本文選題：REITs + 資產(chǎn)證券化��； 參考：《上海交通大學(xué)》2014年碩士論文

【摘要】：REITs(Real Estate Investment Trusts)作為投資不動(dòng)產(chǎn)（房地產(chǎn)）市場的重要投融資載體和工具，在海外多個(gè)金融市場如美國，英國，澳大利亞，法國，日本，，新加坡，香港地區(qū)等已是一個(gè)較為成熟和熱門的投資品種，其中在公開市場交易的Public REITs是產(chǎn)品中的主流而另一方面，REITs在中國的發(fā)展步伐較長時(shí)期都處于一個(gè)較為曖昧的節(jié)奏本文從REITs的基本屬性和歷史表現(xiàn)出發(fā)，結(jié)合我國的實(shí)際金融地產(chǎn)市場狀況，探討REITs這一金融產(chǎn)品的價(jià)值究竟何在，是否正真適合中國市場，同時(shí)引申展望REITs在中國發(fā)展的起步領(lǐng)域全文除第一章導(dǎo)論外共分五個(gè)章節(jié)，邏輯結(jié)構(gòu)上是一個(gè)層層遞進(jìn)的關(guān)系，第三四五章節(jié)最為重要 其中，第二章對(duì)美國及全球的REITs市場做了描述和統(tǒng)計(jì)，共分為3節(jié)知古而論今，第1節(jié)簡要回顧了REITs自1960年的起源和之后步步發(fā)展第2節(jié)側(cè)重美國市場，通過US-REITs累計(jì)6千億存量規(guī)模，近10年每年200只的募集個(gè)數(shù)；2位數(shù)的年化收益率和分門別類的品種形式在深度，寬度，廣度上證明REITs在美國驚人的成功第3節(jié)則簡要介紹了全球其他國家地區(qū)REITs的復(fù)制性和發(fā)展 其后，第三章分為2大部分，第1節(jié)重點(diǎn)探討了令REITs成功的特質(zhì)歷史數(shù)據(jù)證明REITs的成功是長期而非偶然的，其資產(chǎn)證券化創(chuàng)造流動(dòng)性的能力，集合投資的功能，長期風(fēng)險(xiǎn)收益比的優(yōu)勢等幾大因素奠定了它的成功而這些成功的基因也需要適宜的土壤第2節(jié)則通過結(jié)合分析目前我國國內(nèi)金融地產(chǎn)市場現(xiàn)狀，指出REITs在中國市場落地發(fā)芽的需求和意義，以及未來茁壯成長的可能 在此基礎(chǔ)上第四章首先回顧了之前國內(nèi)資產(chǎn)借道海外REITs上市案例的得失，其后著重展望了在國內(nèi)本土市場發(fā)展REITs的準(zhǔn)備工作，包括制度建設(shè)，框架設(shè)計(jì)，標(biāo)的資產(chǎn)導(dǎo)向，稅收等幾方面如何借鑒海外經(jīng)驗(yàn)，發(fā)揮后發(fā)優(yōu)勢，因地制宜地優(yōu)化國內(nèi)REITs的發(fā)展模式 第五章則更近一步，第1節(jié)探討了國內(nèi)市場REITs起步領(lǐng)域可能的選擇，也指出了適時(shí)地推出保障房REITs有著促進(jìn)住宅市場健康發(fā)展，降低政府負(fù)債水平，拓寬地產(chǎn)投資渠道等一舉多得的作用第2節(jié)則以保障房中的公租房為例，通過海外類似種類REITs的真實(shí)交易價(jià)格回測數(shù)據(jù)，結(jié)合我國現(xiàn)階段經(jīng)濟(jì)狀況，探討了公租房REITs的合理定價(jià)，希望能借此對(duì)國內(nèi)市場創(chuàng)造既叫好又叫座的REITs產(chǎn)品產(chǎn)生些許幫助 第六章是全文的結(jié)論，提煉了在中國市場REITs的價(jià)值所在，如何揚(yáng)棄地加以借鑒，并對(duì)起步領(lǐng)域的展望做了總結(jié)
[Abstract]:REITs (Real Estate Investment Trusts) as an important investment and financing vehicle for investing in the real estate market, in many overseas financial markets such as the United States, the United Kingdom, Australia, France, Japan, Singapore, Hong Kong is already a mature and popular investment variety. Among them, Public REITs traded in the open market is the mainstream of products, and on the other hand, the pace of development of REITs in China has been in a more ambiguous rhythm for a long time. This paper starts from the basic attributes and historical manifestations of REITs. Combined with the actual financial and real estate market situation in China, this paper discusses the value of REITs as a financial product and whether it is really suitable for the Chinese market. At the same time, the full text of the beginning field of REITs development in China is divided into five chapters in addition to the introduction in the first chapter. The logical structure is a progressive relationship. Chapter 345 is the most important one. Chapter two describes and counts the REITs market in the United States and the world. Section 1 briefly reviews the origin and development of REITs since 1960. Section 2 focuses on the American market. Through the US-REITs accumulated 600 billion stock scale, the annual collection of 200 REITs in the past 10 years; In depth, width and breadth, the annual rate of return of the two digits and the form of the classified varieties prove the astonishing success of REITs in the United States. Section 3 briefly introduces the replicability and development of REITs in other parts of the world. The third chapter is divided into two parts, section 1 focuses on the characteristics of the success of REITs historical data prove that the success of REITs is long-term, not accidental, its asset securitization ability to create liquidity, the function of collective investment, Several factors, such as the advantage of long-term risk-return ratio, have established its success, and these successful genes also need suitable soil. Section 2 analyzes the present situation of domestic financial and real estate market by combining with the analysis of the current situation of our country's financial and real estate market. The paper points out the demand and significance of REITs' emergence in China market, and the possibility of growing up in the future. The fourth chapter first reviews the gains and losses of domestic assets' overseas REITs listing cases. After that, the paper emphatically looks forward to the preparatory work of developing REITs in the domestic market, including system construction, framework design, target asset orientation, taxation and so on, how to draw lessons from overseas experience and bring into play the advantage of latecomer. The fifth chapter is a step closer to optimizing the development mode of domestic REITs according to local conditions. Section 1 discusses the possible choice of the starting field of indemnificatory apartment in the domestic market, and points out that the timely introduction of indemnificatory apartment REITs can promote the healthy development of the housing market. Reducing the level of government debt, widening the channels of real estate investment, and so on, section 2 takes the public rental housing in indemnificatory apartment as an example, through the real transaction price data of similar types of REITs overseas, combined with the current economic situation in China. This paper discusses the reasonable pricing of REITs in public rental housing, hoping that it can help the domestic market to create both good and popular REITs products. Chapter VI is the conclusion of the full text, refining the value of REITs in the Chinese market. How to develop and discard the land for reference, and the prospect of the starting field is summarized.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F299.23;F832.49

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本文編號(hào)：2058445