房地产投资信托基金规模效益与策略研究
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。
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 China's real estate financial structure, and improves China's real estate financial market, as well, promotes China's 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 proposed the return, risk and internal governance as the main influencing factors of the real estate investment fund benefit, and then used the quantitative research methods such as simple linear regression model, DEA model and so on to research the scale benefit of real estate investment fund to promote the basic conception of different scale fund operating patterns. Base on the comparative analysis of the REITS development pattern, the paper did some preliminary study on the produce structure, operation pattern and the related problems. In addition, some suggestions about the laws and policies of real estate industry investment fund were promoted.
The development of china’s real estate industry investment fund is necessary and feasible. As the development conditions being available, the paper suggested taking the general strategy of first pilot then extension, propulsion steadily to develop the REITS in china.
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。
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 China's real estate financial structure, and improves China's real estate financial market, as well, promotes China's 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 proposed the return, risk and internal governance as the main influencing factors of the real estate investment fund benefit, and then used the quantitative research methods such as simple linear regression model, DEA model and so on to research the scale benefit of real estate investment fund to promote the basic conception of different scale fund operating patterns. Base on the comparative analysis of the REITS development pattern, the paper did some preliminary study on the produce structure, operation pattern and the related problems. In addition, some suggestions about the laws and policies of real estate industry investment fund were promoted.
The development of china’s real estate industry investment fund is necessary and feasible. As the development conditions being available, the paper suggested taking the general strategy of first pilot then extension, propulsion steadily to develop the REITS in china.
引文
1 Gyourko, Joseph and Tdd Sinai. The REIT vehicle: Its value today and in the future. Journal of Real Estate Research 18. 1999: 355 ~375
2 Fabrice Georis. Structuring the outbound investment of REITS. Real Estate Taxation. New York, 2002: 163~183
3 Simon stevenson. An examination of volatility spillovers in REIT returns. Journal of Real Estate Portfolio Management. Boston, 2002: 229~239
4 Yuh-Sheng Horng. An empirical study of derivatives use in the REIT industry. Real Estate Economics. Bloomington, 1999, Vol.27: 561~587
5 Vinod Chandrashekaren. Industry concenteation: the case of real estate investment trusts. Real Estate Finance. New York, 1999, Vol.16: 27~36
6 David L Forst. Key rulings affect RE1T reimbursement arrangements and the ownership look-through rule. Journal of Taxation, New York, 2006: 315~325
7 Jane Londerville. Canadian real estate investment trusts: A review of the IPO literature and preliminary analysis of Canadian REIT IPO pricing. Canadian Journal of Administrative Sciences. Halifax; 2002, Vol.19: 359~369
8 Wang, Ko, and John Erickson. The stock performance of securitized real estate and master limited partnership. Real Estate Economics, 1997: 295~319
9 Ambrose, Brent and Peter Linneman. REIT organizational structure and operating characteristics. Journal of Real Estate Research, 2001: 146~162
