中国REITs的融资问题研究
摘要
进入2007年,房地产投资信托基金(REITs)在中国的发展脚步将加快。针对国内对于我国REITs财务方面的研究不足,本文选取了从财务的角度,采用文献分析结合数量分析、模型推导的研究方法,探讨我国REITs的融资以及资本成本、资本结构问题。
本文的研究包括五章,其中:第一章是引言,介绍本文的研究背景,简要回顾国内外对REITs的相关研究,提出本文的写作动机并介绍文章的主要结构。第二章是REITs概况,全面阐述了REITs的定义与特征、分类、起源及发展,以及基本运作模式。第三章我国REITs融资相关问题分析是本文研究的主要内容,结合我国情况,较为全面的分析了REITs的资金来源、法律规范、融资特性以及REITs上市的相关问题。第四章在第三章的基础上,进一步深入研究REITs融资的资本成本和资本结构问题。采用我国房地产上市公司的数据,作为我国REITs的模拟演算,分别REITs两种资金来源——权益资金和债务资金来计算资本成本,最后求出加权平均资本成本,作为我国未来REITs资本成本之参考。REITs资本结构问题则从理论和实证两个方面进行了论述,并立足于我国现行的税法及特定假设对Jeffery模型进行了修正,分析举债对于我国REITs价值的影响。
本文的成果和创新之处主要体现在以下两个方面:(1)采用我国房地产上市公司的数据,作为我国REITs的模拟演算,估算出我国REITs的加权平均资本成本;(2)立足于我国现行的税法及特定假设对Jeffery模型进行了修正,分析举债对于我国REITs价值的影响。
In 2007, the development of REITs becomes more and more rapid. And in consideration of the shortness of research on REITs Finance in China, this paper discussed the problem about REITs financing, capital cost and capital structure, with the method of literature analysis, quantitative analysis together with model derivation.
The content of this paper are as follows: Chapter 1 introduced the paper's research background, literature review and the main content. Chapter 2 introduced the profile of REITs, including REITs definition, classification, origination, development and basic function mode. Chapter 3 analyze the problem of REITs financing in China, including fund origination, law, IPO and financing characters. Chapter 4 analyze the problem of capital cost and capital structure of REITs in China.
The innovation was illustrated in two aspects. On the one hand, this paper calculated the WACC of REITs in China. On the other hand, this paper analyze the influence of REITs on debt to the REITs value by modifying the Jeffery model.
本文的研究包括五章,其中:第一章是引言,介绍本文的研究背景,简要回顾国内外对REITs的相关研究,提出本文的写作动机并介绍文章的主要结构。第二章是REITs概况,全面阐述了REITs的定义与特征、分类、起源及发展,以及基本运作模式。第三章我国REITs融资相关问题分析是本文研究的主要内容,结合我国情况,较为全面的分析了REITs的资金来源、法律规范、融资特性以及REITs上市的相关问题。第四章在第三章的基础上,进一步深入研究REITs融资的资本成本和资本结构问题。采用我国房地产上市公司的数据,作为我国REITs的模拟演算,分别REITs两种资金来源——权益资金和债务资金来计算资本成本,最后求出加权平均资本成本,作为我国未来REITs资本成本之参考。REITs资本结构问题则从理论和实证两个方面进行了论述,并立足于我国现行的税法及特定假设对Jeffery模型进行了修正,分析举债对于我国REITs价值的影响。
本文的成果和创新之处主要体现在以下两个方面:(1)采用我国房地产上市公司的数据,作为我国REITs的模拟演算,估算出我国REITs的加权平均资本成本;(2)立足于我国现行的税法及特定假设对Jeffery模型进行了修正,分析举债对于我国REITs价值的影响。
In 2007, the development of REITs becomes more and more rapid. And in consideration of the shortness of research on REITs Finance in China, this paper discussed the problem about REITs financing, capital cost and capital structure, with the method of literature analysis, quantitative analysis together with model derivation.
The content of this paper are as follows: Chapter 1 introduced the paper's research background, literature review and the main content. Chapter 2 introduced the profile of REITs, including REITs definition, classification, origination, development and basic function mode. Chapter 3 analyze the problem of REITs financing in China, including fund origination, law, IPO and financing characters. Chapter 4 analyze the problem of capital cost and capital structure of REITs in China.
