房地产投资信托基金投资者权利保护研究
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摘要
房地产业是我国国民经济的重要支柱之一,改革开放以来随着我国国民经持续高增长以及国家住房商品化进程的推进,房地产行业未来仍然具有持续高增长态势。但是长期以来制约房地产业发展的一个瓶颈就是其融资渠道单一,严重依赖银行贷款。从开发商到建筑商、乃至于终端用户的按揭购房无不与银行系统密切关联。于是信贷风险过度积聚在银行系统,一旦房市和资本市场出现问题甚至可能危及一国经济安全。REITs作为创新的房地产金融工具,被认为是房地产业最先进生产力的代表,我国引入REITs乃是势在必行,然而欲使其能够顺畅运作,对REITs投资者权利保护是不容忽视的关键一环。
但是,由于REITs对我们毕竟是一个新事物,国内目前学术领域关于其探讨大多停留在对国外这一整体制度的介绍上,以及我国引进REITs存在哪些制度上的障碍,或者我国未来本土化REITs的发展路径选择等等,还鲜有专门研究REITs投资者权利保护的问题。本文立足于国外REITs不同组织模式下投资者权利保护比较分析,以及对我国目前相关房地产投资信托投资者权利保护之疏漏之把握,期望能够为未来我国REITs立法提供点滴参考。
除引言外本文框架结构大体分为四部分：
第一部分：房地产投资信托基金投资者权利保护概述。主要介绍了有关REITs投资者的基础理论,然后试图从经济学方面探究房地产投资信托基金投资者权利保护的理论根据。该章主要包括：1、房地产投资信托基金投资者的内涵界定；2、房地产投资信托基金投资者权利保护的理论根据。
第二部分：介绍了目前我国房地产投资信托基金投资者权利保护的现状,着重阐释了我国房地产投资信托基金投资者权利保护的立法概况以及相关法规当中对房地产投资信托基金投资者权利保护存在的主要问题。该章主要包括：1、我国房地产投资信托基金投资者权利保护法律现状；2、我国房地产投资信托基金投资者权利保护不足。
第三部分：通过对国外房地产投资信托基金投资者权利保护模式的比较借鉴,为我国未来构建房地产投资信托基金投资者权利保护模式提供经验和启示。该章主要包括：1、国外契约型房地产投资信托基金投资者权利保护模式；2、国外公司型房地产投资信托基金投资者权利保护模式；3、国外房地产投资信托基金投资者权利保护经验对我国的启示。
第四部分：笔者认为应当加快我国房地产投资信托基金立法完善及法律监管,从而更好的保护其投资者权利。该章主要包括：1、完善房地产投资信托基金投资者权利流转若干规则：2、建立房地产投资信托基金投资者保护基金；3、强化房地产投资信托基金管理人忠实、注意义务之履行；4、完善房地产投资信托基金托管人监督机制；5、严格房地产投资信托基金信息披露；6、加强房地产投资信托基金基础资产评估。
The real estate industry is one of our national economic props, with the reform and opening policy our national economy has been growing fast as well as the national housing commercialization advancement, the real estate industry will continues to grow higher in the future. But what restricts the development of the real estate industry is the unitary financing channel, up to now the real estate corporations rely on the bank loan seriously. The developer and the construction business as well as the terminal buyer's are all closely linked with the banking mortgage system. Therefore the credit risk excessively agglomerates in the banking system, once the housing market and the capital market encountered with crisis it may endanger the whole country's economic security. REITs, stands as the innovative finance tool in the real estate field, is considered as the most advanced productive forces representative of real estate industry, our country introduces REITs is imperative, however if we wants to enable its operation smoothly, we had better pay attention to the REITs investor right protection.
But, REITs to us is almost a new thing, the domestic scholars' learning to it mostly pauses on the discussion to the overseas' overall system introduction, as well as in what barriers our introduction to the REITs mechanism, or our own future localization for REITs development and so on, however there is rarely special study on the REITs investors' right protection. This article bases under the study of overseas' different REITs organizations' investor right protection comparative analysis, it is also connected presently to our country assurance of oversight of the real estate investment trust investor right protection, expected will be able to provide the intravenous drip reference for the future our country REITs legislation.
But from the introduction this article portal frame construction roughly divides into four parts:
Part one:Real estate investment trusts investor right protection outline. Mainly introduced the related REITs investor's basic theory, then attempts from the economic and the jurisprudence two aspects inquires into the real estate investment trusts investor right protection the theory basis. This chapter mainly includes:1,real estate investment trusts investor's connotation limits;2,real estate investment trusts investor right protections the theory basis
Part two:Introduced the present our country real estate investment trusts investor right protection present situation, has emphatically explained our country real estate investment trusts investment mold right protection in the legislation as well as the shortcoming and the insufficiency which exists to its investor right protection legal supervising and managing aspect. This chapter mainly includes:1, our country real estate investment trusts investor right protection law present situation; 2, our country real estate investment trusts investor right protection insufficiency.
