房地产投资信托发展研究

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房地产投资信托发展研究

摘要

房地产业属于资金高度密集型行业，通过多种渠道的融资活动来满足开发资

金的需求，是房地产开发企业生存和发展亟待解决的问题。当前我国房地产市场

获得长足发展，房地产市场一、二、三级体系已经基本确定，房地产行业规章不断

完善，与房地产相关第二、三产业受益于房地产快速发展的拉动也得到蓬勃发展

但是在貌似繁荣的市场环境下存在一定的发展隐患，首先作为与国民息息相关的

行业，房地产行业不能仅仅考虑经济发展的需要，而且还要考虑民生与和谐社会

的建立；其次在我国房地产行业在进入深化发展阶段后，对于房地产发展模式究

竟走香港模式还是美国模式存在不同的意见；再次微观上来说制约房地产行业发

展的金融创新问题日益突出。

在我国随着市场经济体系的逐步完善，游戏规章的日益规范，房地产行业对

于资金日益渴求。在美国房地产是作为大金融范畴而存在的，这也间接说明房地

产业对于金融行业的依赖。目前，我国房地产企业融资渠道单一，主要依靠银行

贷款，在国家进一步加强对房地产宏观调控的大背景下，银行为避免潜在的金融

风险，进一步收紧银根，房地产行业赖以生存的银行贷款间接融资模式收到严峻

考验，房地产行业直接融资的需求越来越迫切。为此，寻找有效的直接融资模式

由资金所有者和资金使用者直接借贷，势在必行。

房地产投资信托（即 REITs）即是这样一种有效的直接融资工具，作为一种

重要的金融创新产品，由信托公司通过制定信托投资计划，与投资者（委托人）

签订信托投资合同，通过发行信托受益凭证等方式受托投资者的资金，然后进行

房地产或者房地产抵押贷款投资，并委托或聘请专业机构和人员实施具体的经营

管理，并将投资综合收益按比例分配给投资人的。房地产投资信托本质上属于金

融工具，是房地产证券化的一种方式，它满足了房地产企业对于资金的需求，同

时通过组合投资和专家理财实现了大众化投资，为普通投资者进入房地产市场投

资提供了可能。尽管目前无论在税收优惠、金融环境还是法律制度等方面存在阻碍

房地产信托投资发展的因素，但是可以预见，随着我国信托业的不断发展和完善

随着金融市场的成熟、法律制度的完备房地产投资信托在我国的发展具有光明的

前景。

关键词：房地产　房地产投资信托　直接融资

ABSTRACT

Real estate industry is one of the highly capital-intensive industries. It is a critical

mission for the real estate development companies to satisfy their capital requirement

through all kinds of financing approaches. Currently, the real property market in China

has been developed quiet great. The three-level system of real property market has been

primarily founded and the regulations regarding the real property industry has been

continuously consummated. Besides, the secondary and tertiary industries related to the

real property industry has been fully developed due to the rapidly development of real

property industry. However, there still exist hidden troubles under the seemingly

flourishing market. Firstly, as the key industry regarding to people’s life, the

development of real property industry could not only be concerned to the economic

development, but also be concerned to the people’s life and the establishment of

harmonious society. Secondly, after entering into the stage of the deep development of

real property industry in China, there are different opinions regarding the development

model of real property industry that whether the Hong Kong model or the USA model

should be taken. Thirdly, in microcosmic view, the problem of financial innovation

which restricts the development of real property industry is increasingly outstanding.

In China, with the consummation of market economy system and the

standardization of the operation regulations, more and more capitals are required by real

property industry. In USA, the real property industry is classified in finance field, which

could sidelight the depending of the real property industry on the finance industry. At

present, the financing channel of the real property industry in China is very simple,

which depends on the bank loan. Under the background of further macro-control on real

estate industry by the State, the banks prefer to further retrenching the capital flow to

avoid potential financial risks. Consequently, the indirect financing model of bank loan

which the real property industry is highly depending on has been strictly challenged and

the requirement of direct financing is more and more urgent. Therefore, it is imperative

to seek the efficient direct financing through which the capital owner could borrow

money directly to the potential user.

The Real Estate Investment Trusts (REITs) is such an effective direct financing

approach. The REITs, as an important financial innovation, runs as follows: the Trust

Company makes the investment trust plan and enters into the Investment Trust

Agreement with the Investor (entrustor). The entrustor’s money will be trusted to the

Trust Company through the issuance of trust benefit certificate and further be used in

real property investment mortgage investment. Such trusted money will be managed by

professional institution and person retained or entrusted by the Trust Company and the

investment proceeds will be distributed to each investor pro rata. The REITs is actually

a financial facility and a security mode of the real property, which will satisfy the

capital requirements by the real property companies. Meanwhile, the popular

investment will be realized through portfolio and professional financing, which provides

an opportunity for the common investors to invest in real property market. Although,

there still are some factors relating to the tax preferential treatment, financial

circumstance, legal system and others which restrict the development of the REITs, it is

anticipative that the REITs could be developed prospectively and splendidly in China

with the development and consummation of trust industry, financial market and legal

system.