The innovation was illustrated in two aspects. On the one hand, this paper calculated the WACC of REITs in China. On the other hand, this paper analyze the influence of REITs on debt to the REITs value by modifying the Jeffery model.
引文
1 Gyourko, Joseph, and Todd Sinai. 1999. The REIT vehicle: Its value today and in the future. Journal of Real Easte Research 18.
① 资料来源 http://www.investinreits.com/translations/CH_The_REIT_Story.cfm
① Linda Vincent. The Information Content of Funds from Operations(FFO) for Real Estate Investment Trusts(REITs). Journal of Accounting & Economics. 1999.69-74.
① 陈志鹏. 发展房地产投资信托为房地产公司融资另辟蹊径. 金融教学与研究. 2003 年第 4 期.
① Durand, David, "Cost of Debt and Equity Funds for Business: Trends and Problems of Measurement”, Conference on Research on Business Finance, New York, National Bureau of Economic Research, 1952.
② Modigliani, Franco, and Miller, Merton, "The Cost of Capital, Corporate Finance and the Theory of Investment: Comment", The American Economic Review, 48 (June I 958).
3 Modigliani, Franco, and Miller, Merton, "Corporate Income Taxes and the Cost of Capital: A Correction ", The American Economic Review. 53(June 1963).
① Jensen, Michael C, and Meckling, William H, "Theory of the Firm: Managerial Behavior, Agency Cost, and Ownership Structure", Journal of Financial Economics 1976(3).
② Smith, Jr., Clifford W., and Warner, lerold B., "On Financial Contracting: An Analysis of Bond Covenants", Journal of Financial Economics, 1979(6).
③ Gale, Douglas, and Hell wig, Martin, "Incentive Compatible Debt Contracts: The One period problem". Review of Economic Studies. 52(1985). 4 Ross S. "The Determination of Financial Structure: The Incentive Signal ling Approach" [J].Bell Journal of Economics,vol.8, (1977),p.23-40. 5 Myers S. Majluf N., "Corporate Financing and Investment Decisions when Firms Have Information that Investors Do Not Have"[J]. Journal of Financial Economics,vol.13, 1984,p.187-22.
① Maris Brian A., Fayez A. Elayan, 1990,“Capital Structure and the Cost of Capital for Untaxed Firms: The Case of REITs ”, AREUEA Journal, Vol. 18, No. 1.
① Howe, John, and James Shilling. 1998. Capital structure theory and REIT security offerings. Journal of Finance 43:983~993.
② Allen, Marcus, and Ronald Rutherford. 1992. The impact of financing decisions on the security returns of real estate corporations. Journal of Real Estate Finance and Economics 5:393~400.
③ Nag, Raja, Chinmoy Ghosh, and C.F. Sirmans. 1999. An analysis of seasoned equity offerings by equity REITs, 1991 to 1995. Journal of Real Estate Finance and Economics 19:175~193.
④ Hsieh, Chengho, Percy Poon, and Peihwang Wei. 2000. An analysis of REIT financing decision. Louisiana State University at Shreveport. Working paper.
① Jaffe Jeffrey F., March 1991, “Tax and the Capital Structure of Partnership, REITs, and Related Entities”, The Journal of Finance, Vol. XLVI, No. 1.
[1] 斯蒂芬 A. 罗斯, 伦道夫 W. 威斯特菲尔德, 杰弗利 F. 杰富 Stephen A. Ross, Randolph W. Westerfield, Jeffrey F. Jaffe 著;吴世农, 沈艺峰, 王志强等译. 公司理财(原书第 6 版)[M]. 北京:机械工业出版社,2003.
[2] 尤金·F·布里格姆, 乔尔·F·休斯敦著 Eugene F. Brigham, Joel F. Houston;张志强, 王春香译.财务管理基础[M]. 北京:中信出版社,2004.
[3] 斯科特·贝斯利, 尤 F. 布里格姆著 Scott Besley, Eugene F. Brigham;刘爱娟, 张燕译. 财务管理精要[M]. 北京:机械工业出版社,2003.
[4] 傅元略. 企业资本结构优化理论研究[M]. 大连:东北财经大学出版社,1999.
[5](美)陈淑贤,约翰·埃里克森,王柯. 房地产投资信托——结构、绩效与投资机会[M].北京:经济科学出版社,2004.
[6] (美)威廉姆·B·布鲁格曼、杰夫瑞·D·费雪著,李秉祥、孙鸿飞、钱勇译. 房地产金融与投资[M]. 大连:东北财经大学出版社,2000.
