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论文编号：	2243
作者编号：	2120072332
上传时间：	2010/5/31 8:32:36
中文题目：	中国房地产投资信托基金运营模式研究
英文题目：	Research on performing mode for Chinese REITS
指导老师：	刘志远
中文关键字：	房地产 融资 信托 房地产投资信托基金
英文关键字：	Real estate Financing Entrust REITs
中文摘要：	房地产业已经成为我国国民经济的支柱产业和重要的经济增长点之一，它对国民经济的发展、人民生活的改善做出了非常重大的贡献。但是目前我国房地产金融市场结构单一，尚未形成完整的房地产金融体系，包括缺乏多层次、规范化的房地产金融市场体系，缺乏独立、有效的房地产金融市场中介服务体系。长期以来，采用银行贷款的方式进行融资一直是我国房地产公司主要的融资渠道，大约70%的房地产开发资金来自银行贷款的支持，房地产开发商和投资者都非常依赖银行贷款，一旦房地产市场有大的波动，就会对各方面伤害很大。 房地产投资信托基金（Real Estate Investment Trusts, REITs） 作为一种房地产金融工具，是国际社会普遍认可的行之有效的房地产市场投融资渠道。它起源于20世纪60年代的美国，而后逐步扩展到欧洲、澳大利亚及日本、韩国、新加坡和中国香港、中国台湾等国家和地区。它具有流动性强、稳定性好、收益水平高、风险分散等优点，可以解决房地产公司的外部融资渠道单一和融资难等问题以及促进房地产业的资金结构和产品结构的优化，并可以促进房地产企业运作的规范化。但是，孕育于国外成熟的市场经济和完善的相关法律、法规的REITs，在我国现阶段的社会经济情况下，是不可照搬的。因此，本文尝试运用REITs相关理论知识结合我国房地产市场现状情况，来探索具有中国特色的REITs运营模式。 本文运用了比较研究、定性分析以及案例分析的研究方法，首先阐述了REITs的相关理论知识和国外主要国家和地区REITs的一些运营模式；然后在分析中国REITs发展现状和运营环境的基础上，建立了一个比较系统和完整的适合当前中国环境的REITs运营模式，并提出了发展中国房地产投资信托基金一些对策和建议；最后，结合天津房地产发展状况，以天津信托公司为载体，设计了现有制度、法律条件下REITs的运营方案。
英文摘要：	Real Estate has become one of the most important mainstays for our national economy and contributed to the economy development and the people’s livelihood improvement. But the structure of current real estate market is single and still not becomes an integrated system of the real estate finance, included lacking of independent and efficient agency service system for the real estate finance market. During a long term, the primary fundraising channel is bank credit for Chinese real estate companies. There are 70% of the financing from the bank credit so that the real estate companies and investors depend on the bank credit very much. Thus it will be much terrible affection when the real estate market is fluctuated. REITs (Real Estate Investment Trusts) are considered as an effective financing implement and channel for the real estate market by the international world. REITs came of the USA in 1960s and then spread to the Europe, Australia, Japan, Korea, Singapore, Hong Kong and Taiwan. The excellence of REITs includes fluid, stabile, high income, dispersive risk and so on. It can be a solution to the unitary fundraising channel and bring the advantages to optimize the financing structure of real estate and standardize the operation of real estate companies. But we should not copy the REITs from other countries because it’s much different between overseas and our country on Economy Institution and law environments. Accordingly, this article try to explore Chinese REITs based on the status of our real estate market. This article uses comparison research, qualitative analysis and illustration analysis to study Chinese REITs and make a discourse about the signification, sort and character about REITs. It also expatiates on the effect to Chinese real estate and financing market by REITs and gives some suggestions for Chinese REITs setup in order to create an integrated blue print to develop REITs in China. In the end, the article designs an application scheme for Tianjin Trust Company based on the progress of Tianjin real estate and the institution and law condition in existence.
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