本文選題：房地產(chǎn)投資信托基金 + 融資��； 參考：《湖南科技大學(xué)》2014年碩士論文

【摘要】：近年來(lái)，房地產(chǎn)業(yè)的迅猛發(fā)展，在很大的程度上影響著人們的日常生活。長(zhǎng)期以來(lái)，房地產(chǎn)業(yè)相關(guān)政策一直處于不完善的狀態(tài)，最近幾年其所造成的弊端日漸顯現(xiàn)，最明顯的一個(gè)后果便是我國(guó)的房地產(chǎn)業(yè)泡沫化速度急劇加快。為了促進(jìn)房地產(chǎn)業(yè)健康發(fā)展，我國(guó)政府不僅專門為其制定并發(fā)布了相關(guān)政策，同時(shí)還將保障性住房建設(shè)列為重點(diǎn)關(guān)注領(lǐng)域。在國(guó)內(nèi)大力發(fā)展保障性住房建設(shè)，不僅可以促進(jìn)保障性住房相關(guān)產(chǎn)業(yè)的發(fā)展，還能夠消除房地產(chǎn)市場(chǎng)泡沫，使得商品房?jī)r(jià)格趨于穩(wěn)定，避免其增長(zhǎng)過(guò)快。另外，還能夠起到刺激消費(fèi)，擴(kuò)大內(nèi)需的作用，而最為關(guān)鍵的作用是其能夠促使中低收入住房困難家庭早日走出困境�？墒潜Ｕ闲宰》拷ㄔO(shè)得以健康發(fā)展的一個(gè)關(guān)鍵性問(wèn)題便是其需要有大量的、持續(xù)性的資金供應(yīng)。那么我們?cè)撊绾谓鉀Q保障性住房建設(shè)的資金供應(yīng)這一住房保障工作的關(guān)鍵問(wèn)題呢？目前我國(guó)在保障性住房融資領(lǐng)域主要還是依靠的銀行貸款，部分地區(qū)政府也會(huì)通過(guò)發(fā)行私募債券來(lái)募集資金，可見(jiàn)在我國(guó)保障性住房融資領(lǐng)域運(yùn)用到的融資工具和渠道是很少的。隨著政府對(duì)于保障性住房建設(shè)力度的加大，僅靠如此單一的融資工具和渠道，越來(lái)越難以滿足保障性住房建設(shè)的資金供應(yīng)要求了。因此積極的探索能夠運(yùn)用于我國(guó)保障性住房融資中的REITs運(yùn)作模式，不僅會(huì)增加中小投資者的投資渠道，還能夠促進(jìn)我國(guó)房地產(chǎn)市場(chǎng)結(jié)構(gòu)的優(yōu)化調(diào)整，從而達(dá)到解決我國(guó)保障性住房的資金缺口問(wèn)題的目的。 本文主要內(nèi)容由六個(gè)部分組成：第一部分，歸納總結(jié)了國(guó)內(nèi)外保障性住房REITs的理論成果，闡述了本文的研究背景及意義、內(nèi)容和主要?jiǎng)?chuàng)新點(diǎn)。第二部分，介紹REITs的相關(guān)理論基礎(chǔ)，從根源開(kāi)始對(duì)REITs進(jìn)行了詳細(xì)的介紹，并對(duì)現(xiàn)有REITs的分類以及特征進(jìn)行介紹。第三部分，，主要闡述其在美國(guó)以及亞洲（地區(qū)）的發(fā)展歷程及現(xiàn)狀，并對(duì)國(guó)內(nèi)外REITs的運(yùn)作模式進(jìn)行介紹，從國(guó)外的成功運(yùn)作模式中汲取經(jīng)驗(yàn)。第四部分，從我國(guó)金融市場(chǎng)環(huán)境、相關(guān)政策和REITs在保障性住房融資中的盈利性等方面進(jìn)行分析，闡述了REITs在我國(guó)保障性住房融資領(lǐng)域運(yùn)用的可行性，以及在我國(guó)保障性住房領(lǐng)域運(yùn)用REITs進(jìn)行融資的制約因素。第五部分，構(gòu)建適合我國(guó)國(guó)情的保障性住房REITs運(yùn)作模式，并探討其所需的制度保障。第六部分，對(duì)于本文研究的內(nèi)容進(jìn)行總結(jié)。
[Abstract]:In recent years, the rapid development of real estate industry affects people's daily life to a great extent. For a long time, the related policies of the real estate industry have been in a state of imperfection. In recent years, the malpractices caused by them have gradually appeared, and the most obvious consequence is that the frothing speed of the real estate industry in our country is quickening rapidly. In order to promote the healthy development of the real estate industry, our government has not only formulated and issued related policies for the real estate industry, but also listed the construction of affordable housing as a key area of concern. Developing the indemnificatory housing construction in our country can not only promote the development of the indemnificatory housing related industry, but also eliminate the bubble of the real estate market, make the price of the commodity house tend to stabilize, avoid its growth too fast. In addition, it can stimulate consumption and expand domestic demand, and the most important role is that it can help low-income families to get out of the predicament as soon as possible. However, a key issue for the healthy development of affordable housing construction is the need for a large, sustained supply of funds. So how should we solve the financing of affordable housing construction, the key issue of housing security? At present, our country mainly relies on bank loans in the field of affordable housing financing. Some regional governments will also raise funds by issuing private equity bonds. It can be seen that the financing tools and channels used in the field of affordable housing financing in China are few. With the increase of the construction of the indemnificatory housing, it is more and more difficult to meet the demand of the fund supply for the construction of the indemnificatory housing by relying on such a single financing tool and channel. Therefore, the active exploration can be applied to the REITs operation mode in our country's affordable housing financing, which will not only increase the investment channels of the small and medium-sized investors, but also promote the optimization and adjustment of the real estate market structure of our country. In order to solve the problem of financing gap of affordable housing in China. The main content of this paper is composed of six parts: the first part summarizes the theoretical results of REITs at home and abroad, expounds the research background and significance of this paper, the content and the main innovation points. In the second part, the theoretical basis of REITs is introduced, and the classification and characteristics of existing REITs are introduced in detail. In the third part, the development course and present situation of REITs in the United States and Asia (region) are described, and the operation mode of REITs at home and abroad is introduced. The fourth part analyzes the financial market environment, relevant policies and the profitability of REITs in affordable housing financing, and expounds the feasibility of using REITs in the field of affordable housing financing in China. And in the field of affordable housing in China to use REITs to finance the constraints. In the fifth part, the author constructs the REITs operating mode which is suitable for our country's national conditions, and discusses the system guarantee needed by REITs. The sixth part summarizes the content of this paper.
【學(xué)位授予單位】：湖南科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F299.23

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