[7] 陈志鹏. 发展房地产投资信托为房地产公司融资另辟蹊径[J]. 金融教学与研究. 2003,(4).
[8] 毛志荣. 房地产投资信托基金研究[R]. 深圳证券交易所综合研究所. 深证综研字第 0089 号,2004-1-16.
[9] 李安民. 房地产投资基金—融资与投资的新选择[M]. 北京:中国经济出版社,2005.
[10] 王达荣. 不动产投资信托(REIT)资本结构相关问题之探讨[D]. 台湾:国立中山大学,2004.
[11] 张寒燕. 房地产投资信托(REITs)研究[D]. 北京:中国社会科学院研究生院,2005.
[12] 任纪军. 房地产投资基金——组织、模式与策略[M]. 北京:经济管理出版社,2006.
[13] 朱明星. 亚洲与美国关于 REITs 模式发展的比较分析[J]. 中国房地产金融. 2005,(11):46-48.
[14] 李健飞. 美国房地产信托基金研究及对我国的启示[J]. 国际金融研究.2005,(1):48-53.
[15] 刘静岩,韩文秀. 房地产投资基金主体的发展对策[J]. 中国房地产金融. 2002,(4):22-23.
[16] 童雪琼.“透视”中国房地产[J]. 中国房地产金融. 2005 ,(4).
[17] Gyourko, Joseph, and Todd Sinai. The REIT vehicle:Its value today and in the future[J]. Journal of Real Easte Research. 1999,(18).
[18] Graff, Richard A. Economic analysis suggests that REIT investment characteristics are not as advertised[J]. Journal of Real Estate Portfolio Management. Apr-Jun 2001.
[19] Linda Vincent. The Information Content of Funds from Operations(FFO) for Real Estate Investment Trusts(REITs)[J]. Journal of Accounting & Economics. 1999.69-74
[20] Durand, David, Cost of Debt and Equity Funds for Business: Trends and Problems of Measurement [R], Conference on Research on Business Finance. New York:National Bureau of Economic Research, 1952.
[21] Modigliani, Franco, and Miller, Merton. The Cost of Capital, Corporate Finance and the Theory of Investment: Comment[J]. The American Economic Review, 48 (June I 958).
[22] Modigliani, Franco, and Miller, Merton. Corporate Income Taxes and the Cost of Capital: A Correction [J]. The American Economic Review. 53(June 1963).
[23] Jensen, Michael C, and Meckling, William H. Theory of the Firm: Managerial Behavior, Agency Cost, and Ownership Structure[J]. Journal of Financial Economics. 1976,(3).
[24] Smith, Jr., Clifford W., and Warner, lerold B., On Financial Contracting: An Analysis of Bond Covenants[J]. Journal of Financial Economics. 1979,(6).
[25] Gale, Douglas, and Hell wig, Martin, "Incentive Compatible Debt Contracts: The One period problem"[J]. Review of Economic Studies. 52(1985).
[26] Ross S. "The Determination of Financial Structure: The Incentive Signal ling Approach" [J].Bell Journal of Economics,vol.8, (1977),p.23-40.
[27] Myers S. Majluf N., "Corporate Financing and Investment Decisions when FirmsHave Information that Investors Do Not Have"[J]. Journal of Financial Economics,vol.13, 1984,p.187-22.
[28] Maris Brian A., Fayez A. Elayan, “Capital Structure and the Cost of Capital for Untaxed Firms: The Case of REITs ”[J], AREUEA Journal. 1990,Vol. 18, No. 1 .
[29] Howe, John, and James Shilling. Capital structure theory and REIT security offerings[J]. Journal of Finance. 1998,43:983~993.
[30] Allen, Marcus, and Ronald Rutherford. The impact of financing decisions on the security returns of real estate corporations[J]. Journal of Real Estate Finance and Economics. 1992, (5):393~400.
[31] Nag, Raja, Chinmoy Ghosh, and C.F. Sirmans. An analysis of seasoned equity offerings by equity REITs, 1991 to 1995[J]. Journal of Real Estate Finance and Economics. 1999,(19):175~193
[32] Hsieh, Chengho, Percy Poon, and Peihwang Wei. An analysis of REIT financing decision[D]. Louisiana State University at Shreveport. Working paper. 2000.
