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论文编号：	3704
作者编号：	2120092692
上传时间：	2011/11/22 17:42:59
中文题目：	基于融资角度的REITs分析——招商地产REITs案例研究
英文题目：	Based on the financing of REITs analysis—— a case study of CMPD’s REITs
指导老师：	古志辉
中文关键字：	房地产投资信托基金（REITs）;融资;招商地产
英文关键字：	REITs; Financing; CMPD
中文摘要：	房地产为资金密集型行业，资金需求量大、开发周期长。尤其在商业地产领域，沉淀资金量极大，现有融资渠道逐渐不能适应大型持续开发要求。在过去的十年间，房地产业与银行业形成了紧密联系、共生发展的行业态势：银行业为房地产发展提供了巨量资金，房地产业为银行业开辟了拥有巨大利润和较低风险的开发贷款及个人贷款业务。然而，近年来，房地产开发资金70%以上来自于开发贷款，银行业在获取巨大利润的同时也承担了相应的风险。随着2010年以来宏观调控加剧，央行在稳健货币政策指导下不断缩紧银根，房地产行业获取银行开发贷款的困难逐步升级，资金饥渴状态频繁出现。大型开发企业为拓展业务、同时寻求更稳定的资产结构，多方开展不同渠道的融资途径，以解决现金流日益匮乏的问题。值此关键时刻，房地产信托在银根收紧的情况下逐渐显现其重要价值。房地产投资信托基金（REITs）的出现，不仅为房地产融资提供了新的途径，同时也产生了全新的房地产资本运作模式。房地产行业从本质上来讲，属于金融行业，没有信托基金的出现，开发流程仍属于实业层面。而信托基金出现后，跨地域、跨行业的超级开发商才有可能出现。当前国内尚未从资本层面对房地产信托投资基金进行正面介入、法律法规尚未健全，但市场已先于政府向REITs模式进行了有益的探索与尝试。这些尝试有助于企业完善资产结构，也有助于行业规模化发展，同时，对政府未来制定行业准则和政策提供了许多实践案例。商业地产作为能够提供长期稳定租金收入的物业类型，是链接房地产行业与REITs的最佳选择。相对于住宅，由于业态组合完备，刚性需求明显，其现金流更为稳定持久。纵观国内外成功REITs案例，商业物业占其中绝大比例，是实现REITs的首选形式。招商地产作为大型央企，正处于跨越发展的初期。由于历史原因形成的众多出租型商业物业资产正是REITs所需的标的资产。本文试图在全面分析REITs发展历史及可行性的基础上探讨招商地产出租型物业进行REITs上市融资的可行性和路径，同时浅析国内进行REITs所面临的风险障碍及所需进行的工作，为完善大陆金融市场体系提供一定的建议。
英文摘要：	Real estate is capital concentrated model industry, capital demand is big, development cycle is long. Especially in the field of commercial real estate, a great quantity of precipitation capital, existing financing channel gradually cannot meet the development requirements of. In the past ten years, the real estate industry and banking industry formed a close contact, the symbiotic development of the industry trend. Banking industry as real estate development has provided the massive funds, real estate for the banking industry has opened up huge profit and low risk development loans and personal loans. However, in recent years, the real estate development funds more than 70% of development loans, the banking industry in obtaining huge profits but also bear the corresponding risk. Since 2010, macroscopical adjusting control aggravate, the central bank in monetary policy under the guidance of constant tightening money supply, the real estate industry get development bank loans difficult to upgrade stage by stage, money hungry frequently appears. Large scale development of enterprises to expand their business, while seeking a more stable asset structure, various different channels of financing channels, to solve the cash flow shortage problem. At this critical moment, the real estate trust in monetary tightening of gradually shown its important value. Real estate investment trust fund ( REITs ) appears, not only for the real estate financing has provided a new way, but also produced a new real estate capital operation mode. The current domestic not yet from the capital to the real estate investment trust fund for positive intervention, laws and regulations are not complete, but the market has been ahead of the government to the REITs mode to undertake beneficial exploration and attempt. Commercial real estate as an able to provide long-term stable rental income from property type, is the link of real estate industry and the best choice for REITs. Relative to the housing, as the industry combination is complete, the rigid demand significantly, the cash flow is more stable and durable. Review domestic and international success of REITs cases, which accounted for large proportion of commercial property, is the preferred form of realization of REITs. Real estate investment as a large central enterprises, is in development initial stage. Due to historical reasons for the formation of many rental and commercial property assets is required for REITs underlying asset. This article attempts in the comprehensive analysis of REITs development history and feasibility on the basis of the real estate investment rental property to REITs listing and financing feasibility and path, at the same time of domestic REITs risks facing obstacles and work required, to improve the mainland financial market system to provide some suggestions.
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