【摘要】 经济新常态下，长租公寓市场回温并迈入“快速成长期”。但热度背后暗含风险，民法学界对各方法律关系的认定，存有“资产托管”和“房屋转租”两种主流观点，由此引发了房屋由谁占有、资金归属哪方、何人权益受损的争论。商事思维在处理权益冲突时展现出其独到之处。在民事思维难以调和各方权益的情况下，采用商事思维，可以视各方为构建了一个相互依存的商业合作架构，实属利益共存、风险共担的关系。在商事“命运共同体”下，为避免资金短缺压力与规模急剧扩张的对立风险，通过分析REITs、CMBS、ABS“、租金贷”等既有融资模式的利弊，创新性地提出“融资+”模式，并对其必要性和可行性进行论证。同时，为确保行业发展行稳致远，应保障各方特别是承租人加入商事合作的自主选择权，并通过落实全程监督、规制亏本经营、加强资金管理规范实际运行，再设置合理的退出债关系机制以避免商业风险。更多还原

【Abstract】 During the new normal of Chinese economy, the Long-term Rental Apartments has rebounded and entered a period of rapid growth. However, there are risks hidden behind the popularity, and there are still two main views in the civil law academic community on the recognition of legal relations: Asset Custody and Subletting of Houses.This has also sparked debates on who owns the house, which party the funds belong to, and whose rights and interests are damaged. Commercial thinking shows its unique advantages in dealing with conflicts of rights and interests. When civil thinking finds it difficult to reconcile the interests of all parties, adopting a commercial mindset can view all parties as having constructed an interdependent commercial cooperation framework, which is a relationship of coexistence of interests and sharing of risks. Under the commercial "community of shared destiny", to avoid the oppositional risks of financial pressure and rapid scale expansion, it is necessary to analyze the pros and cons of existing financing models such as REITs, CMBS, ABS, "rent loans", and innovatively propose a "financing +" model, and demonstrate its necessity and feasibility. At the same time, to ensure the steady and far-reaching development of the industry, it is important to ensure the autonomy of all parties, especially tenants, to join the commercial cooperation, and to implement full-process supervision, regulate loss-making operations, strengthen fund management standards for actual operation, and set up a reasonable exit mechanism for debt relationships to avoid commercial risks.更多还原