中国房地产证券化的可行性及其模式探索

【作者】 李尤；

【导师】 赵秀池；

【作者基本信息】 首都经济贸易大学 ， 区域经济学， 2004， 硕士

【摘要】 近几年我国房地产业发展迅猛，为加快城市建设和提高人民居住水平做出了极大贡献，并带动了许多相关产业的发展。但与此同时，我国房地产业的持续快速发展还需要巨额的配套资金支持，尤其是我国加入WTO以后，对房地产业带来的冲击是不可避免的，传统融资方式的局限性已成为制约房地产业健康发展的“瓶颈”。在这样的形势下，房地产证券化必将成为融资领域的新兴融资工具。房地产证券化是资产证券化在房地产业的应用，它是指把流动性较低的、非证券形态的房地产的投资转化为资本市场上的证券资产的金融交易过程，从而使投资人与房地产投资标的物之间的物权关系转化为有价证券形式的股权和债权。它具有传统融资方式所不具有的流动性创新、信用创新、风险转移创新等新的特点。 本文在介绍了房地产证券化的一般理论，以及国外的发展状况的同时，阐明了房地产证券化在我国实践的必要性和可行性。并在此基础之上重点研究了房地产证券化的基本运作模式、运作程序以及运作的法律环境，最后本文分析了我国证券化实践可能存在的问题，并提出了相应的对策。更多还原

【Abstract】 In recent years, the rapid development of the real estate industry has contributed to the urban construction and the improvement of the standard of living. At the same time, with the sustained and rapid development of economy in China, the capital support is needed for the real estate industry, especially after China become a member of WTO. However, the healthy development of China’ s real estate was obstructed by the limitation of traditional financing ways. So the real estate securitization becomes a newfeasible solution to this problem. The real estate securitization is application of securitization in the real estate. It is a financial exchange procedure which transform low fluidness investment in real estate to securities asset in capital market. It has many characteristics, such as fluidness innovation, credit innovation and risk diversion innovation, which not exist in traditional financing fashion.In this paper, the primary conception and the development of ABS overseas are introduced. Then the attention to the operating models, operating procedures and legislation environment is focused. Finally, the practical condition for application of real estate securitization in China is analyzed and relevant countermeasures are put forward.更多还原