本文關(guān)鍵詞： 房地產(chǎn)投資信托基金 REITs 運行模式　出處：《北方工業(yè)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：近年來,房地產(chǎn)行業(yè)已經(jīng)進入了地產(chǎn)資本時期,在各行業(yè)中房地產(chǎn)業(yè)資金運用較為密集,資本運作也是最有效的解決資金問題的方式之一,而不動產(chǎn)證券化作為新型的金融工具為房地產(chǎn)行業(yè)創(chuàng)造了新的資金來源。房地產(chǎn)投資信托基金(Real Estate Investment Trusts, REITs)可以有效解決房地產(chǎn)行業(yè)對資金的需求,同時作為一種收益高、流動性強的新型投資產(chǎn)品也填補了這類金融產(chǎn)品的空缺。其有效的結(jié)合了房地產(chǎn)市場和證券市場,加速了我國房地產(chǎn)資本市場的形成和發(fā)展。 REITs誕生于美國,現(xiàn)在亞洲國家和地區(qū)也相繼推出了本國的REITs產(chǎn)品,]REITs在形式上屬于投資基金的一種,究其根本其為證券化的金融產(chǎn)品,以認購股份或者受益憑證的形式,基金公司或者其他發(fā)起人集中吸納社會投資者的資金,并聘請獨立專業(yè)的投資機構(gòu)進行與房地產(chǎn)相關(guān)的運營,并且REITs的股份或者受益憑證可以在證券交易所上市交易。REITs作為投資工具已經(jīng)發(fā)展成熟,借鑒REITs市場成熟國家和地區(qū)的成功經(jīng)驗,在現(xiàn)有房地產(chǎn)市場和法律環(huán)境中探尋符合我國發(fā)展現(xiàn)狀的REITs,對我國房地產(chǎn)和證券兩個市場的長遠發(fā)展具有積極的意義。 REITs是我國房地產(chǎn)金融創(chuàng)新的重點探討的話題。無論是房地產(chǎn)產(chǎn)業(yè)還是金融業(yè)都在積極推動我國REITs的出臺。本文從房地產(chǎn)投資信托基金(REITs)的概念、分類以及與相似產(chǎn)品的比較入手,闡述了各國成熟REITs市場的運行模式,通過比較分析,深入探討了我國REITs可能的發(fā)展模式,在現(xiàn)有國情的基礎(chǔ)上,分析了REITs可選擇的制度模式并且對我國REITs的法律體系建設(shè)、產(chǎn)權(quán)制度、風(fēng)控制度和監(jiān)管制度等問題提出了建議。
[Abstract]:In recent years, the real estate industry has entered a period of real estate capital in various industries, the real estate industry is one of the intensive use of funds, capital operation is the most effective way to solve the problem of funds, and real estate securitization as a new financial tool for the real estate industry to create a new source of funds for real estate investment trusts. (Real Estate Investment Trusts, REITs) can effectively solve the real estate industry's demand for capital, as a kind of high yield, strong liquidity and new investment products but also to fill the vacancy of this kind of financial products. The effective combination of the real estate market and the stock market, accelerate the formation and development of China's real estate in the capital market.
REITs was born in the United States, now the Asian countries and regions have launched its own REITs products, a]REITs in the form of belonging to the investment fund, the reason for the securitization of financial products, to subscribe for shares or the beneficiary certificate in the form of fund company or other promoters from absorbing social investors funds, and hire the independent professional investment institutions and real estate related operations, and REITs shares or beneficiary certificates can be traded on the stock exchange.REITs as an investment tool has been developed, learn from the successful experience of REITs market mature countries and regions, in the current real estate market and legal environment are consistent with the development status of China's REITs that has a positive significance for the long-term development of China's real estate and stock market two.
REITs is a focus on China's real estate financial innovation topic. Whether it is the real estate industry and financial industry are actively promoting China's introduction of REITs. This article from the real estate investment trusts (REITs) concept, classification and comparison of similar products, expounds the operation mode of the mature REITs market through comparative analysis, discusses the development mode of China's REITs may, based on the current situation, analyzes the system model of REITs selection and construction of legal system of our country's REITs property rights system, risk control system and supervision problems and puts forward suggestions.

【學(xué)位授予單位】：北方工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F299.23;F832.49

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