發(fā)布時(shí)間：2018-04-17 08:29

  本文選題：房地產(chǎn)投資信托基金 + 公租房　； 參考：《重慶大學(xué)》2013年碩士論文

【摘要】：加強(qiáng)保障性住房建設(shè)和管理，建立市場(chǎng)配置和政府保障相結(jié)合的住房制度，是我國(guó)社會(huì)主義市場(chǎng)經(jīng)濟(jì)體制改革中的一項(xiàng)重要政策舉措。公共租賃房（以下簡(jiǎn)稱公租房）是我國(guó)現(xiàn)行保障性住房制度的重要補(bǔ)充，在針對(duì)解決住房難這一重大民生問(wèn)題上扮演著重要角色。然而，公租房建設(shè)遭遇資金瓶頸，蘊(yùn)藏著巨大的財(cái)政金融風(fēng)險(xiǎn)。因此，研究公租房的融資模式具有重要的現(xiàn)實(shí)意義。 首先，回顧了國(guó)內(nèi)外、研究現(xiàn)狀，界定了公租房、公租房融資的相關(guān)概念；探討了公租房融資過(guò)程中存在的問(wèn)題：以政府為主體的公積金收益及貸款、土地出讓金收益、財(cái)政預(yù)算撥款難以支撐公租房建設(shè)，而上市融資、債券融資限制條件多，難以大規(guī)模推廣。 其次，就我國(guó)現(xiàn)階段房地產(chǎn)市場(chǎng)的融資模式、現(xiàn)行公租房建設(shè)的融資困境及其成因進(jìn)行了深入分析。公租房建設(shè)需要大量的資金，單依靠政府財(cái)政融資是不能支撐的。根據(jù)發(fā)達(dá)國(guó)家和地區(qū)的經(jīng)驗(yàn)，必須充分發(fā)揮市場(chǎng)的資源配置作用，在政府總體規(guī)劃和引導(dǎo)下鼓勵(lì)社會(huì)民間資本成為公租房建設(shè)的重要資金來(lái)源。 再次，對(duì)美國(guó)、新加坡和我國(guó)香港地區(qū)房地產(chǎn)投資信托發(fā)展?fàn)顩r進(jìn)行了分析。概述了美國(guó)REITs的發(fā)展歷程，對(duì)REITs在新加坡和香港地區(qū)的發(fā)展進(jìn)行了探討，總結(jié)中國(guó)公租房REITs值得借鑒的經(jīng)驗(yàn)。得出四點(diǎn)重要啟示：其一，，相關(guān)法律法規(guī)的大力扶持；其二，政府發(fā)揮主導(dǎo)地位保障資金來(lái)源；其三，政府引導(dǎo)民間投資，發(fā)揮市場(chǎng)主體的作用；其四，成立專門的非營(yíng)利性機(jī)構(gòu)或公司負(fù)責(zé)保障性住房的建設(shè)、運(yùn)營(yíng)。同時(shí)，對(duì)國(guó)內(nèi)REITs融資模式的興起與發(fā)展做了闡述。 最后，構(gòu)建公租房REITs的運(yùn)作模式。在對(duì)REITs進(jìn)行理論研究的基礎(chǔ)上，探討了利用REITs模型實(shí)現(xiàn)公租房融資的必要性和可行性，進(jìn)而分析了將REITs融資模式用于公租房建設(shè)的經(jīng)濟(jì)適用性和外部實(shí)用性，論證REITs在緩解政府公租房建設(shè)的財(cái)政負(fù)擔(dān)上發(fā)揮重要作用。結(jié)合前文分析提出了適合我國(guó)國(guó)情的公租房REITs模式。引用具體的案例對(duì)于公租房REITs的具體實(shí)施進(jìn)行討論，在論文結(jié)尾指出了發(fā)展公租房REITs將要面臨的風(fēng)險(xiǎn)和問(wèn)題，并提出合理化建議。
[Abstract]:It is an important policy measure in the reform of socialist market economy system to strengthen the construction and management of affordable housing and to establish a housing system that combines market allocation with government security.Public rental housing (hereinafter referred to as public rental housing) is an important supplement to the current affordable housing system in China, which plays an important role in solving the housing difficulties, a major livelihood problem.However, the construction of public rental housing encountered a financial bottleneck, containing huge financial and financial risks.Therefore, the study of public rental housing financing model has important practical significance.First of all, it reviews the domestic and foreign research status, defines the public rental housing, public rental housing financing related concepts; discusses the problems in the process of public rental housing financing: the government as the main body of provident fund income and loans, land transfer proceeds.Budget allocation is difficult to support the construction of public rental housing, and listed financing, bond financing restrictions, difficult to promote on a large scale.Secondly, the financing model of the real estate market in our country, the financing dilemma of the current public rental housing construction and its causes are deeply analyzed.Public rental housing construction needs a lot of funds, relying solely on government finance can not be supported.According to the experience of developed countries and regions, it is necessary to give full play to the role of market resource allocation and encourage social and folk capital to become an important source of funds for the construction of public rental housing under the overall planning and guidance of the government.Thirdly, it analyzes the development of real estate investment trust in USA, Singapore and Hong Kong.This paper summarizes the development course of American REITs, probes into the development of REITs in Singapore and Hong Kong, and sums up the experience of REITs in China's public rental housing.Four important revelations are drawn: first, the strong support of relevant laws and regulations; second, the government plays a leading role in ensuring the source of funds; third, the government guides private investment to play the role of the main body of the market; fourth,Set up a special non-profit organization or company responsible for the construction and operation of affordable housing.At the same time, the rise and development of domestic REITs financing mode is expounded.Finally, the construction of public housing REITs operation model.On the basis of theoretical research on REITs, this paper discusses the necessity and feasibility of using REITs model to realize public rental housing financing, and then analyzes the economic applicability and external practicability of using REITs financing model in public rental housing construction.It is demonstrated that REITs plays an important role in alleviating the financial burden of the construction of public rental housing.Combined with the above analysis, this paper puts forward the REITs model of public rental housing which is suitable for the situation of our country.In the end of this paper, the author points out the risks and problems that the development of REITs in public rental housing will face, and puts forward some reasonable suggestions.
【學(xué)位授予單位】：重慶大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F299.23;F832.4

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