【作者】 邹海荣；

【导师】 严治仁；

【作者基本信息】 重庆大学 ， 管理科学与工程， 2003， 硕士

【摘要】 在一次房地产金融论坛上，与会的专家学者、开发商一致认为随着近年来全国经济、金融业和房地产业的迅猛发展，房地产业的竞争将逐步进入融资手段的竞争。而且由于这几年我国房地产业发展势头迅猛，出现了一些无序开发的现象，产生了一定的供需矛盾，导致大量闲置房、空置房的出现，这部分沉淀资产占用大量资金，直接影响企业的资金周转和营运效率，急需有专业优势、资金优势的机构协助来盘活处置。此外，通过研究经济比较发达国家的房地产业可以发现，一个成熟的房地产市场应该包括三个小循环，三个小循环合在一起又组成了一个大循环。这三个小循环分别是：以房地产开发商为核心的房地产开发循环；以房地产投资管理为核心的房地产投资循环；以及以按揭抵押债券为核心的资产证券化循环。中国的房地产业经过20年时间的发展，只构筑了第一个小循环,但随着中国房地产投资功能的显现，房地产的投资管理循环开始呼之欲出。因此，创新房地产金融工具，发展房地产产业投资基金已是大势所趋。本文通过分析研究国内外有关的房地产投资基金文献，界定了在中国当前房地产业发展背景下房地产产业投资基金的内涵，探讨了房地产产业投资基金在我国发展的必要性与可行性。同时，借鉴国外尤其是美国产业投资基金的运作经验，讨论了房地产投资基金的设立、组织模式、资金来源以及房地产产业投资基金的资金投向等问题。最后，还分析了我国房地产产业投资基金的设立壁垒及经营瓶颈问题。更多还原

【Abstract】 On a real estate finance forum, some experts and developers figured out the real estate competence will become finance competence with the rapid development of real estate industry and real estate finance. Furthermore, there are many leave unused house which engross much fund and have big impact on the fund circulation and using efficiency due to rapid development of real estate and subsequent irrational develop. These unused houses make it important to establish a special organize. After studying the real estate industry of some developed country we can draw a conclusion that a mature real estate market consists of three small circulation which build up a large circulation. The three small circulations are building construction circulation, investment circulation and asset securities circulation. The Chinese real estate industry has construct the first circulation after having developed for about 20 years, but as the investment function of Chinese real estate, the second circulation become to turn up. By means of analyzing nationwide or abroad paper about real estate investment fund, this dissertation gives a definition to the real estate investment fund under the background of current China and discusses the important and feasibility of development of real estate investment fund. At the meantime, this paper analyses the setup，organization，fund resource and operation of real estate investment fund compares with some operation experiences of other country of investment fund. Finally, this paper points out some problems about real estate lies in setup and operation.更多还原