[33] Jaffe Jeffrey F., March. “Tax and the Capital Structure of Partnership, REITs, and Related Entities”, The Journal of Finance. 1991, Vol. XLVI, No. 1.
① 资料来源 http://www.investinreits.com/translations/CH_The_REIT_Story.cfm
① Linda Vincent. The Information Content of Funds from Operations(FFO) for Real Estate Investment Trusts(REITs). Journal of Accounting & Economics. 1999.69-74.
① 陈志鹏. 发展房地产投资信托为房地产公司融资另辟蹊径. 金融教学与研究. 2003 年第 4 期.
① Durand, David, "Cost of Debt and Equity Funds for Business: Trends and Problems of Measurement”, Conference on Research on Business Finance, New York, National Bureau of Economic Research, 1952.
② Modigliani, Franco, and Miller, Merton, "The Cost of Capital, Corporate Finance and the Theory of Investment: Comment", The American Economic Review, 48 (June I 958).
3 Modigliani, Franco, and Miller, Merton, "Corporate Income Taxes and the Cost of Capital: A Correction ", The American Economic Review. 53(June 1963).
① Jensen, Michael C, and Meckling, William H, "Theory of the Firm: Managerial Behavior, Agency Cost, and Ownership Structure", Journal of Financial Economics 1976(3).
② Smith, Jr., Clifford W., and Warner, lerold B., "On Financial Contracting: An Analysis of Bond Covenants", Journal of Financial Economics, 1979(6).
③ Gale, Douglas, and Hell wig, Martin, "Incentive Compatible Debt Contracts: The One period problem". Review of Economic Studies. 52(1985). 4 Ross S. "The Determination of Financial Structure: The Incentive Signal ling Approach" [J].Bell Journal of Economics,vol.8, (1977),p.23-40. 5 Myers S. Majluf N., "Corporate Financing and Investment Decisions when Firms Have Information that Investors Do Not Have"[J]. Journal of Financial Economics,vol.13, 1984,p.187-22.
① Maris Brian A., Fayez A. Elayan, 1990,“Capital Structure and the Cost of Capital for Untaxed Firms: The Case of REITs ”, AREUEA Journal, Vol. 18, No. 1.
① Howe, John, and James Shilling. 1998. Capital structure theory and REIT security offerings. Journal of Finance 43:983~993.
② Allen, Marcus, and Ronald Rutherford. 1992. The impact of financing decisions on the security returns of real estate corporations. Journal of Real Estate Finance and Economics 5:393~400.
③ Nag, Raja, Chinmoy Ghosh, and C.F. Sirmans. 1999. An analysis of seasoned equity offerings by equity REITs, 1991 to 1995. Journal of Real Estate Finance and Economics 19:175~193.
④ Hsieh, Chengho, Percy Poon, and Peihwang Wei. 2000. An analysis of REIT financing decision. Louisiana State University at Shreveport. Working paper.
① Jaffe Jeffrey F., March 1991, “Tax and the Capital Structure of Partnership, REITs, and Related Entities”, The Journal of Finance, Vol. XLVI, No. 1.
[1] 斯蒂芬 A. 罗斯, 伦道夫 W. 威斯特菲尔德, 杰弗利 F. 杰富 Stephen A. Ross, Randolph W. Westerfield, Jeffrey F. Jaffe 著;吴世农, 沈艺峰, 王志强等译. 公司理财(原书第 6 版)[M]. 北京:机械工业出版社,2003.
[2] 尤金·F·布里格姆, 乔尔·F·休斯敦著 Eugene F. Brigham, Joel F. Houston;张志强, 王春香译.财务管理基础[M]. 北京:中信出版社,2004.
[3] 斯科特·贝斯利, 尤 F. 布里格姆著 Scott Besley, Eugene F. Brigham;刘爱娟, 张燕译. 财务管理精要[M]. 北京:机械工业出版社,2003.
[4] 傅元略. 企业资本结构优化理论研究[M]. 大连:东北财经大学出版社,1999.
[5](美)陈淑贤,约翰·埃里克森,王柯. 房地产投资信托——结构、绩效与投资机会[M].北京:经济科学出版社,2004.
[6] (美)威廉姆·B·布鲁格曼、杰夫瑞·D·费雪著,李秉祥、孙鸿飞、钱勇译. 房地产金融与投资[M]. 大连:东北财经大学出版社,2000.
