【作者】 樊振华；

【导师】 吴志攀；

【作者基本信息】 北京大学 ， 国际经济法， 2008， 硕士

【摘要】 房地产投资信托(REITs)制度创始于二十世纪六十年代的美国。作为一种专门投资于房地产的新型金融工具,REITs对于拓宽房地产融资渠道、有效开发利用房地产、扩张资本市场有着积极作用。引入REITs制度对于健全我国房地产资本市场、推进房地产业持续、稳定、健康发展具有重大现实意义。国内学者以及房地产从业者已经对REITs在中国的发展进行了研究与尝试,但是从目前的研究状况看,对于REITs股东(投资者)保护的研究却很少。笔者认为,我国发展REITs必须注重加强对投资者的保护,只有这样才能促进REITs在中国的良性发展,实现企业融资与投资者投资获益的双赢局面。本文的研究重点是美国REITs股东(投资者)权利保护中的若干法律问题。文章共分为五个部分。第一部分为序言,作者简要介绍了本文的写作背景、研究方法以及国内外就REITs股东权利保护的研究现状。文章第二部分主要以美国法为视角简要论述房地产投资信托制度。文章回顾了美国国会创设REITs制度的历史背景并描述了REITs制度的发展状况。之后,从组织形态、设立方式等方面着重分析了REITs的组织构架,同时介绍了REITs的基本运作类型以及新型REITs结构。本文第三部分着重论述了美国REITs股东权利保护中存在的问题以及解决的方法。该部分主要从REITs公司治理中存在的管理层与股东、股东与股东之间的利益冲突情况下的中小股东权利保护,以及REITs证券私募发行中的中小股东(投资者)权利保护两个角度出发,论述了在税法的变迁中所体现的中小股东权利保护措施,以及商业判断规则在REITs管理层中的运用。文章指出,鉴于REITs结构的特殊性,如果在REITs案件中不加区别的运用商业判断规则,则可能导致中小股东(投资者)的权利不能得到有效保护,因此,笔者认为在涉及REITs管理层决策的案件中应当适用严格于商业判断规则的标准,而完全公开审查标准也为审理REITs管理层决策案件提供了一项有效的措施。就REITs私募发行中的中小投资者权利保护问题而言,笔者研究了美国证券私募制度中适用于REITs私募发行的法律规范,从监管的角度出发探讨美国《证券法》与证监会对REITs私募发行的规范与监管及投资者保护措施。文章第四部分探讨REITs在中国的发展现状以及REITs在中国可能的发展模式。作者结合我国目前准REITs实践中存在的问题以及现行立法中的不足,对我国目前发展REITs所应关注的股东权利保护问题进行探析,并结合美国的实践提出了中国REITs股东(投资者)权利保护的建议:在REITs立法中明确并完善REITs管理模式,规范REITs管理人的行为;完善国内私募发行制度,为REITs提供多重发行手段的同时加强对投资者利益的保护以及借鉴美国谨慎投资人等制度,以实现对REITs股东(投资者)的全方位保护。最后,文章指出,中国发展REITs制度之成败取决于多种因素,但是REITs股东权利保护是其中最重要的因素之一。只有充分保护REITs股东(投资者)的合法权益,才能为REITs在中国的发展注入持久的生命力。更多还原

【Abstract】 The legal system of Real Estate Investment Trusts (REITs) was firstly created under the American tax laws in the 1960s. As a special financial instrument investing in the real estate market, REITs play a positive role in the aspects of broadening the financial methods for real estate market, effectively developing and utilizing real estate properties, as well as expanding the capital markets. The transplant of REITs system is of great importance for the perfection of real estate capital market, as well as for the promotion of real estate markets in a continuous, stable and healthy way. Local scholars and practitioners in these fields have already studied and done practical experiments on the introduction of REITs system into China. However, few of the scholars and practitioners have ever focused on the issue of shareholder (investor) protection in REITs. The author here believes that we must pay attention to the mechanism of investor protection in REITs structure, so that we can promote a smooth development of REITs system in China and achieve our goals as solving the problems of financing in real estate markets and benefiting the investors in REITs.This paper is going to focus on the legal issues in REITs shareholder (investor) protection under the background of the Untied States. This article is composed of five chapters. The first chapter is the preface of the article. A brief introduction of the background for choosing this field as the topic, the analysis methods used in this article and the study on the issue of REITs investor protection both in China and abroad. The second chapter of the article will focus on the basic legal issues of REITs from the perspective of American REITs laws. The author reviews the legislative motive and background for the creation of REITs by the legislature and gives a brief introduction about the development of REITs to date. This article then analyzes the basic structures of REITs from the perspectives of organizational types, formation methods and the legal relationship among the REITs parties. It also illustrates the basic operational types and newly invented REITs structures.An elaborate analysis of the problems of shareholder protection involved in REITs structures and the possible solutions will be discussed in the third chapter. This chapter focuses on the issues of minority shareholder protection under the circumstances of interest conflicts among different types of shareholders as well as the conflicts among the boards and shareholders from the perspective of corporate governance. It also studies the issue of shareholder protection under the background of REITs private placements. Then the author analyzes the shareholder protection measures in REITs laws evolution and the application of Business Judgment Rule in REITs boards. The author comes to the opinion that there can be no efficient protection of minority shareholders, provided that business judgment rule is applied in all REITs structures without taking into consideration of the peculiarity of REITs structures. And the author is of the opinion that a much stricter standard, one of which can be the entire fairness standard, shall be applied in cases involving the issues of REITs boards resolutions. As to the shareholder protection in private placements, the author gives a systematic study of the applicable laws and regulations for REITs private placements, and, studies the relevant rules and measures for shareholder protection provided by the Securities Act of 1933 and the SEC.The fourth chapter will discuss the practice of REITs and the possible REITs modes in China. The author studies several of the quasi-REITs cases and illustrates the problems in practices and deficiency in the pertaining laws and regulations. With the American REITs shareholder protection measures in mind, the author discusses the possible issues of shareholder protection under China REITs (C-REITs) and gives suggestions as follows: the activities of the REITs managing party, whether independent contractors or independent advisers, shall be strictly regulated in the relevant C-REITs legislations; private placements shall be improved to provide diversification for the financing measures of C-REITs as well as to provide more protection to investors in REITs private placements; and the introduction of prudent investor rule in governance of REITs shall be an effective way to provide protection to REITs shareholders. This article concludes that, REITs shareholder protection plays one of the key roles in the successful practice of C-REITs. We can only achieve this goal by providing efficient protection to shareholders in connection with others.更多还原