)展具有重要意義。本文通過對(duì)我國目前具有代表性的REITs產(chǎn)品的研究與對(duì)比,重點(diǎn)分析了我國目前REITs發(fā)展中存在的問題與障礙,并提出適合我國的REITs發(fā)展路徑,文章主要分為五個(gè)部分。第一部分為本文的引言,主要對(duì)本文的研究背景、研究意義進(jìn)行分析陳述,并對(duì)與本文密切相關(guān)的國內(nèi)外研究現(xiàn)狀及結(jié)論進(jìn)行歸納總結(jié),具體說明了我國發(fā)展REITs的必要性,同時(shí)為本文的研究分析提供理論基礎(chǔ);第二部分主要介紹了REITs的概念及其在美國的發(fā)展,并從美國REITs的發(fā)展歷程中總結(jié)出我國REITs發(fā)展中應(yīng)當(dāng)注意的問題;第三部分選取目前我國具有代表性的兩款REITs類型的產(chǎn)品,中信啟航專項(xiàng)資產(chǎn)管理計(jì)劃和鵬華前海萬科REITs,分別對(duì)它們的組織結(jié)構(gòu)、目標(biāo)資產(chǎn)、投資策略、風(fēng)險(xiǎn)等方面進(jìn)行了分析,并對(duì)二者進(jìn)行了比較研究。在此基礎(chǔ)上,總結(jié)出了目前我國REITs產(chǎn)品發(fā)展存在的問題。第四部分內(nèi)容在案例分析的基礎(chǔ)上,根據(jù)對(duì)我國REITs產(chǎn)品發(fā)展問題的總結(jié),從發(fā)展模式、法律法規(guī)建設(shè)、以及不動(dòng)產(chǎn)市場完善三個(gè)角度,對(duì)我國REITs發(fā)展提出了相應(yīng)的對(duì)策建議。本文的主要結(jié)論有:從美國REITs的發(fā)展歷程中,可以發(fā)現(xiàn)REITs產(chǎn)品的發(fā)展需要完善的法律和政策支持,REITs產(chǎn)品的發(fā)展不能脫離房地產(chǎn)行業(yè)的發(fā)展,REITs產(chǎn)品的發(fā)展需要嚴(yán)格的風(fēng)險(xiǎn)控制體系;根據(jù)對(duì)案例研究結(jié)果的分析,指出了我國目前REITs產(chǎn)品存在法律法規(guī)不健全,對(duì)投資者利益保護(hù)不當(dāng)、稅收條款不明確、與資產(chǎn)證券化界線模糊的問題;基于我國REITs產(chǎn)品目前存在的問題,提出我國目前應(yīng)采用公募型、權(quán)益型的REITs發(fā)展模式,對(duì)REITs進(jìn)行專項(xiàng)立法工作,明確我國REITs的法律地位,規(guī)范REITs的投資行為、稅收條款、監(jiān)管主體等方面內(nèi)容,同時(shí)在法律上明確區(qū)分房地產(chǎn)資產(chǎn)證券化和REITs的界線;此外,應(yīng)對(duì)我國不動(dòng)產(chǎn)市場及其資產(chǎn)證券化市場進(jìn)行完善。
[Abstract]:With the continuous development of our economy, the real estate industry has entered the stock age. In this context, on the one hand, the financing of real estate enterprises is becoming more difficult, on the other hand, Real estate enterprises are also faced with the process of industrial transformation and upgrading from focusing on sales to focusing on development and operation. Therefore, at this stage, how to provide appropriate financial service support for the real estate enterprises in our country, and help the real estate enterprises to transform smoothly. According to the development experience of foreign countries, REITs can provide financial support for real estate enterprises at the financing end and the development and operation end. It is of great significance to study the development of REITs products in China to launch suitable REITs products and promote the smooth development of the real estate industry. This paper focuses on the analysis of the problems and obstacles in the development of REITs in our country, and puts forward the development path of REITs suitable for our country. The article is divided into five parts. The first part is the introduction of this paper, mainly the research background of this paper. The significance of the study is analyzed and stated, and the current research situation and conclusions are summarized, which are closely related to this paper. The necessity of developing REITs in China is explained in detail, and the theoretical basis is provided for the research and analysis of this paper. The second part mainly introduces the concept of REITs and its development in the United States, and summarizes the problems that should be paid attention to in the development of REITs in China from the development course of REITs in the United States. CITIC Kai Hang Special Asset Management Plan and Penghua Qianhai Vanke REITs respectively analyze their organizational structure, target assets, investment strategy, risk and so on. This paper summarizes the problems existing in the development of REITs products in China at present. The fourth part is based on the case analysis, according to the summary of the problems in the development of REITs products in China, from the development model, the construction of laws and regulations, From the three angles of perfecting the real estate market, this paper puts forward the corresponding countermeasures and suggestions for the development of REITs in China. The main conclusions of this paper are as follows: from the development course of REITs in the United States, It can be found that the development of REITs products needs perfect legal and policy support. The development of REITs products can not be separated from the development of real estate industry and the development of REITs products needs a strict risk control system. This paper points out the problems of imperfect laws and regulations of REITs products, improper protection of investors' interests, unclear tax terms and vague boundary with asset securitization, based on the existing problems of China's REITs products. This paper puts forward that China should adopt the REITs development mode of public offering and equity type at present, carry out special legislative work on REITs, clarify the legal status of REITs in our country, standardize the investment behavior of REITs, tax provisions, the main body of supervision, and so on. At the same time, the line between real estate asset securitization and REITs should be clearly distinguished in law, in addition, the real estate market and its asset securitization market in China should be perfected.
【學(xué)位授予單位】：云南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F299.23;F832.51

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