我国房地产券化的风险管理研究.docx

摘要在2007年，出现了引起全球动荡的次贷危机，给各国带来了严重的经济损失。为保障我国房地产行业的稳定，在银监会和人民银行的主导下，在2007年9月出台了《关于加强商业性房地产信贷管理的通知》，这项政策的目的是降低房产投资的热度，采取的方式有两种：一是增加第二套房贷按揭首付的额度，二是提升贷款的利率。随着政策的实施，房地产市场逐渐陷入低谷，这也是对房地产行业的一次大改革。只有建立健全的房地产金融机制，才能保证房地产行业平稳的前进。由此兴起了房地产证券化，虽然有助于促进房地产的发展，但是由于风险大，还需要进一步的深入探索。在1960年前后，美国最早出现了REITs，并且很快就得到了广泛应用，这种模式的施行，不仅为房地产带来了巨大的经济支持，同时对于大部分投资人来说，也是一种极具吸引力的投资方式，REITs发展至今，已非常成熟。对于REITs的含义以及具有的特点，在文中进行了系统的阐述，并立足于实际，充分考虑了我国房地产市场的特点，详细分析了REITs在我国的发展状况。本论文包括四个章节：第一章节是对房地产证券化相关理论进行阐述；第二章是结合有关实例，分析REITs在国内的应用状况；第三章是结合我国实际，对REITs提出相关的政策意见，以及发展的方向；第四章是对全文进行总结，并展望未来。关键词：房地产信托投资基金 REITs 发展环境AbstractIn 2007, the subprime mortgage crisis which caused the global turmoil has brought serious economic losses. In order to guarantee the stability of Chinas real estate industry, leading the CBRC and the peoples Bank, in September 2007 issued a notice on the strengthening of commercial real estate credit management, the purpose of this policy is to reduce the real estate investment heat, there are two ways: one is to add second sets of mortgage mortgage pay the amount, the two is to increase the loan interest rate. With the implementation of the policy, the real estate market has gradually bottomed out, which is a major reform of the real estate industry. Only the establishment of a sound real estate financial mechanism, in order to ensure the smooth progress of the real estate industry. The rise of the real estate securitization, although help to promote the development of real estate, but because of the risk, but also need further exploration.In 1960, the United States first appeared, and soon got the extensive application, the mode of implementation, not only brought huge economic support for real estate, but for most investors, is also a very attractive investment, development has been very mature. In this paper, the author makes a systematic exposition of the meaning and characteristics of the real estate market, and takes into account the characteristics of the real estate market in china