本文選題：公共租賃房　切入點：房地產(chǎn)投資信托基金(REITs)　出處：《浙江大學》2013年碩士論文

【摘要】：中華上下五千年,傳統(tǒng)的國人一直追求著“安居樂業(yè)”的夢想。“安居”才可樂業(yè),中國人對“家”的在意,與世界其他國家相比,有過之而無不及。然而,我國住房市場的現(xiàn)狀是,商品房價格持續(xù)攀升,保障房供給又極為缺失。2009年以來,中央政府數(shù)次強調(diào)保障性住房建設的重要性,以豐富二元住房市場。然而,地方政府貫徹力度及成效卻不盡理想,尤其是公共租賃房,建設十分遲緩。 公共租賃房的供給對象除中低收入群體外,還包含大學畢業(yè)生、進城務工農(nóng)民等社會夾心層。它的建設難題,歸根結(jié)底是融資難題。而融資難題的核心,則是缺乏合理的收益率空間。收益率包含兩個階段性指標：開發(fā)期間的建設利潤率及運營階段的投資回報率,兩者一脈相承。一方面,公共租賃房所需資金多、回款周期長、導致建設利潤低；另一方面,公共租賃房缺乏長效運營機制,資金流動與退出困難,投資回報率不具吸引力。因此,亟需對公共租賃房的融資方式進行創(chuàng)新。 這也正是本文重點研究的領域。利用政府支持(包括成本支持與收益支持兩方面)和構(gòu)建創(chuàng)新的市場化的公共租賃房G-REITs (政府主導的房地產(chǎn)投資信托基金)的融資方式,可以有效解決公共租賃房的融資難題。此外,政府支持方式哪種更有效,怎樣構(gòu)建合理的G-REITs融資方式,影響G-REITs收益率的主要因素有哪些,影響方向如何,本文也通過實證分析進行了相應的研究和回答。同時,根據(jù)研究結(jié)果,本文以政府為主體,提出了積極影響公共租賃房收益率的政策建議。 總體而言,經(jīng)過理論研究和實證分析,本文得出了以下主要的結(jié)論： 第一,公共租賃房建設困局的主因是融資難題,而融資難題的核心原因是缺乏合理的收益率區(qū)間。因此,提高收益率是解決上述問題的突破口。 第二,公共租賃房收益率包含兩個階段性指標：建房期間,房地產(chǎn)商的建設利潤率；存續(xù)運作期間,資金參與者的投資回報率。 第三,政府的成本支持與收益支持可提高建設利潤率；構(gòu)建市場化的G-REITs融資方式可提高投資回報率,兩者的結(jié)合,將提高公共租賃報酬率,有利于吸引社會資金,從而形成公共租賃房創(chuàng)新的融資方式。
[Abstract]:For 5,000 years, traditional Chinese people have been pursuing the dream of "living and working in peace". "living in peace" is the only way to be happy. Chinese people care more about "home" than other countries in the world. However, The current situation of China's housing market is that commodity housing prices continue to rise and indemnificatory apartment's supply is extremely lacking. Since 2009, the central government has emphasized several times the importance of affordable housing construction in order to enrich the dual housing market. Local government implementation and results are not ideal, especially public rental housing, construction is very slow. In addition to the middle and low income groups, the supply of public rental housing also includes the social sandwich layer, such as college graduates, migrant workers and peasants in cities. The construction problem is, in the final analysis, the financing problem. And the core of the financing problem, The rate of return includes two stages: the profit rate of construction during the development period and the rate of return on investment in the operation phase, both of which are in the same vein. On the one hand, the public rental housing needs more funds, and the payback period is long. On the other hand, the lack of long-term operation mechanism of public rental housing, the difficulty of capital flow and exit, the return on investment is not attractive. Therefore, it is urgent to innovate the financing methods of public rental housing. This is also the focus of this paper. The use of government support (including cost support and income support) and the construction of innovative market-oriented public rental housing G-REITs (government-led real estate investment trust fund) financing, It can effectively solve the financing problem of public rental housing. In addition, which way of government support is more effective, how to build a reasonable G-REITs financing mode, what are the main factors that affect the yield of G-REITs, and how to influence the direction? Meanwhile, according to the research results, this paper puts forward some policy suggestions which positively affect the yield of public rental housing, taking the government as the main body. In general, through theoretical research and empirical analysis, this paper draws the following main conclusions:. First, the main reason for the difficulties in the construction of public rental housing is the financing problem, and the core reason of the financing problem is the lack of a reasonable yield range. Therefore, raising the yield rate is the breakthrough to solve the above problems. Second, the rate of return on public rental housing includes two stages: the profit rate of the real estate developer during the construction period and the return on investment of the capital participant during the period of operation. Third, the cost support and income support of the government can improve the profit rate of construction, and the construction of market-oriented G-REITs financing mode can improve the return on investment. The combination of the two will improve the rate of return on public rental, which will help to attract social funds. Thus forms the public rental housing innovation financing way.
【學位授予單位】：浙江大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F299.23

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本文編號：1656411