發(fā)布時(shí)間：2018-01-20 14:40

  本文關(guān)鍵詞： 房地產(chǎn)投資信托基金 資本市場(chǎng) 組織結(jié)構(gòu) 運(yùn)作模式 風(fēng)險(xiǎn)防范 充分性 必要性　出處：《蘭州大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：房地產(chǎn)投資信托基金(Real Estate Investment Trusts,簡(jiǎn)稱REITs)是一種新型的金融產(chǎn)品。它把個(gè)人和機(jī)構(gòu)投資者的資金集中起來(lái),再投資于能夠產(chǎn)生穩(wěn)定現(xiàn)金流和收益的房地產(chǎn)。REITs利用募集的資金購(gòu)買優(yōu)質(zhì)的房地產(chǎn)資產(chǎn),建立一個(gè)相當(dāng)大的房地產(chǎn)資產(chǎn)組合并進(jìn)行適當(dāng)?shù)墓芾?以滿足長(zhǎng)期投資的需求。 REITs能夠建立新的融資渠道和資本退出通道,有利于融通房地產(chǎn)市場(chǎng)與資本市場(chǎng)；能夠降低房地產(chǎn)的周期風(fēng)險(xiǎn),改進(jìn)房地產(chǎn)資金的流動(dòng)性；也有利于促進(jìn)房地產(chǎn)行業(yè)向細(xì)分化發(fā)展。REITs有利于分散與降低金融市場(chǎng)系統(tǒng)性風(fēng)險(xiǎn),提高國(guó)家金融安全；能夠擴(kuò)充并深化資本市場(chǎng),提供價(jià)格信息和改進(jìn)市場(chǎng)效率；有利于分散銀行系統(tǒng)的信貸風(fēng)險(xiǎn)。REITs能帶來(lái)競(jìng)爭(zhēng)紅利和良好效益；有利于宏觀經(jīng)濟(jì)穩(wěn)定發(fā)展；有利于促進(jìn)經(jīng)濟(jì)全球化發(fā)展。REITs是有效的避稅工具；具有較高的紅利和較低的風(fēng)險(xiǎn),可以滿足多樣化投資需求。 東方信托有必要引入REITs。首先,它能拓寬東方信托融資客戶的融資渠道,降低銀行貸款風(fēng)險(xiǎn),支持房地產(chǎn)業(yè)務(wù)健康穩(wěn)定地發(fā)展。其次,它能分離東方信托對(duì)房地產(chǎn)市場(chǎng)直接的投資需求,優(yōu)化投資方向。最后,它還能加快金融產(chǎn)品創(chuàng)新,拓寬東方信托投資客戶的資金投資渠道。 東方信托R E I T s應(yīng)該選擇C-R E I T s模式。東方信托以契約型為主的基金已發(fā)展多年,在實(shí)踐中積累了許多寶貴的經(jīng)驗(yàn),這可以為契約型REITs的運(yùn)行提供指導(dǎo)。在實(shí)際建設(shè)過(guò)程中,應(yīng)該采用以公募為主的公私結(jié)合募集方式,采取先封閉,后開(kāi)放的交易方式,投資方向應(yīng)該以品質(zhì)優(yōu)秀的商業(yè)性房地產(chǎn)、某些房地產(chǎn)細(xì)分市場(chǎng)、政府廉租房項(xiàng)目等為主。 東方信托要重視風(fēng)險(xiǎn)控制,強(qiáng)化風(fēng)險(xiǎn)管理。要強(qiáng)化風(fēng)險(xiǎn)規(guī)避意識(shí),從源頭上控制項(xiàng)目風(fēng)險(xiǎn)；建立風(fēng)險(xiǎn)分散機(jī)制,盡量分散非系統(tǒng)風(fēng)險(xiǎn)；強(qiáng)化風(fēng)險(xiǎn)抑制制度；加強(qiáng)內(nèi)部控制制度建設(shè),強(qiáng)化風(fēng)險(xiǎn)監(jiān)控。
[Abstract]:Real estate investment trust fund Real Estate Investment Trusts. REITs is a new financial product that brings together the funds of individuals and institutional investors. Reinvest in real estate. REITs, which can generate stable cash flow and income, use the raised funds to purchase high quality real estate assets, establish a large real estate portfolio and manage it properly. To meet the needs of long-term investment. REITs can establish new financing channel and capital exit channel, which is beneficial to finance real estate market and capital market. Can reduce the real estate cycle risk, improve the liquidity of real estate funds; It also helps to promote the development of the real estate industry into fine differentiation. REITs is conducive to dispersing and reducing the systemic risks of financial markets and improving national financial security; Ability to expand and deepen capital markets, provide price information and improve market efficiency; Credit risk. REITs, which are beneficial to disperse the banking system, can bring competitive dividends and good benefits. Conducive to the stable development of macroeconomic; It is beneficial to promote the development of economic globalization. REITs is an effective tax avoidance tool. With higher dividends and lower risks, diversified investment needs can be met. It is necessary to introduce REITs. First of all, it can broaden the financing channels of Orient Trust financing customers, reduce the risk of bank loans, and support the healthy and stable development of real estate business. It can separate the direct investment demand of East Trust from the real estate market and optimize the investment direction. Finally, it can speed up the innovation of financial products and broaden the investment channels of clients. Eastern trust R E I T s should choose C-R E I T s model. Eastern trust funds mainly based on contract have been developed for many years and accumulated many valuable experiences in practice. This can provide guidance for the operation of contractual REITs. In the actual construction process, we should adopt the public offering as the main combination of public and private fund-raising, the first closed, then open trading. Investment direction should be high quality commercial real estate, some real estate market segments, government low-rent housing projects and so on. Dongfang Trust should pay attention to risk control, strengthen risk management, strengthen risk evading consciousness, and control project risk from source. Establishing a risk decentralization mechanism to disperse the non-systematic risk as far as possible; Strengthening the system of risk suppression; Strengthen the construction of internal control system, strengthen risk monitoring.
【學(xué)位授予單位】：蘭州大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51;F299.233.4

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