联系我们

论文查询结果	返回搜索

论文编号：	3664
作者编号：	2120092674
上传时间：	2011/11/18 13:50:24
中文题目：	我国房地产信托投资基金发展研究
英文题目：	Research on the Development of Real Estate Investment Trusts in China
指导老师：	王曼舒
中文关键字：	房地产信托投资基金，房地产，资本市场
英文关键字：	REITs，Real Estate，Capital Market
中文摘要：	房地产信托投资基金REITs（Real Estate Investment Trusts）是国际上重要的房地产投融资方式。它通过发行收益凭证汇集众多投资者的资金，由专门机构经营管理，投资于能产生稳定现金流的房地产，在有效降低风险的同时将出租不动产所产生的收入以派息的方式分配给股东，为投资人提供长期稳定的投资收益。自美国于20世纪60年代初推出了第一只上市交易的房地产投资信托基金以来，REITs在全球资本市场逐渐发展壮大。REITs推出的呼声在国内已流传多年， 2008 年12月13日，国务院办公厅发布《关于当前金融促进经济发展的若干意见》，其中第五部分“创新融资方式，拓宽企业融资渠道”第十八条提出：开展房地产信托投资基金试点，拓宽房地产企业融资渠道。本文具体研究香港领汇REITs案例，为我国REITs的组织架构等方面提供了参考。REITs的投资价值在于稳定的租金收入和成长性，REITs的成长性在于对物业资产的精耕细作，提升物业服务水平、提升租金水平；而稳定的租金收入来源于对租户组合的合理选择，选择低风险行业的租户可为REITs带来收入保障。本文还对我国REITs立法的主要内容条款进行了初步探讨，对股份集中度限制、分红比例、房地产投资比例、负债比例、投资范围等主要内容提出了相关建议本文通过对国际REITs市场的发展研究、立法对比和案例分析，从REITs对房地产、资本市场、立法环境等多方面的影响进行深入分析，来论证国内REITs试点工作的可行性，并根据国外REITs发展经验，结合我国具体立法环境和金融市场发展现状，以《基金法》为基础，对REITs在国内的发展提供了具体的结构设计及发行设计建议。
英文摘要：	Real Estate Investment Trusts(REITs) is an internationally important property way of investment and finance, which collects numerous investors' capitals by means of issuing profit certificates, managing by special agencies, investing real estate that can produce steady cash flow and reducing risks effectively while allotting proceeds gained from renting real estate to shareholders by way of distribute interests, thus providing a long-term stabilized gains for investors. REITs grows gradually in the global capital market, since the first listed REITs being issued in US in the early 1960s. The appeal of REITs being putted into practice has been prevailed domestically for many years. On December 13th, 2008 the general office of the State Council published Several Advices as to Current Finance Promoting Economic Development, the fifth section of which---Innovate Ways of Financing, Broaden Corporation Financial Channels---Article 18 puts: Launch REITs' Experimental Unit, Broaden Financial Channels of Real Estate's Corporations. REITs case in Hong Kong is researched in details, which provides reference for the organizational framework of REITs in our country, etc. The investment value of REITs relies on the steady rental income and growth, while the growth of REITs focuses on the intensive cultivation of real estate property. The service level and rental level of the real estate should be improved. However, the steady rent relies on the reasonable selection of the combination of lessees. Selecting the lessee with low-risk industry may take security of income for REITs. In addition, the thesis preliminary discussion on the major terms of the REITs legislation has been made. Corresponding suggestions have been made to the major content, including restriction of share concentration ratio, proportion of sharing out bonus, proportion of the investment in real estate, debt ratio, and scope of investment, etc. By way of studying developments of international REITs' markets, comparing legislation both at home and abroad, researching cases and analyzing in depth from REITs' influences on multi-aspects such as real estate, capital market, legislation and property service, and according to developmental experience of foreign REITs, combining our nation's specific legal environment and the present situation of financial market as well as taking Fund Law as the basis, this thesis provides a specific constructive design and distributing method design suggestion for REITs' developments at home.
查看全文：	预览  下载(下载需要进行登录)