文档介绍：对外经济贸易大学
硕士学位论文
我国房地产投资信托基金发展障碍与对策研究
姓名:张笑倩
申请学位级别:硕士
专业:金融学
指导教师:高清霞
2010-09
摘要

在我国,房地产业被定义为国民经济的支柱性产业。它的稳定和发展对整个
国民经济的健康发展具有至关重要的作用。但目前,房地产资金融通过分依赖银
行贷款,不利于其自身健康和长期发展,而房地产投资信托提供了新的思路与渠
道。
房地产投资信托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
发展到成熟阶段时现代金融创新的产物。房地产投资信托的出现,是房地产投资
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。目前我国经济
处于快速发展期,一方面,蓬勃发展的房地产市场对于融资创新需求日增,另一
方面,投资者对于创新金融产品,拓宽投资渠道的需求迫切,这两方面的需求推
动着我国房地产投资信托的发展。
本文运用比较研究与定性分析的研究方法,对房地产投资信托基金的概念与
内涵、特征、分类与优势等基本原理进行了详细的阐述,研究了美国房地产投资
信托的发展、制度背景,模式与影响,总结了我国房地产投资信托的现状,并与
美国成熟的模式进行了比较,对我国发展房地产投资信托的障碍进行了深入分
析,不仅仅包括法律、税收、金融方面,更从房地产市场、行业政策、房地产企
业等角度分析了发展房地产投资信托存在的问题,并针对这些问题提出了对策建
议。

关键词:房地产投资信托,障碍,对策

I
Abstract

Real Estate is one of national essential plays an important role
in the development and promotion of national ,Chinese
financial market for real estate is not mature enough to support its healthy and
long-term development. In fact, bank loan turns to be the exclusive channel to
finance real estate projects, which leads to dangerous situation that the risk of
real estate may transfer mercial banks. Therefore, we explore various
solutions to the problem.
Real estate investment trust(REITs,the same below)is a typical form of real
estate securitization, real estate industry and financial markets to the mature
stage of the development of modern financial product innovation. REITs have
enabled the high-yield real estate investments not only retain the character and
enhance the real estate investment assets mobility and the stability of
earnings,thereby to national market and the capital market has played a dual
role in promoting development. At present,China’s rapid economic development
in the period,on the one hand,the thriving real estate market growing demand of
innovative financing,on the other hand, investers in innovative financial products
and widen the investment chann