本文關(guān)鍵詞：市場化開發(fā)保障性住房視角下的REITs模式研究　出處：《浙江工商大學》2013年碩士論文　論文類型：學位論文

  更多相關(guān)文章： 住房市場 REITs 保障性住房 住房制度

【摘要】：2010年中央政府大規(guī)模啟動以公共租賃房為主的保障性住房建設(shè)工程,以解決城鎮(zhèn)困難家庭的居住需求。但現(xiàn)有保障性住房建設(shè)主要由地方政府以行政化方式建設(shè),而非市場化開發(fā),致使地方政府難以承擔大規(guī)模保障性住房建設(shè)的資金壓力。2009年10月,中國人民銀行推出《銀行間市場房地產(chǎn)信托受益券發(fā)行管理辦法》討論稿,探討以房地產(chǎn)投資信托基金(Real Estate Investment Trusts,簡稱REITs)的方式解決房地產(chǎn)企業(yè)融資難題,而此后國務(wù)院明確要求REITs試點應(yīng)結(jié)合保障性住房融資需求。但是,REITs試點工作迄今仍無進展,其中主要原因之一,就是脫離我國房地產(chǎn)市場實際情況,與我國保障性住房建設(shè)的融資模式難以匹配,不具有可操作性。 本文以市場化開發(fā)保障性住房為視角,在分析現(xiàn)有房地產(chǎn)市場融資方式的基礎(chǔ)上,從資金供給、投資標的、市場交易、稅收以及投資者收益等五個維度,對中國人民銀行推出的REITs討論稿進行較為系統(tǒng)的分析,探討如何構(gòu)建滿足市場主體融資需求的REITs模式。 通過分析,本文認為,中國人民銀行的REITs討論稿需要多方面的修改：在REITs設(shè)立方面,應(yīng)選擇權(quán)益型保障性住房REITs并在證券交易所上市；在REITs投資者與投資標的方面,應(yīng)允許開發(fā)期保障性住房作為REITs資產(chǎn)標的,并鼓勵機構(gòu)投資者參與；在REITs稅收方面,應(yīng)給予保障性住房REITs有條件的稅收減免優(yōu)惠。同時,還需要加強REITs的立法工作,推出專項REITs法規(guī)等。 在上述分析的基礎(chǔ)上,本文提出具體的政策建議,并給出適應(yīng)我國保障性住房建設(shè)融資需求的REITs模式。同時,利用香港市場REITs數(shù)據(jù)實證分析REITs的收益風險,證明證券市場的權(quán)益型REITs符合投資者需求,從證券市場募集保障性住房建設(shè)資金具有可行性。
[Abstract]:In 2010, the central government launched a large-scale public rental housing based on the indemnificatory housing construction project. In order to solve the housing needs of urban families, but the existing affordable housing construction mainly by the local government in the form of administrative construction, rather than market-oriented development. In October 2009, the people's Bank of China issued the "Management measures for the issuance of Real Estate Trust beneficiary Notes in the Interbank Market". This paper discusses how to solve the financing problem of real estate enterprises by real estate investment trust fund Real Estate Investment Trusts (referred to as REITs). Since then, the State Council has explicitly requested that the REITs pilot should be combined with the demand for affordable housing financing. But so far, no progress has been made on the REITs pilot work, one of the main reasons. It is difficult to match with the financing mode of our country's indemnificatory housing construction, and it is not feasible to break away from the real estate market of our country. This paper from the perspective of market-oriented development of affordable housing, on the basis of the analysis of the existing real estate market financing methods, from the capital supply, investment targets, market transactions, tax and investor income. This paper makes a systematic analysis of the REITs discussion draft issued by the people's Bank of China, and discusses how to construct a REITs model to meet the financing needs of market participants. Through the analysis, this paper thinks that the REITs discussion draft of the people's Bank of China needs to be revised in many aspects: in the aspect of the establishment of REITs. REITs should be chosen and listed on the stock exchange. In the REITs investor and investment target, should allow the development guarantee housing as the REITs asset target, and encourages the institutional investor to participate; In the aspect of REITs tax, REITs should be granted conditional tax relief and concessionary. At the same time, it is necessary to strengthen the legislative work of REITs and introduce special REITs regulations and so on. On the basis of the above analysis, this paper puts forward specific policy recommendations, and gives the REITs model to meet the financing needs of affordable housing construction in China. At the same time. By using the REITs data of Hong Kong market, this paper empirically analyzes the return risk of REITs, and proves that the equity REITs of the securities market meets the demand of investors. Raising housing construction funds from the securities market is feasible.
【學位授予單位】：浙江工商大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.45;F299.23;F224

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本文編號：1429404