【作者】 李琳；

【导师】 杨勇； 王俊；

【作者基本信息】 东南大学 ， 工商管理（专业学位）， 2019， 硕士

【摘要】 随着中国金融体制改革不断深化,地产行业在迎来迅猛发展的黄金期后,逐渐由高速发展步入瓶颈期。一方面,地价攀升,房价高居不下;另一方面,传统融资渠道信贷收紧,大批房企资金紧缺,商业地产由于投资金额大,周期长等原因在融资上更是举步维艰;此外,地产行业的高门槛,使一般投资人无缘进入,市场上大量个人资金找不到合适的投资渠道。因此,如何促进商业地产可持续发展,成为学者广泛关注的研究问题。商业地产在失去了传统融资渠道的支持后,房地产信托投资基金(REITs)为地产行业提供了新的融资途径。其作为拥有稳定收益的资产证券化融资工具,搭建合理交易结构,引入专业管理机制,提升资产增值收益,有效降低潜在风险;同时帮助投资者进入地产投资领域,提供风险较小,收益稳定的新型投资工具。REITs早已被世界多个国家认可和使用,目前,我国学者也对该种融资模式表示了高度关注和广泛认可。在此背景下,本文以商业房地产REITs融资模式的建设为基础,展开相应研究分析。通过对房地产投资基金的国内外相关研究结果和发展现状进行梳理,结合国内成功和失败案例分析,从而进一步对我国商业房地产应用REITs模式提供有效建议,搭建适合中国国情的REITs模式,推动中国经济、房地产行业良好发展。本文的主要内容有:第一,对商业地产投资基金(REITs)进行整体框架梳理:对REITs的概念、发行成功影响因素、收益和风险进行分析,以便对REITs这种新型融资方式有全面的了解。第二,对国内外商业地产REITs发展现状进行阐述:一方面,选取REITs发展较好的国家(美国、日本、澳洲、荷兰、新加坡等),论述发展现状并进行特点概括;另一方面,论述我国国情下REITs的发展现状,并对现状进行分析。第三,商业地产案例研究:选取国内发行成功和发行失败的典型案例各一例,通过对案例背景、交易结构、成本核算等分析,总结出我国商业地产REITs存在的问题,并提出发行成功的要素设想。第四:提出我国发展商业地产REITs的模式建议:基于REITs发展的法律基础、税收制度、交易结构、模式选择等研究结果,提出搭建适合中国国情的REITs的模式建议;给出完善发行标准制度、加强法律风险防范、建立税收优惠制度、建立终止制度等政策建议。更多还原

【Abstract】 With the acceleration of China’s housing reform system and the deepening of financial system reform,the real estate industry has gradually entered a bottleneck period from high-speed development after ushering in the golden period of rapid development.On the one hand,land prices have risen and house prices remain high;on the other hand,traditional financing channels have tightened credit,a large number of Housing enterprises are short of funds,commercial real estate financing is more difficult due to the large amount of investment,long cycle and other reasons;in addition,the high threshold of the real estate industry,so that ordinary investors have no chance to enter,and a large number of personal funds in the market can not find suitable investment channels.Therefore,how to promote the sustainable development of commercial real estate has become an important issue of widespread concern.Real estate trust and investment funds(REITs)provide a new financing way for the real estate industry after losing the extensive support of traditional financing channels.As an asset securitization financing tool with stable returns,it establishes a reasonable trading structure,introduces professional management mechanism,enhances asset value-added returns and effectively reduces potential risks;at the same time,it helps investors enter the field of real estate investment and provides new investment tools with less risk and stable returns.REITs has long been recognized by many countries in the world and has been used in more than 30 countries and regions.At present,Chinese scholars have also expressed great concern and wide recognition for this financing mode.In this context,this paper focuses on the construction of REITs financing model of commercial real estate,and carries out corresponding research and analysis.Through combing the relevant research results and development status of real estate investment funds at home and abroad,combining with the analysis of domestic success and failure cases,this paper further provides effective suggestions for the application of REITs model in commercial real estate in China,hoping to build a REITs model suitable for China’s national conditions and promote the sound development of China’s economy and real estate industry.The main contents of this paper are as follows:Firstly,the overall framework of commercial real estate investment funds(REITs)is sorted out: the concept of REITs,influencing factors of issuance success,income and risk are analyzed in order to have a comprehensive understanding of the new financing mode of REITs.Secondly,the development status of REITs at home and abroad is elaborated: on the one hand,the development status and characteristics of REITs in the developed countries(the United States,Japan,Australia,the Netherlands,Singapore,etc.)are discussed;on the other hand,the development status of REITs in China is discussed,and the status quo is analyzed.Thirdly,case study of commercial real estate: Select one typical case of successful and unsuccessful issuance in China.Through the analysis of case background,transaction structure and cost accounting,summarize the problems of REITs of commercial real estate in China,and propose the elements of successful issuance.Fourthly,it puts forward some suggestions on the development of REITs in China: based on the research results of the legal basis,tax system,transaction structure and mode selection of REITs development,it puts forward some suggestions on the establishment of REITs suitable for China’s national conditions,and gives some policy suggestions on perfecting the issuance standard system,strengthening legal risk prevention,establishing tax preferential system and establishing the termination system.更多还原