房地产信托中道德风险的经济学研究.pdfVIP

Master Dissertation of Chongqing University Study on Moral Risk of Economics Respect in Real Estate Trust ——Based on the view of investor Master Candidate: Liu Jinchuan Supervisor: Prof. Li Shirong Major: Management Science and Engineering Construction Management and Real Estate Faculty Chongqing University October 2007 摘 要 近年来，我国房地产信托行业多次发生兑付危机事件，给投资者造成了巨大 的损失，也给行业的发展带来了不利的影响。道德风险的破坏性和隐蔽性都较强， 对房地产信托业其他风险具有诱发作用，是导致房地产信托兑付危机的重要因素。 针对目前我国关于房地产信托行业发展的理论研究大多注重于其系统风险的情 况，论文专门对房地产信托行业存在的道德风险问题进行了研究。 首先，论文对房地产信托和道德风险的相关知识作了介绍，从理论上探讨了 道德风险存在的原因及造成的严重后果，并对本文研究的房地产信托中的“道德风 险”作出了范围界定；然后，利用案例充分说明了当前解决我国房地产信托行业道 德风险问题的重要性和紧迫性；其次，在对房地产信托运作流程和房地产信托相 关参与主体相互关系的深入分析后，分别从制度经济学、寻租理论、关联交易等 角度，剖析了房地产信托行业产生道德风险的根源；再次，论文采用了适用于道 德风险条件下解决合同关系的对策模型，即关于房地产信托中道德风险的多级委 托代理模型，得出了在房地产信托中建立最优激励约束机制的方式和途径；最后， 针对房地产信托行业产生道德风险的根源，提出了建立和完善房地产信托业发展 所需的相关制度体系或机制，并指出我国房地产信托向房地产投资信托基金 （REITs ）转型对解决道德风险的重要作用。 关键词：房地产信托，道德风险，寻租，关联交易 ABSTRACT Recently, many exchange crisis affairs occurred in China real estate trust industry, brought great damage to the investors and negative effect to the development of the industry. The destructiveness and concealment of morals risk are stronger, and also has a chain reaction to other risk in real estate trust, it is an important factor which causes the real estate trust exchange crisis. This dissertation carried out research which is exclusively on morals risk problem existed in the real estate trusts industry according to the condition of current theories about real estate trust in China mainly on system risk. Firstly, this dissertation introduced the related knowledge of Real estate trust and moral risk, and probed into the reasons and serious results of moral risk theor