我国城市建设用地证券化研究

【作者】 胡凯华；

【导师】 刘云生；

【作者基本信息】 西南政法大学 ， 民商法学， 2008， 硕士

【摘要】 土地作为一种重要的生产要素,虽然具有不可耗竭的特性,但是随着我国工业化程度的不断提高、城镇化的加速、城市的扩张和人口的持续增长,土地资源日益显现出稀缺性。如何提高城市土地资产的利用效率、合理的配置城市土地资源、合理分配城市土地的增值利益以及探寻新的融资渠道以解决城市土地开发中的资金瓶颈,已成为我国城市建设中面临的重要课题之一。从发达国家的发展经验来看,广泛运用资产证券化这一金融创新使资本市场与土地市场深度结合,是解决城市发展建设中这一问题的有效途径。本文在考察美国、日本和我国台湾地区的不动产证券化理论、实践及立法的基础上,运用资产证券化及不动产证券化理论,结合我国现行的法律制度及市场环境,分析了在我国推行城市土地证券化的价值目标、可行性以及探索适合我国城市土地证券化的适用模式,为我国资本市场的深入发展及资本市场与土地市场的结合提供参考。除引言与结束语外,本文主要分为四大部分:第一、我国城市建设用地证券化之价值目标与可行性分析。本部分首先介绍了建设用地使用权证券化的理论依据,即资产证券化的基本原理及其在土地资产上的运用。资产证券化是指将缺乏流动性但具有可预期的未来稳定现金流的资产集中起来形成一个资产池,通过结构性重组将其转变为可以在金融市场上出售和流通的证券并融通资金的过程。资产证券化原理包括一个核心原理和三个基本原理。其核心原理是指基础资产的现金流分析,主要包括资产的估价和资产的风险、收益分析。三个基本原理包括资产重组原理、风险隔离原理、信用增级原理。资产重组原理是通过对资产的重新组合以实现对资产收益的重新分割和重组;风险隔离原理是对资产的风险重新分割和重组,主要是将基础资产的风险和其他资产(主要是原始所有人的其他资产)风险的隔离;信用增级原理则是通过各种信用增级方式来保证和提高基础资产的信用级别,减少证券发行整体风险。土地证券化的基本原理是按照现代投资理论中尽量减少投资风险,提高投资回报率的规则,把土地分成细小的权证,借助金融机构的中介作用,将投资者与投资标的物的关系由拥有土地或房屋产权改变为拥有有价证券的债权,并通过在土地证券市场的流通,筹集土地开发资金。接下来分析了在我国推行城市土地证券化的必要性,即实施城市建设用地证券化,有着提高土地资产流动性、有利于中小投资者参与与平均财富、促进公共基础设施建设、拓宽融资渠道、降低融资成本、分散投资风险等积极意义。另外,由于我国城市建设用地可以依法流转并且有着稳定的未来现金流,所以可以成为不动产证券化的标的。另外,随着我国城市土地使用制度以及金融市场相关法律法规的逐步完善、证券市场体系的逐渐成熟,我国已经具备了推行建设用地证券化的制度基础及市场基础。第二、不动产证券化比较考察。本部分分别考察了美国的不动产抵押债权证券化、不动产投资信托、不动产有限合伙及其相关法律规定;日本的出租型和出售型土地信托;我国台湾地区的不动产证券化实践及立法,以期为我国城市土地证券化提供模式借鉴。第三、我国城市建设用地证券化模式设计。