我国发展房地产资信托基金研究.docVIP

摘 要 房地产业是我国的支柱产业之一，产业链条长，它的发展可以拉动建筑建材业、钢铁业、金融业等行业的增长，对我国经济的可持续发展起着重要的作用，同时，房地产业是典型的资金密集型产业，融资问题一直都是我国房地产企业必须要面对的难题之一。 一直以来中国房地产企业的融资渠道非常单一，对银行贷款依赖程度过高。2003年来央行收紧银行对房地产企业的信贷，使得房地产企业的融资更显艰难，房地产企业急需开拓新的房地产融资途径，使房地产企业融资渠道多元化。中国现在的融资环境与美国出台房地产投资信托基金法时的融资环境非常相似，当时的美国也是地产融资困难、银行紧缩银根，房地产企业的融资渠道受到遏制;美国当时推出的《房地产投资信托法案》创造了一个新的投资品种即房地产投资信托基金房地产投资信托基金,不仅仅解决了融资问题，而且极大地推动了房地产和金融业的发展。在我国发展房地产投资信托基金将改变中国房地产企业过于依赖银行的融资结构，将缓解中国房地产企业扩张中的资本困境，并为游离在房地产市场外的民间资本进入房地产行业提供一种新的投资渠道。 本文从世界范围内房地产信托基金发展的基本状况入手，对其在国外发展概况进行了介绍，并通过对国外房地产投资信托基金的深入分析，结合我国房地产业发展的现状，论证了我国发展房地产投资信托基金的可行性，提出了政策建议，并构建了我国房地产投资信托基金的模式。 在我国，无论是房地产市场还是资本市场都只有几十年发展时间，对房地产投资信托基金的理论研究也在进行中，加上我国的政治、经济以及法律环境美国相比，差异巨大，甚至某些方面有着根本的不同，所以本文对在我国发展房地产信托基金进行了可行性分析。由于国情的巨大不同，也不能照搬美国的发展模式，近年来，房地产投资信托基金在亚洲一些取得了迅猛的发展，而亚洲国家的法律环境和经济环境更接近我国，对我国的借鉴性更强，本文通过美国和亚洲发展模式的相比较的方法，探讨了适合我国国情的房地产投资信托基金发展模式，并提出了相关的政策建议。 关键词：房地产投资信托基金,发展模式,融资 Abstract Real estate is a one of the most important industries in our country and has a long industry chain, which can push many relative industries’development such as architecture,financing, iron and steel etc. Real estate is a typical capital-intensive industry, many Real estate enterprises have to face the puzzle problem of financing for a long time. It has been a historical problem that there were very narrow financing channels and the real Estate industry highly relied on loans from commercial banks. With Real Estate sector entering a comparatively fast development period, diversified financing channels a reneeded.What is more, with the central bank of China tightening loans from commercial banks to real estate companies, which makes financing activities more difficult for real estate companies, both the real estate companies and commercial banks want to broaden financing channels. So REIT becomes a buzzing word in China real estate financing. The financing environment in present China is very similar to that of America such as very narrow financing channels and the real Estate industry highly relied on