【作者】 黄笔镜；

【导师】 张晓永；

【作者基本信息】 北京交通大学 ， 经济法学， 2008， 硕士

【摘要】 房地产业是我国国民经济的支柱产业,也是资金投入巨大的行业。在满足房地产建设资金需求的同时又能保证投资的安全性是绝大多数房地产业参与者首要考虑的因素。在我国当前房地产业与银行依存度高、国家银根紧缩的形势下,构建多元化的房地产金融体系是降低银行信贷风险、拓宽投资渠道、促进房地产行业健康快速发展的迫切需要。近年来,引进房地产投资信托基金已成为多方达成的共识和探讨的热点。房地产投资信托基金发源于美国,其英文全称为RealEstate Investment Trusts(简称REITs),因其独特的制度优势而为世界各国广泛采用。引进和发展REITs,对解决我国目前房地产业发展的瓶颈制约、进一步完善金融信托业、满足中小投资者对金融产品的需求等方面都大有裨益。本文在深入分析我国目前经济、制度环境的基础上,对我国以立法形式引进REITs进行了研究,作出了设立封闭式契约型的上市房地产投资信托基金的路径选择。本文从房地产投资信托基金的基本概念入手,对REITs基本理论进行了阐释;着重分析了REITs运行过程中发生的信托法律关系和监管法律关系,重点介绍了美国和亚洲地区REITs发展和立法概况,并从中总结出对我国的借鉴意义;联系我国目前的现实环境,分析了引进REITs的必要性和可行性,并指出存在的法律障碍和制度缺失;最后从不同角度分析我国引进REITs的路径选择和立法模式,并提出几项重点的立法建议。更多还原

【Abstract】 As one of supporting industries of national economy, the real estate industry needs huge funds. The first consideration of most real estate participants is how to satisfy real estate construction’s need of funds and make the investment safe in the meantime. Under the circumstance that the real estate industry of our country highly depends on banks and the government reduces money supply, setting up diversified real estate financial system is the urgent demand which could lower bank credit risk, widen investment channel and stimulate a speedy and healthy development of the real estate industry. In recent years, ushering in real estate investment trust has become a consensus in many ways and been a hot spot to probe. Real Estate Investment Trusts originated in the United States (brief name REITs), and other countries in the world adopt it extensively because of its special system advantage. Ushering in and developing REITs is of great benefit for many aspects, such as solving the real estate industry’s currently development bottleneck in our country, further perfecting finance and trust industries and satisfying needs of medium and small investors for financial products. Based on deep analysis of current environments of economy and institution in China, the thesis does research on ushering in REITs by law to our country and makes a path choice that we should establish listed closed-end REITs in contractual type.This thesis commences from basic concepts to explain basic theories of REITs, and emphasizes to analyze trust legal relation and regulation legal relation which occur in the process of REITs. Owing to exotic, the thesis introduces general situations of development and legislation of REITs in America and Asia, and summarizes the meaning for our country in the forth part. Based on our current realistic environment, it analyzes the necessity and possibility of ushering in REITs and points out existent legal barriers and institutional imperfection in China. In the end, the thesis analyzes the path choice and legislation mode of ushering in REITs from a variety of angles, and puts forward a few important legislative suggestions.更多还原