房地产投资信托基金规模效益与策略研究-管理科学与工程专业论文.docxVIP

Classified Index: F293 U.D.C: 685 Dissertation for the Master Degree in Management THE RESEARCH ON THE SCALE BENEFIT AND STRATEGY OF REITS Candidate: Yan Xue Supervisor: Prof. Wu Yongxiang Academic Degree Applied for: Master of Management Specialty: Management Science Engineering Affiliation： School of Management Date of Oral Examination: June, 2008 Degree-Conferring-Institution : Harbin Institute of Technology 摘要 房地产业作为我国国民经济发展的重要支柱产业，对我国国民经济发展具 有重要的作用。房地产产业投资基金作为房地产金融工具，对建立我国房地产 金融结构，完善我国房地产金融市场,推动我国房地产业健康、有序、协调、可 持续发展具有理论研究价值和现实指导意义。本文以房地产金融学和房地产经 济学等理论为基础，讨论了房地产投资基金组织、管理模式、运作方法、治理 结构体系，运用比较研究以及定性分析与定量研究相结合的研究方法，对我国 房地产产业投资基金规模效益进行系统研究，建立了一个系统完整的房地产投 资基金规模效益研究框架。 在对房地产投资信托基金价值链的研探中，提出了收益率、风险性、内部 治理为影响房地产投资信托基金绩效的最重要的指标，并运用一元线性回归模 型、DEA 模型等定量研究方法研究房地产投资信托基金的规模效益，并提出 不同规模基金运作模式的基本构想。在对房地产投资信托基金发展模式比较分 析的基础上，对我国房地产投资信托基金的产品结构、运作模式等相关问题进 行初步研究探讨。此外，本文还给出了对房地产产业投资基金法律、政策方面 的一些建议。 发展我国房地产产业投资基金不仅是必要的，而且是可行的，我国发展房 地产产业投资基金条件已经初步具备，发展我国房地产产业投资基金建议采取 先试点、后推广、稳步推进的总体战略。 关键词 REITS；规模效益；规模策略；DEA Abstract Real estate industry as the main support industry of national economy plays an important roll in the development of our national economy. Real Estate Industry Investment Fund as a real estate financial instrument has theoretical research value and realistic directive significance. It benefits to the establishment of Chinas real estate financial structure, and improves Chinas real estate financial market, as well, promotes Chinas real estate industry to develop healthy, orderly, coordinated and sustainable. The paper put the real estate finance and real estate economics as the basic theory, discussed the real estate investment fund organization, manage pattern, operation methods and governance structure system. Combined comparative study with qualitative analysis and quantitative study, the paper studied the scale benefit of china’s real estate investment fund; as well, established a completed research frame of the scale benefit of real estate investment fund. The paper p