本章在充分考虑我国现行法律制度体系的同时,借鉴国外成功的土地证券化经验,针对不同的土地权益主体和土地开发类型,分别提出了城市土地基金、土地资产信托、土地开发债券、土地股票与有限合伙方案,并对各方案进行了具体可行的模式设计。城市土地基金模式,是指由政府或信托公司设立土地基金,通过对投资者发行以土地的未来收益流为担保的土地收益凭证募集资金,然后将所募资金交由土地储备管理机构(由其担任基金管理人)对城市土地进行开发、经营,城市土地的出让、出租、作价入股等所获得的收益都归于土地基金,投资者以其所持有的土地收益凭证分配土地收益;土地资产信托模式的适用,在我国分两种情况。一是借鉴台湾地区的不动产资产信托模式,土地权利人将其土地使用权或者土地相关权利移转予受托机构,受托机构以该土地使用权或者土地相关权利作为信托财产向投资者发行土地资产信托收益凭证,并将所募资金交由土地权利人以对该土地进行开发经营,投资者凭其持有的收益凭证参与土地收益分配的土地证券化方式。二是借鉴日本的土地信托模式,由土地权利人将其土地权利移转予受托机构,受托机构依信托契约的约定为受益人(委托人或者第三人)管理或者处分受托之土地,受益人从受托机构管理或处分该土地权利所产生的收益中获取信托利益的证券化方式;土地开发债券是发行人(政府或其授权机构、房地产开发企业)为筹集土地储备、整理或者某土地开发项目的资金以其储备或者开发的土地为担保委托证券发行机构加工制作并向投资者发行土地债券,筹措的资金用于指定的土地开发项目的储备或开发,债券投资者在约定期限到来时要求发行人还付本息的证券化方式;土地股票模式属于公司型不动产证券化,即指土地开发企业以向社会公开发行股票的方式筹资进行土地的开发经营;有限合伙模式是指由有开发资质的房地产开发企业作为发起人成立有限合伙,以即将开发的土地使用权和建筑物产权作为支撑,向投资者出售有限合伙权,出售有限合伙权所获之资金用于该土地项目之开发经营,投资者按其持有的有限合伙权分享土地开发收益之证券化模式。第四、我国推进城市土地证券化的障碍分析及其突破路径。尽管我国已经具备了实施城市建设用地证券化的基本条件,但是土地证券化作为一项复杂的、专业化程度高的、技术性强的系统工程,涉及到诸多制度的创新,因此在目前的制度环境与市场环境下,相关配套制度与政策尚不健全和完善,实施城市土地证券化将面临着土地所有权结构的限制;法律制度中对于特殊目的机构的限制以及基础资产真实出售的限制;信用制度中信用评级制度、信用增级制度、担保制度发展缓慢的限制以及我国证券市场所涉中介机构发展及监管尚不完善的限制。为了创造一个适宜城市土地证券化的制度环境和市场环境,应对各种障碍分别提出有效的解决方案,并作出相应的制度安排,以使城市建设用地证券化走上良性发展的道路。为此,我国应健全和完善相关的法律法规,制定规范和调整土地证券化的专门法规,扫清土地证券化的制度障碍;建立规范的中介机构,减少中介障碍;加强政府的支持和推动作用,加大政府的干预力度;培育高素质的土地证券化操作及管理专业队伍;加强风险管理,建立土地证券化的风险防范体系;积极创造市场条件,做好市场准备。更多还原

