我国房地产投资信托的模式探索

【作者】 刘晶晶；

【导师】 王全民；

【作者基本信息】 东北财经大学 ， 国民经济学， 2005， 硕士

【摘要】 经过二十多年的改革开放，房地产业已经成为我国国民经济的支柱产业和经济发展的增长点，对我国经济保持快速增长起到重要的支持作用。房地产业是一个非常典型的资本密集型行业，但是我国房地产业的特点是企业规模小、资源分散、社会资源使用效率低，与资本密集型行业特点不符。房地产业与金融业有着十分密切的关系，但我国房地产业的发展却缺乏金融的支持。特别是在中国人民银行通过一系列金融政策预防房地产发展过热后，国内房地产开发企业传统银行融资渠道受到了阻碍，严峻的形势迫使房地产企业寻求新的融资方式。在这种背景下，房地产投资信托由于其专业化管理、投资组合、分散风险、流动性强、供给方式灵活等优势受到了广泛关注，房地产投资信托得以迅速发展。 本文主要从以下五个部分作具体阐述。 第一部分：对房地产投资信托进行简要介绍，并就我国房地产投资信托的发展现状及制约因素进行了分析。首先对房地产投资信托进行概念上的界定，并介绍了房地产投资信托的分类。在此基础上，分析我国房地产投资信托的发展现状及制约因素。 第二部分：就房地产投资信托在我国发展的必要性和可行性进行了论证。在必要性方面，主要从降低银行风险、拓宽融资渠道、完善资本市场、优化资源配置等几个方面进行阐述；在可行性方面，主要从房地产市场及制度、信托投资机构、投资主体等方面进行论证。 第三部分：对美国房地产投资信托进行介绍。首先介绍了美国房地产投资信托产生的原因及发展历程。然后从法律要求、运作模式、监管机制三个方面介绍了美国房地产投资信托，这也是发展我国房地产投资信托可借鉴之处。最后总结了美国发展房地产投资信托的成功经验。 第四部分：就我国发展房地产投资信托的模式进行研究。本文不是仅从某一个方面来研究我国房地产投资信托的模式，而是把房地产投资信托作为一个系统来探索，分别从发展房地产投资信托的制度环境、运作机制、监管机制三个方面进行了初步探讨。这是本文的重点部分。 第五部分：通过上述分析，提出了要促进我国房地产投资信托发展，在法更多还原

【Abstract】 Through more than twenty years of reform, as mainstay industry and growth engine of national economy, real estate industry has contributed a lot to keep increasing rapidly in Chinese economy. Real estate industry is one of the typical capital denseness industries. But the character of Chinese real estate is that small enterprises, dispersive resources and low use efficiency of social resources, which is out of accord with capital denseness industries character. There is very close relationship between real estate industry and finance industry, but Chinese real estate industry has not obtained enough sustain provided by finance industry. What’s more, after People’s Bank of China issued a series of policies to prevent real estate development in excess, the traditional financing channels of Chinese real estate enterprises have been blocked. Accordingly, we attach importance to Real Estate Investment Trust (REIT) due to its advantage of management specialization, investment portfolio, risk decentralization and flexibility. So REIT develops rapidly.This article included five parts.The first part introduced the conception and sort of REIT, and analyzed actuality and problems of Chinese REIT.The second part proved the necessity and feasibility of developing REIT in our country. In the aspect of necessity, the author proves from reducing the bank risk, widening financing channels, optimizing resource. In the aspect of feasibility, the author stated from real estate market and systems, REIT institution and investment subject.The third part introduced American REIT. This part firstly introduced the cause and development of American REIT and secondly introduced American REIT from law request, operation mode and supervision mechanism which were used for reference by Chinese REIT. Finally, it summarized the successful experience of American REIT.The fourth part researched the REIT mode in China. The paper researched Chinese REIT mode not from a certain aspect but from an angle of system and discussed it from system environment, operation mechanism and supervision更多还原