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论文编号：	4408
作者编号：	2220100528
上传时间：	2012/6/8 11:04:12
中文题目：	房地产投资信托基金在中国应用研究
英文题目：	Real Estate Investment Trusts Application in China Research
指导老师：	曾亚敏
中文关键字：	房地产投资信托基金;内部风险控制;财务绩效评估
英文关键字：	REITs;control risk;financial performance appraisa
中文摘要：	目前，在构建和谐社会主义的过程中，我国已经实现了宏观经济的高速稳定增长，人民群众的生活水平得到了明显改善。改善型住房需求、刚性需求等因素推动房价居高不下，导致人们望房兴叹，全国各地出现了不同程度的空置房，造成了资源的浪费；同时也导致房地产开发商无法及时回笼资金，资金链面临断裂的危险。一方面，老百姓手中越来越多的闲置资金无法有效的加以利用，另一方面，房地产开发商由于融资渠道单一，资金日益紧张已经到了捉襟见肘的地步。这些矛盾问题，归根到底是我国房地产投融资制度不健全所致。由于整个资金链断裂，就相当于军队断了粮草，除了实力雄厚大型开发商之外，一般的房地产企业很难抵御大环境变化的影响。大批房地产企业破产，导致了上下游产业链萧条。 从多数国家城市发展过程证明，城市化水平从30%提高到70%是一个快速发展时期，当前我国城市化水平约为46%，按每年以一个百分点的速度递增计算，仍将有20年的城市快速发展期，这20年依然是房地产行业迅速发展时期，即使在住宅地产相对饱和以后，商业地产的迅速崛起也将为房地产投资信托基金提供一个新的历史机遇。在房地产金融市场上，次贷危机的教训已经让人们意识到简洁化、场内化的重要性，而且结合内部风险控制理论分析，综合国内房地产金融市场的实际运行情况因素，房地产投资信托基金是最适合我国当前房地产金融市场的金融工具。根据前面的分析进行深化总结，指出房地产投资信托基金是破解房地产金融难题的首选，并针对当前国内房地产发展形势，认为应加快房地产投资信托基金试点工作的开展，从房地产金融体系整体角度出发制定相关政策。随着我国房地产市场的发展，房地产投资信托基金作为一种新型融资方式逐渐地引起了人们的重视，同时房地产投资信托基金作为一种金融产品，又具有较强的抗通胀能力、稳定的收益水平、高股利支付率等特点。在稳定房价市场及优化投资组合方面作用显著，在我国具有很好的发展前景。为了保证和促进房地产投资信托基金在我国的健康发展，借鉴国外房地产投资信托基金的发展经验，从财务管理视角进行案例研究，本文所选选案例共分两类，一类是美国上市的房地产投资信托基金，主要是从财务管理角度研究房地产投资信托基金的发展规律、生存理念等。包括具有代表性的工业地产运营商——普洛斯公司，顶级写字楼运营商——波士顿房产公司，零售地产运营商——西蒙地产，以及高端酒店运营商——HOST酒店。另一类是亚洲的房地产投资信托基金，以中国香港为主，中国香港地区的房地产投资信托基金相较于美国、澳大利亚等房地产投资信托基金起步较慢，但正好借鉴吸收其成经验，去其糟粕，取其精华，制定适用于本土的相关守则，防止类似问题的出现，包括在中国香港上市的内地房地产投资信托基金——越秀房地产投资信托基金和睿富房地产投资信托基金，主要是为了分析房地产投资信托基金的框架结构，为中国内地房地产投资信托基金的实际运作提供实践支持。并进一步指出应逐步完善房地产投资信托基金在我国的税收法律法规、人才培养制度及内部风险控制体系等三个方面，主要表现在制定所得税的税收优惠政策，有效避免双重课税，制定房地产投资信托基金相关法律法规；加快培养一批精通财务、金融、法律等方面具有房地产投资信托基金资格的从业人员，并将其作为一项长期的基础性工作；由于房地产投资信托基金是较新的投资工具，内部风险控制体系的建设就显得尤为重要。本文分别从公司治理结构、内部风险控制管理策略、内部风险控制管理理念等三个方面分析研究。建立各级专业委员会、设立独立的风险管理部门等，为了有效降低房地产投资信托基金的战略风险，应积极做好市场调研，建立有效稳定的目标客户群，为了防止成为所属集团的一个“部门”，坚定走内部管理、独立发展的道路，同时充分认识到，合格的房地产投资信托基金经理人是房地产投资信托基金核心竞争力建设的重要因素。业务流程的规范化、建立业务系统平台以有效地降低人为操作风险。在内部风险控制管理理念方面，从自我评估和投资者教育两个方面分析，进一步有效落实补充了内部风险控制体系。最后，提出了中国房地产投资信托基金的财务绩效评价三种方法和房地产投资信托基金在中国未来发展的三个阶段，并依据我国现阶段房地产行业情况，对基本的业务定位进行了分析，指出应凭借自身优势，开发优质物业资源，并提出在国务院出台有关房地产投资信托基金管理办法的条件，通过协调证监会、银监会、财政部及有关立法机构，即可将现有信托机构发售的非标准化的房地产投资信托基金改造成为具有国际流行的标准房地产投资信托基金，上市流通。另外，在目前背景下，完善法律制度、房地产上市公司完全可以凭借其市场资源优势、成熟的商务运作经验、专业的精英管理团队、高效透明的公司治理、完善的监管制度、健全的上市交易流通平台，借鉴美国主流上市房地产投资信托基金模式，亦可完成标准化房地产投资信托基金上市流通。
英文摘要：	At present, in the course of constructing harmonious Socialist, China has achieved high speed stability of macroeconomic growth, marked improvement in people's living standards. Improved housing demand and other factors driving House prices remain high, it suffers different degree of empty rooms across the country, resulting in a waste of resources; also lead to property developers unable to return funds in a timely manner, capital chains at risk of fracture. On one hand, more and more idle funds in the hands of the common people cannot be effectively utilized, on the other hand, real estate financing channels for developers because a single, capital point of tension has to make ends meet. These problems are due to unsound real estate investment and financing system in China. Because the entire funding strand is the equivalent of broken grain in the army, in addition to strong large developers, real estate enterprises in General is hard to resist the impact of climate change. A large number of real estate bankruptcy, depression leads to downstream industrial chain. In recent years, all over the world have gradually established a real estate investment trust fund, and we will continue to develop, various forms of products continue to meet the interests of all parties needs, effectively driving force of real estate development. Research on the future of real estate investment trusts will be hot spots and focus. From 20 of the world since the 60's, real estate financing policies of developed countries in the West by a single bank loan financing mode of gradually changed to the direct interests of securitization model, further widening the financing channels for real estate, activating the own capital in the hands of the people, has the potential to protect against inflation and provide diversification benefits, to maintain stability in the property market have played a positive role. At present, China's real estate enterprises encountered a bottleneck in the development process. Therefore, establishing and perfecting the real estate investment trust fund and provides policy recommendations in this regard are the subject of major research purposes. From most national city development process proved, urbanization level from 30% improve to 70% is a fast development period, current in China urbanization level about for 46%, by