【Abstract】 Land is a very important factor of production. Though the land is inexhaustible, but the land becomes scarce when industrialization, acceleration of urbanization, expansion of city and developments of population are focused. How to improve the utility of the land, reasonable distribution of urban land, value-added benefits of the distribution of the urban land and study of the new ways of financing channels to solve the problems of capital are the important subjects of china city construction. The mechanism of Asset Securitization combines the capital market and the land market, and is the efficient way to solve the problem of city development, through the experiences of the developed countries. Based on the theories, practice, legislatures of America, Japan and Taiwan’ real estate securitization, this thesis analyzes the purpose and the feasibility of city land securitization, and the model for the city land securitization to provide the reference of the combination of capital market and land market and the development of capital market.Apart the introduction and the conclusion, this thesis is divided into four parts:The first part is the purpose of the securitization of the land-use right of city land and the system and the environment of securitization of the city construction land.. This part introduces the theory of the securitization of city land, namely the general principle of the securitization of capital and the securitization of the land. Asset Securitization is the process of the financial intermediation of the asset which is lack of circulation but have the potentiality of cash flow and forming the asset pool. Asset securitization includes one core doctrine and three basic doctrines. The core doctrine is the analysis of the cash flow of asset, including the valuation of the asset, the risk of the asset, the analysis of the proceeds. Three basic doctrines include the asset reorganization, the risk isolations and the credit enhancement. The asset reorganization is that through the reorganization to reorganize the proceeds of the asset; the risk isolations is that through the division and the reorganization of the risk of the asset to isolate the risk of the basic asset and other assets -mainly the assets of the original owner; the credit enhancement is that through the way of enhancing the credit to guarantee and enhance the credit of basic asset and reduce the risk of the issuance of securities. According the principle of the theory of investment-reducing the risk of investment and improve the investment rate of return, the general doctrine of land securitization divides the land into small right of permit, and change the relationship of the investor and the investment objects from owning the land to owning the creditor’s rights of security, gathering the capital through the land securitization market. The following part analyzes the necessity of city land securitization, namely the meaning of the implement of city construction land securitization. It helps improve the circulation of land asset, helps the small investors participate in the distribution of wealth, enhances the infrastructure construction, expands financial channels, reduces the financing costs and spread the investment risks. In addition, the city construction land can be transferred and has the stable future cash flow, so it can be the subject of the real estate securitization. Besides, as the development of the regime of city land system and the perfect of the law of financial market and the security market, the regime base and the market base have the qualification of land securitization.The second part is the comparison of real estate securitization. This part compare the mortgage-backed securitization, real estate investment trusts, real estate limited partnerships and related prescriptions of America and rental-trust and sales-trust of Japan and the real estate securitization practice and legislature of Taiwan to provide the model of city land securitization.The third part is the model design of the city land securitization. Comparing the successful experiences of land securitization and considering the current legal system, this chapter provides specific and feasible model of the city land funds, land development bonds, land stocks, limited partnership for the different land-owner and land development type. The city land funds is that the government or the trust corporation form the land funds, through the land benefit certificate which is guaranteed by the future benefit flow of land of the investors to gather capital, then the land reservation supervision organization -the supervisor of the funds use the capital to operate and utilize the city land. The benefits of the city land transfer, rent and the land as the share come to the land funds, the investors get the benefits by the certificate. In china, there is two model of the trust of land asset. One is the Taiwan’s model. The owner of the land transfers the land-use right and the related rights to the trustee, and the trustee issues the benefits certificates of land asset trust to investor through the trust property and the owner of the land get the capital to manage the land, the investors participate in the distribution of the land benefits by its certificates. The other one is the Japan’s model. The land owner transfers the right to the trustee, and the trustee as the beneficiaries-trustor or third party manages or deals with the trusted land. The beneficiaries obtain the benefits of the trust from the benefits of the trustee’s management and deal. The bond of land development is that the issuers, the government or the authorized bodies and the real estate enterprises, reserve and prepare the capital for the land, commissioning the security issuing body. The capital will be used in the land development, bond investors require the principal and the interests in the agreed deadline. The land stock model belongs to the company-type real estate securitization, the enterprises of land development issue the stock about the utility of the land to develop the land. The limited partnerships model is that the enterprises of the real estate establish the limited partnerships, and sell the rights of the limited partnerships and use the capital to develop the land, basing on the land-use right and the ownership. The investors share the profits of the land development.The forth part is the analysis of the progress of the city land securitization and the breakthrough. Though the fundamental requirements of the land securitization are mature, the land securitization refers to many regime innovations, because of the complicated and professional system. So the regimes and the policies have to confront the restrictions in the current market environment and the regime environment, the restrictions of special purpose vehicle of the legal system and the selling of basic assets, the restrictions of credit rating system, credit enhancement system, security system and the supervise of the intermediaries. To create a good city land securitization regime environment and market environment, solutions of solve the barriers should be proposed and stipulate the corresponding regimes so that the land securitization will in benign development. Thus, the laws and by-laws should be perfected and the special security law should be used to sweep the barrier of the land securitization; the intermediaries should be established; the government should intervene the land securitization; the managers should be cultivated and the operation should be perfected; the risks be prevented and the market should be prepared.更多还原