發(fā)布時(shí)間：2018-03-21 02:55

  本文選題：REITs　切入點(diǎn)：運(yùn)營(yíng)模式　出處：《北京交通大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：房地產(chǎn)信托投資基金(REITs)是一種以公開(kāi)發(fā)行方式匯集特定多數(shù)投資者的資金,由專門投資機(jī)構(gòu)進(jìn)行房地產(chǎn)投資經(jīng)營(yíng)管理,并將投資綜合收益按比例分配給投資者的一種信托基金,它是發(fā)達(dá)國(guó)家常見(jiàn)的房地產(chǎn)證券化的重要手段。 本文研究意義在于論文是在研究美國(guó)及亞太REITs市場(chǎng)發(fā)展的基礎(chǔ)上,從產(chǎn)品設(shè)計(jì)的角度,分析適合我國(guó)市場(chǎng)環(huán)境和法律制度的REITs運(yùn)營(yíng)模式。以最小法律制度障礙為目標(biāo),分析中國(guó)現(xiàn)階段最有可能的REITs運(yùn)營(yíng)發(fā)展模式。 本文采用的研究方法主要是：通過(guò)查閱專業(yè)統(tǒng)計(jì)數(shù)據(jù),印證本文中部分觀點(diǎn)與結(jié)論；通過(guò)表格等工具對(duì)比的方法,找出分析材料中的共同點(diǎn)與區(qū)別,總結(jié)出成熟模式下的共性特征；引用相關(guān)文獻(xiàn)及調(diào)研分析報(bào)告等資料或結(jié)論。 本論文的主要工作及結(jié)論如下：首先對(duì)房地產(chǎn)信托投資基金剖析,簡(jiǎn)述了其發(fā)展歷程及其在海外市場(chǎng)迅速發(fā)展的原因,對(duì)REITs的基本類型做出了較全面的分析。其次從房地產(chǎn)信托投資基金的發(fā)展環(huán)境分析,論述了我國(guó)當(dāng)前社會(huì)條件、經(jīng)濟(jì)狀況、房地產(chǎn)行業(yè)發(fā)展需求均適合REITs市場(chǎng)的建立和發(fā)展。然后,本文對(duì)美國(guó)和亞太的房地產(chǎn)信托投資基金運(yùn)營(yíng)模式進(jìn)行了深入的對(duì)比研究,而且本文分別列舉了美國(guó)模式與亞太模式的案例,從鐵獅門與凱德置地的案例中,更加清楚的認(rèn)識(shí)到REITs產(chǎn)品的實(shí)際應(yīng)用與經(jīng)驗(yàn)總結(jié)。最后,本文解析了信托型、上市公司型、封閉基金型REITs的不同特點(diǎn)及對(duì)我國(guó)現(xiàn)有政策的匹配度,從而推演出適合我國(guó)現(xiàn)有國(guó)情的房地產(chǎn)信托投資基金模式即封閉型基金模式。
[Abstract]:Real estate trust and investment fund (REITs) is a kind of trust fund that brings together the funds of a specific majority of investors by means of a public offering, is managed by a specialized investment institution and distributes the comprehensive income of the investment to the investors in a proportional manner. It is an important means of real estate securitization in developed countries. The significance of this paper lies in the fact that the thesis is based on the study of the development of the REITs market in the United States and the Asia-Pacific region, and from the point of view of product design, it analyzes the REITs operation mode suitable for the market environment and legal system of our country, with the aim of minimum legal system obstacles. This paper analyzes the most likely REITs operation and development model in China at the present stage. The research methods used in this paper are as follows: checking professional statistical data to confirm some of the views and conclusions in this paper; finding out the common points and differences in the analysis materials by means of comparison of tables and other tools. Summarize the common characteristics of mature model, quote relevant literature and research and analysis reports, and other materials or conclusions. The main work and conclusions of this paper are as follows: firstly, the paper analyzes the real estate trust and investment fund, briefly describes its development history and the reasons for its rapid development in overseas markets. This paper makes a comprehensive analysis of the basic types of REITs. Secondly, from the analysis of the development environment of the real estate trust and investment fund, it discusses the current social conditions and economic situation of our country. The development needs of the real estate industry are suitable for the establishment and development of the REITs market. Then, this paper makes a deep comparative study on the operation mode of the real estate trust and investment funds in the United States and Asia Pacific. Moreover, this paper enumerates the cases of American model and Asia-Pacific model, from the case of Tishimen and Cade Land, it clearly recognizes the practical application and experience summary of REITs products. Finally, this paper analyzes the trust type, the listed company type, and so on. The different characteristics of closed fund type REITs and the matching degree of our country's existing policy, thus deduces the real estate trust investment fund mode which is suitable for our country's current situation, namely the closed type fund pattern.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51

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本文編號(hào)：1641950