[7] 陈志鹏. 发展房地产投资信托为房地产公司融资另辟蹊径[J]. 金融教学与研究. 2003,(4).
[8] 毛志荣. 房地产投资信托基金研究[R]. 深圳证券交易所综合研究所. 深证综研字第 0089 号,2004-1-16.
[9] 李安民. 房地产投资基金—融资与投资的新选择[M]. 北京:中国经济出版社,2005.
[10] 王达荣. 不动产投资信托(REIT)资本结构相关问题之探讨[D]. 台湾:国立中山大学,2004.
[11] 张寒燕. 房地产投资信托(REITs)研究[D]. 北京:中国社会科学院研究生院,2005.
[12] 任纪军. 房地产投资基金——组织、模式与策略[M]. 北京:经济管理出版社,2006.
[13] 朱明星. 亚洲与美国关于 REITs 模式发展的比较分析[J]. 中国房地产金融. 2005,(11):46-48.
[14] 李健飞. 美国房地产信托基金研究及对我国的启示[J]. 国际金融研究.2005,(1):48-53.
[15] 刘静岩,韩文秀. 房地产投资基金主体的发展对策[J]. 中国房地产金融. 2002,(4):22-23.
[16] 童雪琼.“透视”中国房地产[J]. 中国房地产金融. 2005 ,(4).
[17] Gyourko, Joseph, and Todd Sinai. The REIT vehicle:Its value today and in the future[J]. Journal of Real Easte Research. 1999,(18).
[18] Graff, Richard A. Economic analysis suggests that REIT investment characteristics are not as advertised[J]. Journal of Real Estate Portfolio Management. Apr-Jun 2001.
[19] Linda Vincent. The Information Content of Funds from Operations(FFO) for Real Estate Investment Trusts(REITs)[J]. Journal of Accounting & Economics. 1999.69-74
[20] Durand, David, Cost of Debt and Equity Funds for Business: Trends and Problems of Measurement [R], Conference on Research on Business Finance. New York:National Bureau of Economic Research, 1952.
[21] Modigliani, Franco, and Miller, Merton. The Cost of Capital, Corporate Finance and the Theory of Investment: Comment[J]. The American Economic Review, 48 (June I 958).
[22] Modigliani, Franco, and Miller, Merton. Corporate Income Taxes and the Cost of Capital: A Correction [J]. The American Economic Review. 53(June 1963).
[23] Jensen, Michael C, and Meckling, William H. Theory of the Firm: Managerial Behavior, Agency Cost, and Ownership Structure[J]. Journal of Financial Economics. 1976,(3).
[24] Smith, Jr., Clifford W., and Warner, lerold B., On Financial Contracting: An Analysis of Bond Covenants[J]. Journal of Financial Economics. 1979,(6).
[25] Gale, Douglas, and Hell wig, Martin, "Incentive Compatible Debt Contracts: The One period problem"[J]. Review of Economic Studies. 52(1985).
[26] Ross S. "The Determination of Financial Structure: The Incentive Signal ling Approach" [J].Bell Journal of Economics,vol.8, (1977),p.23-40.
[27] Myers S. Majluf N., "Corporate Financing and Investment Decisions when FirmsHave Information that Investors Do Not Have"[J]. Journal of Financial Economics,vol.13, 1984,p.187-22.
[28] Maris Brian A., Fayez A. Elayan, “Capital Structure and the Cost of Capital for Untaxed Firms: The Case of REITs ”[J], AREUEA Journal. 1990,Vol. 18, No. 1 .
[29] Howe, John, and James Shilling. Capital structure theory and REIT security offerings[J]. Journal of Finance. 1998,43:983~993.
[30] Allen, Marcus, and Ronald Rutherford. The impact of financing decisions on the security returns of real estate corporations[J]. Journal of Real Estate Finance and Economics. 1992, (5):393~400.
[31] Nag, Raja, Chinmoy Ghosh, and C.F. Sirmans. An analysis of seasoned equity offerings by equity REITs, 1991 to 1995[J]. Journal of Real Estate Finance and Economics. 1999,(19):175~193
[32] Hsieh, Chengho, Percy Poon, and Peihwang Wei. An analysis of REIT financing decision[D]. Louisiana State University at Shreveport. Working paper. 2000.
[33] Jaffe Jeffrey F., March. “Tax and the Capital Structure of Partnership, REITs, and Related Entities”, The Journal of Finance. 1991, Vol. XLVI, No. 1.