房地产投资信托（REITs）研究

【作者】 张寒燕；

【导师】 郭冬乐；

【作者基本信息】 中国社会科学院研究生院 ， 产业经济学， 2005， 博士

【摘要】 随着经济全球化进程的加快和我国经济的发展，我国的房地产业正呈现出日益迅猛的发展趋势，作为资金密集型产业，房地产业蓬勃的发展态势强力推进着我国房地产金融的创新。“房地产投资信托（REITS）”一个具有百年历史，五十年发展的国际金融新工具，在中国开始引起广泛关注。甚至有专家预测：房地产投资信托将成为我国二十一世纪最重要的金融创新之一。房地产投资信托，英文“Real Estate Investment Trusts”,以下简称为 REITs，是一种集合不特定的投资者，将资金集中起来，建立某种专门进行房地产投资管理的基金或机构，进行房地产投资和经营管理，并共同分享房地产投资收益的一种信托方式。现阶段发展 REITs 对我国的房地产业、投资者以及金融体制有着重要的意义：可以为房地产业提供新的融资渠道；可以减少银行经营风险；可以促进房地产业内竞争，优化资源配置；可以促进房地产公司改善治理结构；可以为社会大众资本开辟新的投资渠道；可以改善和提高长期收益性地产的流动性；可以改善和提高房地产业的信息透明度；可以完善我国金融体制。该论文力图在探究 REITs 的经济金融理论及实践渊源的基础上，澄清 REITs 的概念、特点、类型、基本运作模式及功能和作用等 REITs 的基本理论问题；在结合各国 REITs 实际运作经验的基础上，深入研究 REITs 的投资者、经营管理模式、投资对象、信息披露和监管以及发行(IPO、SEO)等 REITs 运作过程中的几个关键问题；并在仔细分析我国 REITs 的现状、障碍以及可行性的基础上，得出我国发展 REITs 应该采用的战略和模式。在文章的重中之重----“中国 REITs(以下简称 C---REITs)模式的构想”一章，作者首先提出了“阶段发展、多元组合、适度超前、国际接轨”的发展战略定位，并分别分析了与我国发展 REITs 有关的发起（人）模式、投资主体构成、投资方向、组织结构与类型、运作模式和管理模式等问题，提出了“为 REITs 进入实施运作创造必要的法律环境”等建立和发展我国 REITs 的相关政策建议。更多还原

【Abstract】 Under the conditions of the globalization and the quick development of theChinese economy, there appears to be a quickly-development tendency in theChinese real estate industry. Since the real estate industry is a fund-sensitiveindustry, the tendency of the industry call for the financial innovation in the Chinesereal estate industry. Recently, a tool of the financial innovation in the real estateindustry called “REITs”(the abbreviation of the Real Estate Investment Trusts) hasbeen quickly developed worldwide, and attracted the attentions of the relativeexperts in the industry. According to the authoritative forecast, REITs will be one ofthe most important innovations of our country during the 21st century. We can comprehend the REITs as a kind of trust, by which many investors’money, which will be leaved unused during one period, is gathered to set up aorganizations, whose main works is to invest money in the real estate, manage theseassets, and at the end of the investment, as the return of the money, the investorsshare the return of the investments in the real estate assets. There are many meanings for the development of the real estate industry,investors and financial system to currently promote REITs in our country. It cansupply new fund for realty enterprise. It can decrease management risk from banks.It can promote the competition among the realty enterprises. It can make resourcesallocated suitably. It can promote realty enterprises to enhance management level. Itcan provide a new investment choice for the capital from the public. It can improvethe liquidity of the realty assets. It is beneficial to make information from real estateindustry more transparent. It can improve financial system in our country. This article mainly includes three parts. In the first part, the author dissertatesthe basic theory about REITs, such as definition, characteristics, categories, andfunctions etc, explores the origination and evolution of REITs, and discusses somerelative economic and financial theory. In the second part, by exploring the practicalrun of REITs worldwide, the author researches the law of the development about the<WP=4>law regulations, framework, management style, the subject, object and supervisionof REITs in every country. Finally, the author analyzes the factors which can affectthe development of REITs in china, and make some conclusions about how todevelop REITs in china. The ninth chapter is the most important chapter in this article. In this chapter,the author mainly discusses about how to develop REITs in china. In the beginningof this chapter, the author makes a strategy for the development of REITs in china.Followingly, the author dissertates some concerns about REITs, which refer toinitiation mode, the subject and object of REITs, frameworks and management modeetc. Finally, The author gives some policy suggestions about how to develop REITsin china.更多还原