【摘要】：隨著經(jīng)濟全球化的加快和我國經(jīng)濟日新月異的發(fā)展,國內(nèi)房地產(chǎn)業(yè)發(fā)展迅速,并已成為國民經(jīng)濟的重要支柱產(chǎn)業(yè),對我國經(jīng)濟的快速發(fā)展起到重要推動作用。與此同時,房價節(jié)節(jié)攀升,房地產(chǎn)市場“泡沫”膨脹,為化解金融風險,政府開始加大對房地產(chǎn)的宏觀調(diào)控力度,先后出臺了一系列限制房地產(chǎn)企業(yè)銀行貸款條件的政策法規(guī),緊縮銀根。而房地產(chǎn)行業(yè)作為一個典型的資金密集型行業(yè),面對傳統(tǒng)融資渠道受阻,資金鏈斷裂的財務困難,不得不積極需求新的融資渠道。另外,我國居民儲蓄居高不下與資本市場缺少低風險、高回報的多樣化投資渠道的矛盾逐步顯現(xiàn)。由此,作為房地產(chǎn)業(yè)創(chuàng)新性融資工具的“房地產(chǎn)投資信托基金(REITs) "在我國引起了越來越多的關注。本文力圖在探究REITs相關金融理論及發(fā)展實踐的基礎之上,澄清REITs的內(nèi)涵、特征、分類、作用及主要運作模式等相關理論知識,并結合我國實際情況,分析我國REITs的現(xiàn)狀及存在問題,借鑒國外REITs的發(fā)展經(jīng)驗,從參與主體、組織形式、運作模式、資金募集、利益分配和資金投向六個方面分析并提出適合的發(fā)展模式。另外,依據(jù)我國REITs的發(fā)行現(xiàn)狀,針對亟需解決的問題,提出相應的建議,旨在推動我國REITs的發(fā)展。論文采用定性研究和文獻綜合的方法,結合管理學、經(jīng)濟學的專業(yè)知識,進行深入理論研究和適當?shù)乩碚撏蒲�；利用歷史考察法,融入對美國、歐洲、亞洲國家的REITs制度的介紹,參考國外RETIs的先進經(jīng)驗,以便能更好地借鑒歷史經(jīng)驗；并結合房地產(chǎn)投融資的基本情況,進行案例分析租實踐指導。提供REITs在不同國家、不同階段和不同領域的發(fā)展狀況,為我國提供發(fā)行REITs可借鑒的成功經(jīng)驗;分析得出我國發(fā)行REITs的模式和對策導向。
[Abstract]:With the acceleration of economic globalization and the rapid development of China's economy, the domestic real estate industry has developed rapidly and has become an important pillar industry of the national economy, which plays an important role in promoting the rapid economic development of our country. At the same time, housing prices are rising and the real estate market "bubble" is inflating. In order to resolve financial risks, the government has begun to increase the macro-control of real estate, and has successively issued a series of policies and regulations restricting the conditions of bank loans for real estate enterprises. Tighten the money. As a typical capital-intensive industry, the real estate industry has to actively demand new financing channels because of the financial difficulties caused by the blockage of traditional financing channels and the breakage of the capital chain. In addition, the contradiction between the high household savings and the lack of low risk and high return diversified investment channels in the capital market gradually appears. Therefore, as an innovative financing tool of real estate, Real Estate Investment Trust Fund (REITs) has attracted more and more attention in our country. This paper tries to clarify the connotation, characteristics, classification, function and main operating mode of REITs on the basis of exploring the relevant financial theory and development practice of REITs, and combining with the actual situation of our country, this paper tries to clarify the relevant theoretical knowledge of REITs, such as its connotation, characteristics, classification, function and main operating mode. This paper analyzes the present situation and existing problems of REITs in China, draws lessons from the development experience of foreign REITs, analyzes and puts forward the suitable development model from six aspects: the main body of participation, the form of organization, the mode of operation, the raising of funds, the distribution of benefits and the investment of funds. In addition, according to the distribution status of REITs in China, the author puts forward some suggestions to promote the development of REITs in China. The thesis adopts the method of qualitative research and literature synthesis, combining the professional knowledge of management and economics, carries on the thorough theory research and the appropriate theory deduction; Using the method of historical investigation to introduce the REITs system of the United States, Europe and Asia, and refer to the advanced experience of foreign RETIs, in order to better learn from the historical experience; And combine the basic situation of real estate investment and financing, carry on case analysis rent practice instruction. This paper provides the development of REITs in different countries, stages and fields, and provides the successful experience of issuing REITs in China, and analyzes the mode and countermeasures of issuing REITs in China.
【學位授予單位】：廣西大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F299.23;F832.51

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