房地产投资信托对房地产投资市场作用机制分析.docVIP

房地产投资信托对房地产投资市场作用机制分析 　　[摘要] 一方面，房地产业是典型的资本密集型行业，而我国开发商以向银行贷款作为主要融资渠道，中国的房地产业必须寻求新的资本来源以支撑其长足发展?另一方面，以抑制投资性需求为重点的宏观调控并没有因为购房成本上升而降低购房者房价上升预期下的购房投资热情?大量分散的社会闲散资金?机构资金由于缺乏有效的投资渠道和投资工具，难以聚集起来进行房地产投资，导致资本市场与房地产市场的脱节?本文从房地产投资信托（REiTs）的IPO信号传递效应?规模经济效应?抵御通货膨胀效应和投资组合多样化效应分析REITs对房地产投资市场的作用，肯定REITs对房地产投资市场的积极促进作用，REITs在解决中国房地产业投融资综合矛盾问题上具有显著优势? 　　[关键词] 房地产投资信托；REITs；作用机制 　　Real estate investment trust of real estate investment market mechanism analysis 　　WangQi eco-industrial guangdong vocational technical college financial system； 　　[abstract] on the one hand， the real estate industry is a typical capital-intensive industries in China， and developers to bank loans as the main financing channels， Chinas real estate industry must seek new capital resources to support its rapid development. On the other hand， to suppress investment demand as the focus of the macroeconomic regulation and control and not because of the rise in the cost of purchase and reduce the person that buy a house prices rising expectations of the investment enthusiasm. A large number of scattered the social idle funds， organization capital due to the lack of effective investment channels and investment tools， difficult to gather for real estate investment， leading to capital market and real estate market disrupted. This article from the real estate investment trusts （REiTs） IPO signal transfer effect， scale economy effect， against inflation effect and portfolio diversification effect analysis REiTs to real estate investment the role of the market， affirmation REiTs on real estate investment market actively promote role， REiTs in solving Chinas real estate investment and financing comprehensive contradiction problem has significant advantages. 　　[key words] real estate investment trust； REITs； mechanism 　　房地产投资信托（Real Estate Investment Trusts，REITs）概念起源于19世纪60年代，是指由专门投资机构进行房地产投资的经营管理，并将投资综合收益按比例分配给投资者的信托基金形式，投资者可以通过证券市场购买，享受投资回报?REITs是房地产证券化的一种典型形式? 　　1REITs的IPO和信号传递效应 　　REITs进行首次公开发行（Initial Pub