房地产投资信托基金在中国工业地产业的应用研究工商管理专业论文.docxVIP

摘要 摘 要 房地产投资信托基金(Real Estate Investment Trusts，REITs)是房地产证券化的 一种典型形式，是房地产行业和金融市场发展到成熟阶段金融创新的产物。REITs 的出现，使房地产投资不仅保留了高收益的特性，而且提高了房地产投资资产的 流动性和收益的稳定性，从而对各国房地产市场和资本市场发展起到了双重推动 作用。 REITs 作为世界各国在房地产市场中一种发展比较成熟的金融创新，已经引 起中国理论界和企业界的积极关注。特别是自从上个世纪 80 年代以来，全球 进行新一轮的产业调整。中国正日益成为“世界工厂”，进而催生工业地产的高速 发展。但是，目前我国房地产金融市场融资工具的不匹配，正成为制约工业经济 发展的瓶颈。因此，如何把 REITs 这种新的金融工具，嫁接到我国的工业地产业， 成为一个迫在眉睫的新课题。本文通过对中国工业地产业引入 REITs 的必要性和 可行性进行了分析，探讨了中国工业地产业应用 REITs 的可行模式，为工业地产 企业、投资者、政府部门等提供决策的理论依据。 在研究过程中，本文主要采用了文献综述、案例分析、历史进程和逻辑进程 分析、比较研究等方法。首先，从工业地产发展 REITs 的相关理论入手，分析了 REITs 的概念、分类、结构、特征、优势和发展现状，同时对工业地产 REITs 的概 念进行了界定。其次，探讨了房地产信托投资基金在我国工业地产业发展的必要 性和可行性。最后，提出了房地产信托投资基金在我国工业地产运用的具体模式。 关键词：房地产投资信托基金（REITs），工业地产，融资工具 ABSTRACT ABSTRACT As a typical form of real estate securitization，REITs is a product of the financial innovation after the real estate industry and financial markets developed to the mature stage. REITs have not only retained the high —yield character of the real estate investments，but also have enhanced the mobility of the real estate investment assets as well as the stability of earnings．Thereby，REITs had promoted the development to both the national real estate market and the capital market by dual ways． As a kind of developed financial innovation of the real estate market in the world． REITs is driving a lot of active attentions of the theorists and the enterprises in China．Especially since the last century since the 80s, a new round of global industrial restructuring.China is increasingly becoming the world factory, and then birth the rapid development of industrial real estate. But at present, Chinas real estate financial markets and financial instruments do not match, It is becoming a bottleneck restricting the development of industrial economy. Therefore, how to let the new financial tool about REITs, grafted to the countrys industrial real estate, as an imminent new topic. This paper aims to discuss the necessity and feasibility of the application of REIT