Key Words：Real Estate，Real Estate Investment Trusts，Direct

Finance

目  录
摘要
ABCTRACT
第一章　绪　论......................................................1
§1.1 房地产业和金融业关系.......................................1
§1.2 发展房地产投资信托意义.....................................2
§1.3 房地产投资信托国内外发展综述...............................5
§1.4 研究方法和路径.............................................5
第二章 与房地产投资信托相关基本概念.................................7
§2.1 信托.......................................................7
§2.1.1 资金信托.............................................7
§2.1.2 财产信托.............................................8
§2.2 房地产投资信托概念和特征...................................8
§2.2.1 房地产投资信托概念...................................8
§2.2.2 房地产投资信托特征...................................8
§2.3 房地产信托.................................................9
2.3.1 房地产投资信托与房地产投资基金.........................9
2.3.2 房地产投资信托与土地信托..............................11
2.3.3 房地产投资信托与房地产上市公司股票....................12
§2.4 房地产投资信托基本组织形式................................12
§2.4.1 契约型房地产投资信托................................12
§2.4.2 公司型房地产投资信托................................13
§2.5 房地产投资信托基金的投资决策与资产配置....................14
第三章　其他房地产融资模式分析.....................................15
§3.1 房地产企业证券市场融资....................................15
§3.1.1 发行上市(IPO).......................................15
§3.1.2 买壳上市............................................16
§3.1.3 非上市企业与上市公司合作............................17
§3.2 房地产企业资产重组........................................18
§3.2.1 资产重组方式的选择..................................19
§3.2.2 资产重组方式的特点..................................19

§3.2.3 资产重组原因........................................19
§3.2.4 资产重组应注意的问题................................20
§3.3 房地产企业贷款............................................21
§3.3.1 房地产企业贷款概念和种类............................21
§3.3.2 房地产企业贷款特点..................................21
§3.3.3 房地产企业贷款发展..................................22
§3.3.4 银行房地产业务产品体系及创新........................23
§3.4 房地产企业债券............................................23
§3.4.1 房地产企业债券概念和种类............................24
§3.4.2 房地产企业债券特点..................................24
§3.4.3 美国企业债券市场发展及对我国的启示..................25
§3.4.4 房地产企业债券优点..................................26
第四章　世界主要国家和地区房地产投资信托概况.......................28
§4.1 国外的 REITs 起源..........................................28
§4.2 国外的 REITs 发展概况......................................28
§4.2.1 美国房地产投资信托发展..............................29
§4.2.2 其他国家房地产投资信托的发展........................36
第五章 房地产投资信托在中国的实践..................................40
§5.1 我国房地产投资信托法律规范的现状..........................40
§5.1.1 商事法..............................................40
§5.1.2 房地产管理法........................................41
§5.1.3 金融法..............................................41
§5.1.4 房地产投资信托法规..................................41
§5.2 我国房地产投资信托发展现状和主要类型......................45
§5.2.1 我国房地产投资信托发展现状..........................45
§5.2.2 我国房地产投资信托主要类型..........................47
§5.3 我国现行 REITs 的基本特点..................................50
§5.4 美国 REITs 法律环境对我国立法的启示........................51
§5.5 我国房地产投资信托的发展趋势..............................52
第六章　房地产投资信托在我国发展建议...............................54
§6.1 我国发展 REITs 的必要性和可行性分析........................54
§6.2 我国建立房地产投资信托的问题和挑战........................55
§6.2.1 法律制度不完善......................................55

§6.2.2 税收优惠政策不明确..................................56
§6.2.3 市场环境尚需进一步改善..............................57
§6.2.4 复合型的专业人才缺乏................................58
§6.3 我国建立房地产投资信托的政策对策..........................58
§6.3.1 加快相关法规制定....................................59
§6.3.2 完善市场机制........................................61
§6.3.3 规范业务范围........................................61
§6.3.4 设计合理的税收制度..................................62
§6.3.5 注意防范道德风险....................................63
§6.3.6 加快组织机构的建设..................................64
§6.3.7 加强理论研究，完善人才培养机制......................64
参考文献...........................................................66

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摘要：

房地产投资信托发展研究摘要房地产业属于资金高度密集型行业，通过多种渠道的融资活动来满足开发资金的需求，是房地产开发企业生存和发展亟待解决的问题。当前我国房地产市场获得长足发展，房地产市场一、二、三级体系已经基本确定，房地产行业规章不断完善，与房地产相关第二、三产业受益于房地产快速发展的拉动也得到蓬勃发展但是在貌似繁荣的市场环境下存在一定的发展隐患，首先作为与国民息息相关的行业，房地产行业不能仅仅考虑经济发展的需要，而且还要考虑民生与和谐社会的建立；其次在我国房地产行业在进入深化发展阶段后，对于房地产发展模式究竟走香港模式还是美国模式存在不同的意见；再次微观上来说制约房地产行业发展的金融创新问题...

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