房地产投资信托基金的中国化发展研究

【作者】 丁杰科；

【导师】 卓德保； 吴天然；

【作者基本信息】 上海师范大学 ， 产业经济学， 2008， 硕士

【摘要】 房地产业是市场经济国家或地区不可缺少的重要产业,作为资金高度密集型产业,其发展离不开强有力的金融支持。从我国房地产业发展的现状看,资金来源单一,主要是商业银行贷款,这使房地产业的产业风险容易过渡为银行的金融风险。因此,房地产业要发展就必须分散其风险,从多个渠道获得资金来源,而发展房地产投资信托基金(REITs)是国际上比较成熟而且运行比较成功的一种房地产直接融资方式。这种房地产融资模式在美国、澳大利亚、日本、新加坡等地较为流行,尤其在美国有较长的实践,在房地产行业中发挥着巨大的作用。合理借鉴国外经验发展REITs对我国房地产业的生存与发展、房地产企业与信托机构自身的机制改革、金融体制的改革、企业竞争力的增强都具有重要的理论意义和实践意义。本文就是要通过对我国房地产信托基金的发展研究,探索适合于我国国情的REITs发展模式。本文首先在系统地阐述REITs理论的基础上,介绍了国外(或地区)房地产投资信托基金(REITs)发展的成熟经验,并将各国(或地区)的REITs进行了比较分析,得出我国发展REITs的一些启示。在此基础上,介绍了我国的房地产信托产品和专项资产管理计划,重点对近几年房地产信托领域对REITs的尝试开发做了比较详细的分析,并将其与标准REITs进行了比较,指出其不足之处。在完成上述工作后,本文从多个方面系统探讨了我国REITs的发展策略,并对如何创造发展REITs的良好环境提出了相关建议。最后,对全文进行了总结,得出以下结论:在我国发展房地产投资信托基金(REITs)意义重大,目前国内环境已经基本具备了发展REITs的条件,我们应该积极克服不利因素,创造良好的发展环境,使REITs这种有活力的产品在我国得到很好的发展。更多还原

【Abstract】 Real estate industry is an essential industry in market economy country or region. As a capital intensive industry, it will not develop durably without financial support. Now, the primary finance of China real estate is the bank loan, which will cause the risk of real estate industry turn to financial risk of bank easily.So real estate industry needs expanding its capital channels to decrease its risk and develop better. REITs is a direct finance product which has got great succeed in the world.REITs is very popular in America, Australia, Japan and Singapore,etc and plays a very important role in these countries, especially in America. Using international experience as a source of reference to develop RETIs in China is helpful for real estate industry’s good development, trust institution’s and financial mechanism’s reform and enterprise competitive strength’s increase.The aim of this paper is to explore the developmental pattern of REITs which is suitable for China.By expounding REIT’s theory and introducing international REIT’s develop experience, the paper compares different countries’s developmental patterns and educes some elicitation. Then, the paper introduces China’s trust goods in real estate industry and Specific Asset Manangement Plans.After that, the paper analyzes the attempt to exploit REITs in China in detail in order to find shortcoming. On top of that, the paper discusses the REITs’s strategy of development in China roundly and put forward recommendations to creat good conditions for developing REITs.Finally, The paper comes to the conclusion that developing REITs in China is significative and there are many favorable factors in China, so we should conquer adverse factors and creat good condition so that REITs will get a good development in China.更多还原