10 Wang, Ko, Su Han Chan and George Gau. Initial public offerings of equity securities: Anomalous evidence using REITs. Journal of Financial Economics, 1992: 381~410
11 Austan Goolsbee. Taxes and organizational form: The case of RETT spin-offs. National Tax Journal. Washington, 2005, Vol. 55: 441~457
12 David N Connors. Calendar anomalies in the stock returns of real estate investment trusts. Briefings in Real Estate Finance, London, 2003, Vol. 2: 61~72
13 Downs and David. The value in targeting institutional investors: Evidence from the five-or-fewer rule change. Real Estate Economics, 1998: 613~649
14 Cram, John, Mike Cudd and Christopher Brown. The impact of the Revenue Reconciliation Act of 1993 and institutional ownership on the pricing structure ofequity RETI's. Journal of Real Estate Research 19, 2000: 275~285
15 Simon Stevenson. Ex-ante and ex-post performance of optimal REIT portfolios. Journal of Real Estate Portfolio Management. Boston, 2002, Vol. 8:199~208
16 Gyourko, Joseph and Edward Nelling. Systematic risk and diversification in the equity market. Real Estate Economics 24. 1996: 493~515
17 Chen, Jun and Richard Peiser. The risk and return characteristics of REITs. Real Estate Finance 16(1). 1999: 61~68
18 Ang A and Sherris M. modeling for risk management and valuation of interest rate dependent cash flows. North American Actuarial Journal. 1998: 1~26
19 Brennan M. and E. S. Schwartz. Determinants of GNMA Mortgage Prices. AREUEA Journal, 1985: 209~228
20 Howe, J. S. and J. D. Shilling. Capital Structure Theory and REIT Security Offerings. Journal of Finance, 1998: 401~408
21洪艳蓉.资产证券化若干法律问题比较研究[D].厦门大学博士论文.2002
22邵谦谦,王洪.试论我国房地产投资基金的发展.中国地产.2003, (2)
23门康,丁秀英.我国房地产产业投资基金探析.中国房地产金融.2002,(5)
24毛志荣.房地产投资信托基金研究.深证综研字第0089号.2004
25杨冬梅.国外房地产投资信托的发展对我国的启示.天津电大学报,2003:46~48
26任佩.美国房地产投资信托(REIT)的模式及其对我国的启示.商业研究.2003: 164~166
27吴婵君,虞晓芬.美国房地产投资信托基金及其借鉴.济南金融.2005:58~59
28张超.房地产投资基金推进房地产业发展的新亮点.中国房地产金融.2000
29安琼.房地产投资基金探析.中国房地产金融. 2002, (1)
30宋林峰.美国房地产投资信托(REIT)调研报告.北京国投研究发展部.2006
31谢天长,张丽珍.美国房地产投资证券化的组织模式及其借鉴.福建金融管理干部学院学报.2003, (1):39~42
32陈小龙,许亚青.房地产基金张开大手.数字财富. 2002, (4)
33陈卫荣,阮连法,舒小乐.房地产融资新工具——房地产投资信托.科技进步与对策.2004,(3):34~35
34阮连法,舒小乐.我国房地产投融资体制发展的新动向一房地产投资信托.技术经济与管理研究.2006, (1):27~29
35张红,陈洁.房地产投资信托收益及其影响因素分析.中国房地产金融.2002, (7):12~14
36陈洁,张红.房地产投资信托的特性.中国房地产金融.2002:23~25
37赵永生.房地产投资基金市场需求分析.上海房地.2004, (9):29~31
38王浩.浅议融资房地产的集合资金信托风险管理.经济研究参考,2004,(22):28 ~30
39宗国英.信托产品对我国房地产业融资贡献及其局限性.中国房地产.2005, (10):29~31
40郭臣英,黄汉江.我国发展房地产投资信托的制约因素与对策.江苏商论.2004, (3):147~149
41白龙,何红宇.房地产信托融资分析与实践.金融实务.2003,(11):53~55
42胡敏,王冬松,张帛宁.房地产投资信托的交易模式分析.中国房地产,2004,(3)
43王诤诤.房地产投资信托运营模式研究.金融理论与实践,2004,(9)
44胡敏,张静.浅谈房地产投资信托的交易模式.经济师,2004,(5):55~57
45张涛,龙卓平.中国房地产融资渠道和投资方式的完善与发展,.中国房地产金融,2000,(7):27~29
46吕光.我国房地产企业融资渠道现状分析.当代建设.2001,(4):9-10
47李霞.我国房地产开发企业融资现状及渠道探析.河南社会科学,2003,11(6): 140~141
48殷红.房地产融资主渠道及其风险防范.城市开发,2004, (5) :74~75
49阮莉萍.我国房地产融资中的金融风险[JJ.浙江金融.2004, (4) :42~44
50李冬梅.房地产融资的资本市场.城市开发.2004, (6) :67~70
51李安民.房地产投资基金——融资与投资的新选择.中国经济出版社.北京,2005
52周树立.中国信托业的选择.中国金融出版社.北京,1999
53许雄斌.房地产资金信托研究.江西社会科学. 2002, (12)
54王泰,颜哲.房地产投资基金与风险投资基金的对比分析.重庆建筑大学学报.2002,(12)
55李云峰.我国房地产投资基金的投资运作研究.硕士学位论文.上海同济大学,2006
56台玉红.我国房地产投资基金发展研究.博士学位论文.上海同济大学,2004
57李朝霞.中国房地产投资基金的理论与发展研究.硕士学位论文.武汉理工大学,2003
2 Fabrice Georis. Structuring the outbound investment of REITS. Real Estate Taxation. New York, 2002: 163~183
3 Simon stevenson. An examination of volatility spillovers in REIT returns. Journal of Real Estate Portfolio Management. Boston, 2002: 229~239
4 Yuh-Sheng Horng. An empirical study of derivatives use in the REIT industry. Real Estate Economics. Bloomington, 1999, Vol.27: 561~587
5 Vinod Chandrashekaren. Industry concenteation: the case of real estate investment trusts. Real Estate Finance. New York, 1999, Vol.16: 27~36
6 David L Forst. Key rulings affect RE1T reimbursement arrangements and the ownership look-through rule. Journal of Taxation, New York, 2006: 315~325