annual to 1% of speed increments calculation, still will has 20 years of city fast development period, this 20 years still is real estate business quickly development period, even after in residential real estate relative saturated, commercial real estate of quickly rise also will for real estate investment trust fund provides a new of history opportunities. On the real estate market, the lessons of the subprime crisis has made people aware of the importance of simple, field-and theoretical analysis of the combination of internal risk control, integrated domestic factors the actual operation of the real estate market, REITs are most suitable for China's current real estate financial instruments in the financial markets. According to the preceding summary of deepening the analysis, pointed out that REITs are preferred for solve the problem of real estate finance, and for the current development situation of domestic real estate, think we should speed up the trial work of REITs, proceeding from the perspective of real estate financial system as a whole to develop related policies. Along with Chinese real estate development, more and more people realize REITS. As a standard financial product, it has some superiority. For example, stable income, anti-inflation, investment. REITS has a remarkable function on house price and investment. It has a very wide perspective. In order to assure its healthy development in China, by studying REITS experience in other countries, I selected cases from this article are divided into two types, one is United States-listed REITs, primarily from the point of view of financial management, survival rates of development of real estate investment trusts planning ideas. Industrial real estate operators in the including representative – General lock company, top office building operators – Boston real estate, retail real estate operators – Simon real estate, as well as high-end hotel operator--HOST hotel. Another class is Asia of REITs, to China Hong Kong mainly, China Hong Kong REITs is more slower than United States and Australia REITs, but just absorption its experience, taking its essence out, and developing local code, prevent similar problem of appears, including in China Hong Kong yuexiu REITs and Ruifu REITs, analyzing REITs of framework structure, Providing practical support for actual operation of REITs in mainland China. we should enforce and improve laws and regulations, talented person building-system, control risk system, for example tax, capability of person. For avoiding double tax, we should modify some tax provisions and formulate special provisions on REITS. We should positively cultivate person who know law financial affairs and so on. We should make it as a long-term and foundation work. As a new investment tool, control risk system is very important for REITS. I analyze it from three different points: company structure, control risk tactic and comprehend. Building special committee and independent control risk department is necessary. In order to lower control, we must research market and build stable customers. Evading “department” phenomena, we must make a independent development way. Meanwhile, I realize that REITS manager is key factor. Standard working process and data system also lower working risk. For control risk comprehension, I study it from assessment by itself and investor realization. Assessment and study better supplement control risk. At last, I put forward a proposal about three stages on REITS development in China. There are three ways on financial performance appraisal. On the basis of industry situation, I analyze basic task. I also put forward C-REITS business which should develop from basic to high-class products and develop company REITS and trust REITS by their superior. At the State Department about the condition of the real estate investment trust management introduced, through the coordination of the SFC, the China Banking Regulatory Commission, Ministry of finance and the relevant legislative bodies, REITs and transformation of existing trust for sale of non-standard became internationally popular standards REITs, public circulation. In addition, in the current context, perfecting the legal system, listed real estate companies can rely on its marketing resources, proven business experience, professional management team, efficient and transparent corporate governance, improve the regulatory system, and improve the flow of trading platforms, drawing on United States mainstream model of listed REITs, C-REITs may also complete the standardization.
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