【作者】 张威；

【导师】 雷星晖；

【作者基本信息】 同济大学 ， 企业管理， 2007， 硕士

【摘要】 房地产投资信托基金(Real Estate Investment Trusts，REITs)是房地产证券化的一种典型形式，是房地产行业和金融市场发展到成熟阶段金融创新的产物。REITs的出现，使房地产投资不仅保留了高收益的特性，而且提高了房地产投资资产的流动性和收益的稳定性，从而对各国房地产市场和资本市场发展起到了双重推动作用。目前我国经济处于快速发展期，一方面，蓬勃发展的房地产市场对于融资创新需求日增，另一方面，投资者对于创新金融产品、拓宽投资渠道的需求迫切，这两方面的需求推动着我国的房地产金融创新。 REITs作为世界各国在房地产市场中一种发展比较成熟的金融创新，己经引起中国理论界和企业界的积极关注。研究和借鉴国外REITs发展经验和教训，探讨REITs在我国的发展模式，应该看到REITs是在特定的法律制度、经济环境、房地产市场发展阶段、金融体系等条件下产生的一种金融创新产品，必须分析各国REITs发展的外部环境因素和法律规范，同时结合我国的实际情况，才能总结归纳出我国发展REITs的现实模式，设计出适合我国现实国情的REITs发展方案，在规范中推动REITs的健康和稳定发展。 从这个思路出发，本文第2章研究了国内外相关文献，对REITs的概念、分类、特性及在各国的发展情况进行了详细的阐述；第3章与我国的实际情况相结合，分析了REITs在我国发展的可行性与必然性；第4章研究了REITs在美国及在亚洲一些国家发展的结构及模式，对它们的优势和劣势进行了比较分析，并做出我国REITs的结构及模式选择，接着对越秀REITs的上市路径进行案例分析，指出发展本土REITs是我国发展REITs的唯一办法，并总结经验教训，为设计我国REITs发展方案提供依据；第5章结合前文研究成果，设计了适用于我国当前法律制度及市场环境的REITs发展方案，并对构建REITs的配套体系提出建议。更多还原

【Abstract】 As a typical form of real estate securitization, REITs is a product of the financial innovation after the real estate industry and financial markets developed to the mature stage. REITs have not only retained the high-yield character of the real estate investments, but also have enhanced the mobility of the real estate investment assets as well as the stability of earnings. Thereby REITs had promoted the development to both the national real estate market and the capital market by dual ways. As China’s economics developing rapidly, the innovation of the financing is being demanded increasingly by the thriving real estate market; meanwhile, investors demanding urgently on both the innovative financial products and widen the investment channels.As a kind of developed financial innovation of the real estate market in the world, REITs is driving a lot of active attentions of the theorists and the enterprises in China. To figure out the developing pattern of REITs in China by studying the successful experience and the failure lessons of the aboard REITs, we should realize that REITs is born in special condition including law system, economic environment, the period of the real estate developing, financing system and so on. So only when we analyze the external environment factors and the legal norms, combined with the reality of China, can we present a summary of the developing model of REITs in China.From this viewpoint, Chapter 2 illustrated the definition, characteristics and the developing situation about REITs. Chapter 3 analyzed the feasibility and necessity of developing REITs in China. Chapter 4 compared the structure and the pattern of REITs between USA and other Asian countries, and made the option. Then the author studied the GZI REITs and pointed out that to develop native REITs is the only way for developing REITs in China. Chapter 5 designed the REITs project which fit for the law system and our reality. And provide the suggestions for constructing the outer system of REITs.更多还原