【作者】 李仁杰；

【导师】 张国元；

【作者基本信息】 华东政法大学 ， 国际法学， 2010， 硕士

【摘要】 随着我国经济的快速发展,房地产业在我国也呈现出日益迅猛的发展趋势,作为资金密集型产业,房地产业现有的投融资体制之局限性正逐渐显现。放眼全球,美国、日本、新加坡、香港等发达国家或地区的房地产金融创新基本上已经完成了以银行为主的间接信贷融资模式转向为以证券化为主的直接权益融资模式过渡,由单一银行投融资体制转向多元化、多层次的市场投融资体制转变,促进了其房地产业和金融的持续发展和繁荣。在这一过程当中,房地产投资信托(REITs)的创设和发展,起着根本性的推动作用。房地产投资信托(REITs)结合了房地产市场的资本密集性特征和信托融资工具的流动性优势,为投资者持有多样化的商业房地产投资组合提供了一个便利的和高流动性的投资工具,同时也为房地产业的发展开辟了新的融资渠道。然而2007年开始发生于美国的次贷危机进而演化成全球性金融危机,追根溯源,其始作俑者却也是房地产业的资产证券化。因此,在我国房地产业迫切需要新的融资渠道、资本市场渴求新的投资产品的今天,考察和借鉴国外特别是美国发展REITs的经验和教训,审慎引入REITs,已经十分必要。本文主要通过考察国外房地产投资信托的发展历程及相应的法律架构,并结合美国次贷危机发生的原因和启示,探讨我国发展C-REITs的必要性和可行性,同时从外部法律环境建设和具体法律架构方面给出了发展C-REITs的立法建议。文章分为三个部分进行论述。第一章为房地产投资信托(REITs)基础理论概述。本章首先就信托的起源与概念、特征等基本理论进行系统性的介绍,进而引申到有关REITs的基本理论,分析了REITs的概念、法律特征、分类以及相关法律关系。然后针对REITs与证券投资基金等相关概念做了辨析。最后就房地产投资信托(REITs)对投资者投资、房地产市场稳定、资本与金融市场完善、住房社会保障等方面的价值作了分析。第二章为房地产投资信托(REITs)发展历程及法律架构。美国是REITs发展最早和最繁荣的国家,因此本章首先重点并详细介绍了美国REITs的发展历程、法律架构、发展特征,然后介绍了具有后发之势的亚洲国家(地区)REITs的发展情况,挑选日本、新加坡和香港地区为代表。最后就美国与亚洲各国(地区)REITs的法律架构做了比较分析。第三章主要结合美国次贷危机原因及启示阐述如何构建我国房地产投资信托(REITs)法律体系。美国次贷危机以及随后演化而成的全球性金融危机给美国甚至全球经济带来了极大的损害,因此本章首先论述了美国次贷危机爆发的原因以及相应对我国发展REITs的启示。然后结合我国房地产业投融资现状和REITS的特征探讨发展REITs的必要性和可行性。最后,从外部法律环境建设和具体法律架构两个方面就发展C-REITs提出了立法建议。更多还原

【Abstract】 With the fast development of our national economy, there appears to be an increasingly fast-development tendency in real estate industry. As a capital-intensive industry, real estate industry is seeing some problems in its investment and financing system. On a global scale, those developed countries or areas such as America, Japan, Singapore and Hang Kong most have completed the transition in real estate industry financing innovation from indirect credit financing mainly relying on banks to direct equity financing through securitization, from investment and financing system solely through banks to a diversified and multi-level market investment and financing system, and finally resulting in a consistently developing and prospering real estate industry as well as finance industry. During the said process, the establishment and development of Real Estate Investment Trusts (REITs), plays a critical role. Combining the capital-intensive character of real estate industry and liquidity of trust financing instruments, REITs provides investors with a convenient and high-liquidity investment instrument for holding diversified commercial real estate portfolio, and in the meantime renders a new financing channel for the development of real estate industry. Nevertheless concerning the subprime mortgage crisis originating in the U.S in 1997 and later on evolving into a worldwide financial crisis, its initiator was also the practice of securitization in real estate industry. As a consequence, today when there is an urgent need for new financing channel in real estate industry as well as one for new investment instruments in capital market, it is particularly necessary for us to study and draw on experiences of REITs’development in the U.S so as to cautiously bring in REITs.By way of studying the development process of REITs and the corresponding REITs legal framework in foreign countries and the cause as well as lessons of the subprime mortgage crisis in the U.S., this thesis is to discuss the necessity and feasibility of developing REITS in China, presenting some legislative proposals for developing REITs in China from perspective of outside legal environment construction and specific legal framework. This thesis consists of three chapters.The first chapter expounds the basic theory of REITs. In the first place, the origin, definition and features of trust are systematically introduced, which leads to the analysis of basic theories about REITs, including the latter’s definition, legal characteristics, classification and the relative legal relationship. Afterwards, there is a differentiation between REITs and some relevant concepts such as securities investment fund. Last but not the least; an analysis is presented concerning the value of REITs to investors, stability of real estate market, improvement of capital and financial market and social housing.The second chapter depicts the development history and legal framework of REITs. Since the U.S. is the first to develop REITS and has the most prosperous REITs industry, this chapter first of all gives an elaborate presentation about the development history, legal framework, and evolution characteristics of REITs in the U.S., which is followed by development situation of REITs in Asian countries or areas with Japan, Singapore and Hang Kong picked as example. Finally, a comparative analysis is conducted between the legal framework of the U.S. and Asian countries (area).The third chapter, with a description about the cause and lessons of subprime mortgage crisis in the U.S., mainly discusses how to construct China’s REITs legal system. The subprime mortgage crisis as well as the later global financial crisis has brought about great damages to the U.S. and even the whole world economy, so this chapter begins with a description about the cause of the said crisis and lessons drawn from it for developing REITs in China. Afterwards, combining the current investment & financing status of real estate industry and characteristics of REITs, this chapter discusses the necessity as well as feasibility of developing REITs in China. Last but not the least, legislative proposals are put forward for developing C-REITs from perspective of outside legal environment construction and specific legal framework.更多还原