【作者】 董筠；

【导师】 霍玉芬；

【作者基本信息】 中国政法大学 ， 法律， 2011， 硕士

【摘要】 “房地产投资信托是一种以发行受益凭证的方式汇集特定多数投资人的资金,由专门投资机构进行投资经营管理,并将投资综合收益按比例分配给投资人的一种信托基金制度。”①投资人权利保护是房地产投资信托发展的关键,本文欲在梳理房地产投资信托法律关系的前提下,以信托法的受益权理论和信息经济学的委托-代理理论为理论基点,结合投资人可能面临的风险,借鉴国外现行相关法律制度进行比较研究,完善我国房地产投资信托投资人的权利均衡保护机制。本文以房地产投资信托中投资人权利保护体系的构建为选题,旨在为当今我国建立和发展房地产投资信托之投资人权利保护机制做些有益的理论探讨。全文除绪论和结语之外,分为四个部分。第一部分简要介绍了房地产投资信托的含义、特征和运作模式,通过分析相关法律关系来了解投资人的法律地位和重要性,明确在房地产投资信托中保护投资人权利的必要性。第二部分首先围绕信托法的受益权理论和信息经济学的委托-代理理论探讨房地产投资信托的理论基础,然后分析现实中房地产投资信托中可能出现的法律风险、政策风险、信用风险和市场风险,从理论与现实两方面共同构筑建立投资人权利均衡保护机制的基石。第三部分首先综述了国外现行的保护投资人权利的相关法律和有效措施,然后梳理了中国现行的信托法以及其他房地产投资信托相关法律法规中投资人权利保护的条款。通过对比,我们可以看到中国现行立法的缺失与不足,而这些也恰恰是我们可以在以后的发展过程中结合中国国情予以考虑做出调整、变更和加强的重要方面。第四部分从内部、外部治理两个角度就投资人保护立法提出建议,通过完善组织形式规范、业务运作流程、配套税收制度和监管体系四个方面来实现全面适度的投资人权利保护。更多还原

【Abstract】 Real Estate Investment Trusts is an issue which is a benefit vouchers way to raise funds to the community and investment institutions, and is a trust system which is commissioned by the specialized agencies on management, and invested in real estate projects, and will give investors income proportional distribution. Investors’rights protection is the key to the development of the REITs. This paper,after clearing the legal relationship of REITs, by using the trust beneficiary theory and information economics principal-agent theory as the theoretical basis, combining with the risks which referencing the current legal system investors faced, and doing comparative study,tries to construct a legal framework of investor protection in REITs.Focused on establishing a system for protecting the rights of investors of REITs in China, this paper aims at doing some theoretical discussion to promote the establishment and development of rights protection mechanism for investors in REITs. Except the introduction and conclusion, there are four parts in this paper.In the first part, this paper introduces the definition, characteristics and the process of REITs briefly. Through analyzing the legal relationship of REITs, we can know legal status and necessity of investors ,and clear the necessity of right protection for investorsIn the second part, it firstly analyzes the trust beneficiary theory in trust law and information economics principal-agent theory as the theoretical basis of REITs. Secondly, it analyzes the real risks investors faced, including legal risk, policy risk, credit risk and market risk, we can build the basis of comprehensive and appropriate protection of investors’rights by combining the both aspects above.In the third part, firstly, it introduces the current legal systems and effective measures for investors’rights protection of REITs in other advanced countries. Then, it summaries the current trust law and other relevant regulations for investors’rights protection in China. Through the comparison, we can see the lack and inadequate of Chinese present legislation, which just are the important aspects we can make adjustments, alterations and strengthens in the future.In the fourth part, in order to protect investors’rights, author raises some legal recommendations from two aspects of internal management and external management, to realize comprehensive and appropriate protection of investors’rights by consummating the organization norms and business operational regulations, supporting tax system and the levels of supervision system.更多还原