本文選題：房地產(chǎn)投資信托 + 法律風(fēng)險　； 參考：《江西財經(jīng)大學(xué)》2014年碩士論文

【摘要】：房地產(chǎn)投資信托是現(xiàn)代金融領(lǐng)域的重要組成部分,在銀根緊縮,貸款政策愈加嚴(yán)格的情況下,信托作為新興融資方式為房地產(chǎn)開發(fā)提供了充裕的資金支持,并且也給投資人、受益人提供高回報的投資渠道。我國房地產(chǎn)信托投資業(yè)務(wù)的出現(xiàn)只有短短十年,且以《信托法》、《信托公司管理辦法》、《信托公司集合資金信托計劃管理辦法》——“一法兩規(guī)”為主要監(jiān)管法律制度。但是在房地產(chǎn)開發(fā)信托融資的實(shí)務(wù)當(dāng)中,違規(guī)現(xiàn)象頻繁。一方面,由于已有的部門法規(guī)較為寬泛,存在頗多法律規(guī)定空白讓不法分子有可乘之機(jī)；第二方面,在全球經(jīng)濟(jì)一體化的影響下,我國的房地產(chǎn)信托融資業(yè)務(wù)雖然處于起步期,但是資金規(guī)模較大,運(yùn)營復(fù)雜,而我國現(xiàn)有的“一法兩規(guī)”已經(jīng)跟不上行業(yè)發(fā)展的快節(jié)奏,立法水平落后,亟需向美英日德等信托發(fā)展歷史更長,監(jiān)管體系更為完善的國家學(xué)習(xí)。 信托制度是一項偉大的創(chuàng)造,創(chuàng)造伊始成功規(guī)避僵化法律規(guī)定與封建統(tǒng)治者的剝削。但是我國關(guān)于信托財產(chǎn)所有權(quán)含糊不清的規(guī)定無疑閹割了信托最具創(chuàng)意的雙重所有權(quán)設(shè)計。房地產(chǎn)信托業(yè)務(wù)中涉及的信托財產(chǎn)的內(nèi)容多為：商業(yè)中心、住宅樓盤、保障住房等,若在建設(shè)過程出現(xiàn)問題,無法如約實(shí)現(xiàn)信托約定進(jìn)行清算時還會出現(xiàn)：在建工程、土地使用權(quán)等不動產(chǎn)與相關(guān)權(quán)利。但是由于信托機(jī)構(gòu)并沒有取得財產(chǎn)的所有權(quán),所以在對項目建設(shè)時并無法真正參與到運(yùn)營決策與全盤監(jiān)督的過程中。實(shí)務(wù)中設(shè)立房地產(chǎn)信托,信托公司與房產(chǎn)開發(fā)企業(yè)會在在建工程、土地使用權(quán)上設(shè)置擔(dān)保,如果出現(xiàn)需要實(shí)現(xiàn)擔(dān)保債權(quán)的情況,信托公司會因為沒有所有權(quán)而有所掣肘。關(guān)于信托財產(chǎn)所有權(quán)的規(guī)定有待進(jìn)一步厘清�，F(xiàn)有法規(guī)對信托合同份數(shù)予以一刀切的規(guī)定,亦無法滿足現(xiàn)在房地產(chǎn)建設(shè)融資動輒千萬上億的資金需求。實(shí)務(wù)當(dāng)中,一些信托機(jī)構(gòu)往往會試圖通過拆分項目來規(guī)避該規(guī)定,從而又會產(chǎn)生可能導(dǎo)致項目無效的風(fēng)險。同時,缺乏專業(yè)監(jiān)管機(jī)構(gòu)也給房地產(chǎn)信托業(yè)務(wù)的引導(dǎo)與監(jiān)管工作帶來壓力,籌建信托監(jiān)管委員會能夠提供更加專業(yè)、高效的監(jiān)管,引導(dǎo)該行業(yè)更好的發(fā)展。 筆者針對我國房地產(chǎn)投資信托中多發(fā)法律風(fēng)險的原因予以分析,參考成熟的行業(yè)監(jiān)管法規(guī)與機(jī)構(gòu)設(shè)置,探索完善房地產(chǎn)投資信托法律監(jiān)管的具體方法——首先,從建立專業(yè)信托監(jiān)管機(jī)構(gòu)——信托監(jiān)管委員會；其次,樹立正確的立法價值取向——兼顧安全與效率,減少現(xiàn)有法規(guī)沖突與填補(bǔ)立法漏洞；再次,通過培養(yǎng)提高監(jiān)管人員的專業(yè)素質(zhì)；最后,完善信托財產(chǎn)為中心的信息披露制度。
[Abstract]:Real estate investment trust is an important part of the modern financial field. Under the circumstances of tight monetary resources and tighter loan policy, the trust, as a new financing method, provides abundant financial support for real estate development and also gives investors. Beneficiaries provide high return investment channels. The appearance of real estate trust investment business in our country is only ten years, and the main supervision legal system is "Trust Law", "Trust Company Management method", "Trust Company Collective funds Trust Plan Management method"-"one Law and two rules". But in the real estate development trust financing practice, the violation phenomenon is frequent. On the one hand, due to the wide range of existing departmental laws and regulations, there are quite a lot of gaps in laws and regulations that allow lawbreakers to take advantage of the opportunities. Second, under the influence of global economic integration, the real estate trust financing business in China is in its infancy. However, the scale of capital is large and the operation is complicated. However, the existing "one law and two rules" in our country can no longer keep up with the fast pace of industry development and the level of legislation is backward. Therefore, the history of developing trust such as the United States, Britain, Japan and Germany is urgently needed to be longer. Countries with better regulatory systems learn. Trust system is a great creation, which successfully evaded rigid legal regulations and exploitation of feudal rulers at the beginning of creation. However, the ambiguous provisions on the ownership of trust property undoubtedly castrate the most creative dual ownership design of trust. The contents of the trust property involved in the real estate trust business are mostly: commercial center, residential real estate, security housing and so on. If there is a problem in the construction process, the settlement of the trust agreement cannot be fulfilled as agreed by the trust. Land use right and other real estate and related rights. However, because the trust organization has not acquired the ownership of the property, it is unable to participate in the process of operation decision and overall supervision in the construction of the project. In practice, the real estate trust company and the real estate development company will set up the guarantee on the construction project and the land use right. If there is a need to realize the secured creditor's rights, the trust company will be constrained by the lack of ownership. The provisions on the ownership of trust property need to be further clarified. The existing regulations on the number of trust contracts to provide a one-size-fits-all provision, also can not meet the current real estate construction financing needs of tens of millions of dollars. In practice, some trust agencies often try to break up the project to avoid the regulation, which may lead to the project invalid risk. At the same time, the lack of professional regulatory agencies also brings pressure to the guidance and supervision of the real estate trust business. The preparation of the trust supervision committee can provide more professional, efficient supervision and guide the better development of the industry. The author analyzes the causes of multiple legal risks in real estate investment trusts in China, and explores the specific methods to perfect the legal supervision of real estate investment trusts by referring to the mature industry regulations and institutional settings. From the establishment of professional trust regulatory body-trust supervision committee; secondly, set up the correct legislative value orientation-to take into account safety and efficiency, reduce the existing laws and regulations conflict and fill legislative loopholes; third, Finally, improve the information disclosure system with trust property as the center.
【學(xué)位授予單位】：江西財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：D922.282

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