發(fā)布時(shí)間：2019-01-21 13:56

【摘要】：隨著我國(guó)房地產(chǎn)業(yè)的快速發(fā)展,房地產(chǎn)融資的一些深層次矛盾和問題開始顯露出來。其中的一個(gè)主要問題就是房地產(chǎn)企業(yè)融資渠道單一,對(duì)銀行依賴過大,房地產(chǎn)融資渠道亟需進(jìn)一步多元化。在此背景下,房地產(chǎn)投資信托(REITs)作為一種切實(shí)可行的融資方式日益得到房地產(chǎn)業(yè)和金融業(yè)的重視,且得到?jīng)Q策層的首肯,REITs破冰在望。 由于有限理性和信息不對(duì)稱的存在,使得逆向選擇和道德風(fēng)險(xiǎn)廣泛存在于REITs的經(jīng)營(yíng)管理中,導(dǎo)致了REITs的脆弱性。理論和實(shí)踐表明,市場(chǎng)機(jī)制無法實(shí)現(xiàn)最優(yōu)選擇,政府的監(jiān)管對(duì)于REITs的發(fā)展十分重要。本文從市場(chǎng)準(zhǔn)入、業(yè)務(wù)運(yùn)作、風(fēng)險(xiǎn)防范、市場(chǎng)退出四個(gè)方面系統(tǒng)地進(jìn)行了C-REITs的監(jiān)管研究,在借鑒美國(guó)、日本等國(guó)家和地區(qū)的監(jiān)管經(jīng)驗(yàn),并分析中國(guó)的實(shí)際情況的基礎(chǔ)上,相應(yīng)地提出了自己的監(jiān)管構(gòu)想。本文從組織形式、股權(quán)結(jié)構(gòu)、受托人資格三個(gè)方面研究了C-REITs的市場(chǎng)準(zhǔn)入條件,研究結(jié)果表明信托計(jì)劃是C-REITs組織形式的最優(yōu)選擇,C-REITs股權(quán)應(yīng)達(dá)到一定程度的分散,受托人資格應(yīng)當(dāng)嚴(yán)格規(guī)范。針對(duì)業(yè)務(wù)運(yùn)作,本文就募集方式、管理模式、投資與主要收入來源、負(fù)債比率、收入分配等關(guān)鍵問題,提出了自己的監(jiān)管構(gòu)想。針對(duì)C-REITs運(yùn)作過程中面臨的委托—代理風(fēng)險(xiǎn)、機(jī)構(gòu)管理風(fēng)險(xiǎn)、物業(yè)評(píng)估風(fēng)險(xiǎn)等諸多風(fēng)險(xiǎn),本文認(rèn)為可通過信息披露監(jiān)管、對(duì)信托公司進(jìn)行分類監(jiān)管等途徑予以化解。C-REITs的市場(chǎng)退出適用我國(guó)《公司法》或《破產(chǎn)法》的規(guī)定。研究結(jié)論對(duì)C-REITs的監(jiān)管具有一定的參考價(jià)值。
[Abstract]:With the rapid development of China's real estate industry, some deep-seated contradictions and problems in real estate financing have begun to emerge. One of the main problems is that the financing channels of real estate enterprises are single, relying too much on banks, and the real estate financing channels need to be further diversified. Under this background, the real estate investment trust (REITs), as a feasible financing method, has been paid more and more attention to by the real estate industry and the financial industry, and has been approved by the decision makers. The REITs is on the verge of breaking the ice. Due to the existence of limited rationality and asymmetric information, adverse selection and moral hazard exist widely in the management of REITs, which leads to the fragility of REITs. The theory and practice show that the market mechanism can not realize the optimal choice, and government supervision is very important to the development of REITs. This paper systematically studies the supervision of C-REITs from four aspects: market access, business operation, risk prevention and market withdrawal. Based on the experience of the United States, Japan and other countries and regions, and on the basis of analyzing the actual situation in China, Corresponding to put forward their own regulatory ideas. This paper studies the market access conditions of C-REITs from three aspects: organizational form, ownership structure and trustee qualification. The results show that trust plan is the best choice of C-REITs organization, and C-REITs equity should be dispersed to a certain extent. The qualifications of trustees shall be strictly regulated. Aiming at the operation of business, this paper puts forward its own supervision conception on the key issues such as raising mode, management mode, investment and main income source, debt ratio, income distribution and so on. In view of the principal-agent risk, institutional management risk, property evaluation risk and many other risks in the process of C-REITs operation, this paper thinks that the supervision of information disclosure can be adopted. The market withdrawal of C-REITs is applicable to the provisions of our country's Company Law or bankruptcy Law. The conclusion of the study has certain reference value to the supervision of C-REITs.
【學(xué)位授予單位】：中南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2010
【分類號(hào)】：F832.49;F293.3

【引證文獻(xiàn)】

相關(guān)碩士學(xué)位論文 前1條

1 吳曉麗;我國(guó)兩租房建設(shè)融資模式研究[D];河北經(jīng)貿(mào)大學(xué);2013年

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本文編號(hào)：2412723