【摘要】：房地產(chǎn)業(yè)能否良性發(fā)展，既關(guān)乎國民經(jīng)濟的增長，又是舉足輕重的民生問題，為此，一直以來受到國家政策的重點調(diào)控。由于，房地產(chǎn)具有價值量大、建設(shè)期長、風險性大等特點,使得房地產(chǎn)融資成為房地產(chǎn)發(fā)展的關(guān)鍵，因此，通過行政手段作用于房地產(chǎn)金融市場，成為國家調(diào)控房地產(chǎn)業(yè)的主要發(fā)力點。近幾年來，伴隨房地產(chǎn)泡沫的加劇，房地產(chǎn)調(diào)控政策頻頻出臺，特別是房地產(chǎn)信貸政策一再收緊，使得我國房地產(chǎn)融資尤其是中小房地產(chǎn)企業(yè)，很難依靠銀行通道獲得貸款。正是在這樣的背景下，房地產(chǎn)信托憑借自身制度上的優(yōu)勢以及個性定制的房地產(chǎn)信托產(chǎn)品交易結(jié)構(gòu)，成為房地產(chǎn)企業(yè)除銀行貸款外的重要融資通道。 但是，目前我國房地產(chǎn)信托產(chǎn)品的安全性、流動性和收益性相對較低，配套的稅收政策不確定導致雙重稅收負擔，使得我國房地產(chǎn)信托業(yè)務(wù)的信托優(yōu)勢發(fā)揮得不理想。并且，我國房地產(chǎn)信托起步晚，存在制度、風險控制、人才隊伍的建設(shè)等方面的缺陷，使得房地產(chǎn)信托在當前緊縮的房地產(chǎn)宏觀調(diào)控背景下，房地產(chǎn)信托產(chǎn)品增長為粗放式。而我國主要房地產(chǎn)信托業(yè)務(wù)模式類似銀行貸款模式以及其監(jiān)管套利的業(yè)務(wù)機制，不僅會推高房地產(chǎn)金融市場的風險，而且，還可能會削弱國家對房地產(chǎn)業(yè)的宏觀調(diào)控政策力度。因此，我國房地產(chǎn)信托業(yè)務(wù)的發(fā)展已經(jīng)到了瓶頸期，亟待尋求發(fā)展出路。 本文就時下房地產(chǎn)宏觀調(diào)控大背景，依托信息不對稱、委托—代理理論，采用理論聯(lián)系實際、實證分析、層次分析的研究方法，，以房地產(chǎn)信托機構(gòu)的角度，對房地產(chǎn)信托發(fā)展現(xiàn)狀進行深入研究。首先，從信托理論基礎(chǔ)入手，全面介紹房地產(chǎn)信托；其次，分析了房地產(chǎn)信托業(yè)務(wù)發(fā)展環(huán)境以及存在的障礙；再次，通過層次分析法，從微觀因素的角度對房地產(chǎn)信托業(yè)務(wù)方式進行選擇；最后，提出解決房地產(chǎn)信托業(yè)務(wù)困境，規(guī)范房地產(chǎn)信托市場，促進其健康、理性、規(guī)范發(fā)展的建議。
[Abstract]:Whether the real estate industry can develop healthily is not only related to the growth of the national economy, but also a vital issue of people's livelihood. Therefore, the real estate industry has been subject to the key control of the national policy. Since real estate has the characteristics of large value, long construction period and great risk, real estate financing becomes the key to the development of real estate. Therefore, it acts on the real estate financial market through administrative means. Become the national regulation and control of the real estate industry is the main point of development. In recent years, with the aggravation of the real estate bubble, the real estate regulation and control policy has been issued frequently, especially the real estate credit policy has been tightened again and again, which makes the real estate financing, especially the small and medium-sized real estate enterprises, difficult to rely on the bank channel to obtain the loan. It is against this background that real estate trust has become an important financing channel for real estate enterprises in addition to bank loans by virtue of its own institutional advantages and customized transaction structure of real estate trust products. However, at present, the security, liquidity and profitability of real estate trust products in China are relatively low. The uncertainty of matching tax policy leads to double tax burden, which makes the trust advantage of real estate trust business in China not ideal. Moreover, the real estate trust of our country starts late, has the system, the risk control, the talent team construction and so on the flaw, causes the real estate trust under the current tightening real estate macro-control background, the real estate trust product growth is extensive. But the main real estate trust business model of our country is similar to the bank loan model and the business mechanism of its supervision arbitrage, which will not only push up the risk of the real estate financial market, but also may weaken the macro-control policy of the country to the real estate industry. Therefore, the development of China's real estate trust business has reached the bottleneck period, and it is urgent to find a way out. Based on the current macro-control background of real estate, relying on the asymmetric information, principal-agent theory, this paper adopts the research methods of combining theory with practice, empirical analysis and analytic hierarchy process (AHP), and from the perspective of real estate trust organization, To the real estate trust development present situation carries on the in-depth research. First of all, from the theoretical basis of trust, a comprehensive introduction of real estate trust; secondly, analysis of the real estate trust business development environment and existing obstacles; Thirdly, through Analytic hierarchy process (AHP), choose the business mode of real estate trust from the angle of microcosmic factors; Finally, some suggestions are put forward to solve the dilemma of real estate trust business, to standardize the real estate trust market and to promote its healthy, rational and normative development.
【學位授予單位】：長安大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F299.23;F832.49

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