【作者】 钟华；

【导师】 赵昕；

【作者基本信息】 中国海洋大学 ， 工商管理， 2006， 硕士

【摘要】 房地产投资信托作为一种联系社会资本和房地产市场的产业投资工具，在海外经过近50年的发展历程，已经显示出巨大的制度优势和发展潜力。引进和发展房地产投资信托制度，对引导社会资本有效进入房地产市场、提升房地产业的发展层次、完善金融市场产品结构、防范金融市场风险具有重要作用。 在我国，引进和发展房地产投资信托制度，关键是设计一个适合我国房地产市场、资本市场和法律环境的房地产投资信托产品模型。本文研究首先基于国际上成功运作的案例分析，对我国引进和发展房地产投资信托的客观基础进行研究。在研究中，一方面通过考察国际上房地产投资信托的组织形式、业务模式、规管制度、收益属性及市场效应等方面，研究和总结海外房地产投资信托制度的成熟经验和成功做法；另一方面从市场需求、产业基础和外部环境，分析我国引进和发展房地产投资信托的现状。在此基础上，对房地产投资信托的发展路径进行设计研究，提出了房地产资金信托集合计划、公司型房地产投资信托和契约型房地产投资信托基金三种产品模式。基于充分满足产品特性和较小法律实施成本两个方面的要求，在三种产品模式中，契约型房地产投资信托基金产品模式是引进和发展我国房地产投资信托制度的最优选择。 契约型房地产投资信托基金产品的设计研究是论文的主题，包括总体设计、运行机制设计和监管制度设计三个方面。契约型房地产投资信托基金产品制度设计的思路是，依据《信托法》和《证券法》等有关法律，通过专门立法的方式，由国务院或国务院授权相关监管部门制订基于信托契约关系的房地产投资信托法规或规章，创立契约型房地产投资信托基金产品；契约型房地产投资信托基金产品的总体设计包括产品属性和组织结构两个方面，为产品的设计研究提供了一个总体的框架；运行机制设计是契约型房地产投资信托基金产品设计研究的核心部分，具体地从运行机制的核心要素、基金内部治理及投资、收入分配、负债政更多还原

【Abstract】 As an industrial investment vehicle connecting social capital and real estate market, Real Estate Investment Trusts has already demonstrated institutional strength and developing potentiality after experiencing a process of near 50 years abroad. Introducing and developing Real Estate Investment Trusts will bring valuable effects on attracting social capital to real estate market, moving up the developing level of real estate, improving the product construction of capital market and controlling the risk of capital market.With regard to Introducing and developing Real Estate Investment Trusts, it is a key point to design a product model of Real Estate Investment Trusts that adapt to real estate market, capital market and legal environment of China. First of all, basing on oversea and domestic angles of view, the thesis researches the foundation of introducing and developing Real Estate Investment Trusts. On the one hand, the thesis researches and summarizes the experience and practice by inspecting the pattern-organizing, the operating mode, the governing of institution, characterizations of interest and the effect-marketizating of Real Estate Investment Trusts overseas; on the other hand, the thesis analyzes the demand and conditions of introducing and developing Real Estate Investment Trusts in China basing on three respects as follows as the demand of market, the industrial foundation and the factors of environment. On the ground of all above, the thesis designs the path of developing Real Estate Investment Trusts, presents three models as follows as Real Estate Funds Trust, Corporate Real Estate Investment Trusts and Contractual Real Estate Investment Trusts. Considering being restricted with fitting the characterization of product and the lower cost of legislation,更多还原