本文關(guān)鍵詞：中國房地產(chǎn)投資信托基金C-REITs的發(fā)展現(xiàn)狀、存在問題以及未來路徑探討　出處：《上海交通大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 商業(yè)地產(chǎn) C-REITs發(fā)展研究 房地產(chǎn)信托投資基金

【摘要】：隨著經(jīng)濟(jì)全球化進(jìn)程的加快和我國建設(shè)有中國特色經(jīng)濟(jì)的發(fā)展和全面改革事業(yè)的持續(xù)推進(jìn),我國的房地產(chǎn)業(yè)正呈現(xiàn)出日益迅猛的發(fā)展趨勢。房地產(chǎn)業(yè)是近年來我國發(fā)展較快的主導(dǎo)性產(chǎn)業(yè)之一并在國民經(jīng)濟(jì)中占據(jù)著非常重要的地位。由于房地產(chǎn)行業(yè)自身的特點(diǎn)：如資金投入大、建設(shè)周期長、資金周轉(zhuǎn)慢等,使得該行業(yè)與金融業(yè)之間息息相關(guān)、密不可分。目前以銀行和信托為主的地產(chǎn)融資模式越來越不能滿足行業(yè)發(fā)展的需要,金融系統(tǒng)也積聚了巨量的風(fēng)險(xiǎn)。制度失衡和制度缺陷強(qiáng)力呼喚著我國房地產(chǎn)金融的制度創(chuàng)新�！胺康禺a(chǎn)投資信托基金(REITs)"一個具有百年歷史、五十年發(fā)展的國際房地產(chǎn)金融新工具,在中國開始日益引起廣泛關(guān)注。甚至有專家預(yù)測：REITs將成為我國二十一世紀(jì)最重要的金融創(chuàng)新之一。地產(chǎn)開發(fā),尤其是商業(yè)地產(chǎn)的開發(fā)、廉租房經(jīng)適房的建設(shè)等需要沉淀大量的資金(投入大、租金回收期長),商業(yè)地產(chǎn)和廉租房經(jīng)適房的興旺發(fā)達(dá)需要REITs產(chǎn)品的支持。 本文的研究從最基本的概念開始,分了四章六個小點(diǎn)來闡述中國房地產(chǎn)信托產(chǎn)品C-REIT。首先,把REITs的基本概念明確下。第二,我們來研究REITs和其他房地產(chǎn)融資工具的關(guān)系,比如房地產(chǎn)上市IPO,私募RE基金,包括信托股權(quán)和債權(quán)的區(qū)別。第三,我們看一下REITs市場,包括在美國、日本、新加坡等整個REITs產(chǎn)品管理結(jié)構(gòu)的情況。第四,講一下當(dāng)前我國C-REITs發(fā)展的情況,它所面臨的一些難點(diǎn)、困難和問題。第五,闡述真正C-REITs產(chǎn)品應(yīng)解決的商業(yè)地產(chǎn)融資問題,并提出C-REITs除了是一種金融產(chǎn)品以外,它還帶來了新的商業(yè)模式。最后,借鑒境外先進(jìn)經(jīng)驗(yàn),探討了我國發(fā)展C-REITs的3種可能路徑。
[Abstract]:With the acceleration of the process of economic globalization and the development of China's economy with Chinese characteristics and the continuous advancement of the cause of overall reform. The real estate industry of our country is showing an increasingly rapid development trend. The real estate industry is one of the leading industries of our country in recent years, and also occupies a very important position in the national economy. Because of the real estate industry itself, the real estate industry occupies a very important position in the national economy. Characteristics of:. Such as large investment. The long construction cycle, slow capital turnover and so on, make the industry and the financial industry are closely linked. At present, the real estate financing model based on banks and trusts is more and more unable to meet the needs of the development of the industry. The financial system has also accumulated a huge amount of risks. Institutional imbalance and institutional defects strongly call for the institutional innovation of China's real estate finance. "Real Estate Investment Trust Fund" has a history of one hundred years. Fifty years of development of international real estate finance new tools, in China began to attract more and more attention. Even experts predict that one of the most important financial innovation in 21th century, real estate development, will become one of China's most important financial innovation. In particular, the development of commercial real estate, low-rent housing comfortable housing construction and other needs to precipitate a large number of funds (large investment, rental payback period is long). Commercial real estate and low-rent housing, the prosperity of adequate housing needs the support of REITs products. The research of this paper begins with the most basic concept, which is divided into four chapters and six small points to explain the Chinese real estate trust product C-REIT.Firstly, the basic concept of REITs is clearly defined. Second. We study the relationship between REITs and other real estate financing instruments, such as real estate listing IPO, private RE funds, including trust equity and debt. Third. Let's take a look at the REITs market, including the entire REITs product management structure in the United States, Japan, Singapore and so on. 4th, talk about the current development of C-REITs in China. It is faced with some difficulties, difficulties and problems. 5th, the real C-REITs products should solve the commercial real estate financing problem, and put forward that C-REITs is not only a kind of financial products. It also brings a new business model. Finally, three possible paths for the development of C-REITs in China are discussed based on the overseas advanced experience.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F299.23;F832.51

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