7 Jane Londerville. Canadian real estate investment trusts: A review of the IPO literature and preliminary analysis of Canadian REIT IPO pricing. Canadian Journal of Administrative Sciences. Halifax; 2002, Vol.19: 359~369
8 Wang, Ko, and John Erickson. The stock performance of securitized real estate and master limited partnership. Real Estate Economics, 1997: 295~319
9 Ambrose, Brent and Peter Linneman. REIT organizational structure and operating characteristics. Journal of Real Estate Research, 2001: 146~162
10 Wang, Ko, Su Han Chan and George Gau. Initial public offerings of equity securities: Anomalous evidence using REITs. Journal of Financial Economics, 1992: 381~410
11 Austan Goolsbee. Taxes and organizational form: The case of RETT spin-offs. National Tax Journal. Washington, 2005, Vol. 55: 441~457
12 David N Connors. Calendar anomalies in the stock returns of real estate investment trusts. Briefings in Real Estate Finance, London, 2003, Vol. 2: 61~72
13 Downs and David. The value in targeting institutional investors: Evidence from the five-or-fewer rule change. Real Estate Economics, 1998: 613~649
14 Cram, John, Mike Cudd and Christopher Brown. The impact of the Revenue Reconciliation Act of 1993 and institutional ownership on the pricing structure ofequity RETI's. Journal of Real Estate Research 19, 2000: 275~285
15 Simon Stevenson. Ex-ante and ex-post performance of optimal REIT portfolios. Journal of Real Estate Portfolio Management. Boston, 2002, Vol. 8:199~208
16 Gyourko, Joseph and Edward Nelling. Systematic risk and diversification in the equity market. Real Estate Economics 24. 1996: 493~515
17 Chen, Jun and Richard Peiser. The risk and return characteristics of REITs. Real Estate Finance 16(1). 1999: 61~68
18 Ang A and Sherris M. modeling for risk management and valuation of interest rate dependent cash flows. North American Actuarial Journal. 1998: 1~26
19 Brennan M. and E. S. Schwartz. Determinants of GNMA Mortgage Prices. AREUEA Journal, 1985: 209~228
20 Howe, J. S. and J. D. Shilling. Capital Structure Theory and REIT Security Offerings. Journal of Finance, 1998: 401~408
21洪艳蓉.资产证券化若干法律问题比较研究[D].厦门大学博士论文.2002
22邵谦谦,王洪.试论我国房地产投资基金的发展.中国地产.2003, (2)
23门康,丁秀英.我国房地产产业投资基金探析.中国房地产金融.2002,(5)
24毛志荣.房地产投资信托基金研究.深证综研字第0089号.2004
25杨冬梅.国外房地产投资信托的发展对我国的启示.天津电大学报,2003:46~48
26任佩.美国房地产投资信托(REIT)的模式及其对我国的启示.商业研究.2003: 164~166
27吴婵君,虞晓芬.美国房地产投资信托基金及其借鉴.济南金融.2005:58~59
28张超.房地产投资基金推进房地产业发展的新亮点.中国房地产金融.2000
29安琼.房地产投资基金探析.中国房地产金融. 2002, (1)
30宋林峰.美国房地产投资信托(REIT)调研报告.北京国投研究发展部.2006
31谢天长,张丽珍.美国房地产投资证券化的组织模式及其借鉴.福建金融管理干部学院学报.2003, (1):39~42
32陈小龙,许亚青.房地产基金张开大手.数字财富. 2002, (4)
33陈卫荣,阮连法,舒小乐.房地产融资新工具——房地产投资信托.科技进步与对策.2004,(3):34~35
34阮连法,舒小乐.我国房地产投融资体制发展的新动向一房地产投资信托.技术经济与管理研究.2006, (1):27~29
35张红,陈洁.房地产投资信托收益及其影响因素分析.中国房地产金融.2002, (7):12~14
36陈洁,张红.房地产投资信托的特性.中国房地产金融.2002:23~25
37赵永生.房地产投资基金市场需求分析.上海房地.2004, (9):29~31
38王浩.浅议融资房地产的集合资金信托风险管理.经济研究参考,2004,(22):28 ~30
39宗国英.信托产品对我国房地产业融资贡献及其局限性.中国房地产.2005, (10):29~31
40郭臣英,黄汉江.我国发展房地产投资信托的制约因素与对策.江苏商论.2004, (3):147~149
41白龙,何红宇.房地产信托融资分析与实践.金融实务.2003,(11):53~55
42胡敏,王冬松,张帛宁.房地产投资信托的交易模式分析.中国房地产,2004,(3)
43王诤诤.房地产投资信托运营模式研究.金融理论与实践,2004,(9)
44胡敏,张静.浅谈房地产投资信托的交易模式.经济师,2004,(5):55~57
45张涛,龙卓平.中国房地产融资渠道和投资方式的完善与发展,.中国房地产金融,2000,(7):27~29
46吕光.我国房地产企业融资渠道现状分析.当代建设.2001,(4):9-10
47李霞.我国房地产开发企业融资现状及渠道探析.河南社会科学,2003,11(6): 140~141
48殷红.房地产融资主渠道及其风险防范.城市开发,2004, (5) :74~75
49阮莉萍.我国房地产融资中的金融风险[JJ.浙江金融.2004, (4) :42~44
50李冬梅.房地产融资的资本市场.城市开发.2004, (6) :67~70
51李安民.房地产投资基金——融资与投资的新选择.中国经济出版社.北京,2005
52周树立.中国信托业的选择.中国金融出版社.北京,1999
53许雄斌.房地产资金信托研究.江西社会科学. 2002, (12)
54王泰,颜哲.房地产投资基金与风险投资基金的对比分析.重庆建筑大学学报.2002,(12)
55李云峰.我国房地产投资基金的投资运作研究.硕士学位论文.上海同济大学,2006
56台玉红.我国房地产投资基金发展研究.博士学位论文.上海同济大学,2004
57李朝霞.中国房地产投资基金的理论与发展研究.硕士学位论文.武汉理工大学,2003