Part three:Through to the overseas real estate investment trusts investor right protected mode comparison model, will future construct the real estate investment trusts investor right protected mode for our country to provide the experience and the enlightenment. This chapter mainly includes:1,overseas contract real estate investment trusts investor right protected mode; 2,overseas company real estate investment trusts investor right protected modes; 3,overseas real estate investment trusts investor right protection experience to our country's enlightenment
Part four:the author thinks that should speed up the legislative perfection of the Chinese real estate investment trust funds and legal supervision, so as to better protect their rights of investors. The chapter main including:1, and perfect real estate investment trust fund investment who rights circulation several rules; 2, and established real estate investment trust fund investors protection fund; 3, and strengthening real estate investment trust fund management people faithful, and note obligations of fulfill; 4, and perfect real estate investment trust fund managed people supervision mechanism; 5, and strictly real estate investment trust fund information disclosure; 6, and strengthening real estate investment trust fund Foundation assets assessment.
但是,由于REITs对我们毕竟是一个新事物,国内目前学术领域关于其探讨大多停留在对国外这一整体制度的介绍上,以及我国引进REITs存在哪些制度上的障碍,或者我国未来本土化REITs的发展路径选择等等,还鲜有专门研究REITs投资者权利保护的问题。本文立足于国外REITs不同组织模式下投资者权利保护比较分析,以及对我国目前相关房地产投资信托投资者权利保护之疏漏之把握,期望能够为未来我国REITs立法提供点滴参考。
除引言外本文框架结构大体分为四部分：
第一部分：房地产投资信托基金投资者权利保护概述。主要介绍了有关REITs投资者的基础理论,然后试图从经济学方面探究房地产投资信托基金投资者权利保护的理论根据。该章主要包括：1、房地产投资信托基金投资者的内涵界定；2、房地产投资信托基金投资者权利保护的理论根据。
第二部分：介绍了目前我国房地产投资信托基金投资者权利保护的现状,着重阐释了我国房地产投资信托基金投资者权利保护的立法概况以及相关法规当中对房地产投资信托基金投资者权利保护存在的主要问题。该章主要包括：1、我国房地产投资信托基金投资者权利保护法律现状；2、我国房地产投资信托基金投资者权利保护不足。
第三部分：通过对国外房地产投资信托基金投资者权利保护模式的比较借鉴,为我国未来构建房地产投资信托基金投资者权利保护模式提供经验和启示。该章主要包括：1、国外契约型房地产投资信托基金投资者权利保护模式；2、国外公司型房地产投资信托基金投资者权利保护模式；3、国外房地产投资信托基金投资者权利保护经验对我国的启示。
第四部分：笔者认为应当加快我国房地产投资信托基金立法完善及法律监管,从而更好的保护其投资者权利。该章主要包括：1、完善房地产投资信托基金投资者权利流转若干规则：2、建立房地产投资信托基金投资者保护基金；3、强化房地产投资信托基金管理人忠实、注意义务之履行；4、完善房地产投资信托基金托管人监督机制；5、严格房地产投资信托基金信息披露；6、加强房地产投资信托基金基础资产评估。
The real estate industry is one of our national economic props, with the reform and opening policy our national economy has been growing fast as well as the national housing commercialization advancement, the real estate industry will continues to grow higher in the future. But what restricts the development of the real estate industry is the unitary financing channel, up to now the real estate corporations rely on the bank loan seriously. The developer and the construction business as well as the terminal buyer's are all closely linked with the banking mortgage system. Therefore the credit risk excessively agglomerates in the banking system, once the housing market and the capital market encountered with crisis it may endanger the whole country's economic security. REITs, stands as the innovative finance tool in the real estate field, is considered as the most advanced productive forces representative of real estate industry, our country introduces REITs is imperative, however if we wants to enable its operation smoothly, we had better pay attention to the REITs investor right protection.
But, REITs to us is almost a new thing, the domestic scholars' learning to it mostly pauses on the discussion to the overseas' overall system introduction, as well as in what barriers our introduction to the REITs mechanism, or our own future localization for REITs development and so on, however there is rarely special study on the REITs investors' right protection. This article bases under the study of overseas' different REITs organizations' investor right protection comparative analysis, it is also connected presently to our country assurance of oversight of the real estate investment trust investor right protection, expected will be able to provide the intravenous drip reference for the future our country REITs legislation.
But from the introduction this article portal frame construction roughly divides into four parts:
Part one:Real estate investment trusts investor right protection outline. Mainly introduced the related REITs investor's basic theory, then attempts from the economic and the jurisprudence two aspects inquires into the real estate investment trusts investor right protection the theory basis. This chapter mainly includes:1,real estate investment trusts investor's connotation limits;2,real estate investment trusts investor right protections the theory basis
Part two:Introduced the present our country real estate investment trusts investor right protection present situation, has emphatically explained our country real estate investment trusts investment mold right protection in the legislation as well as the shortcoming and the insufficiency which exists to its investor right protection legal supervising and managing aspect. This chapter mainly includes:1, our country real estate investment trusts investor right protection law present situation; 2, our country real estate investment trusts investor right protection insufficiency.
Part three:Through to the overseas real estate investment trusts investor right protected mode comparison model, will future construct the real estate investment trusts investor right protected mode for our country to provide the experience and the enlightenment. This chapter mainly includes:1,overseas contract real estate investment trusts investor right protected mode; 2,overseas company real estate investment trusts investor right protected modes; 3,overseas real estate investment trusts investor right protection experience to our country's enlightenment
Part four:the author thinks that should speed up the legislative perfection of the Chinese real estate investment trust funds and legal supervision, so as to better protect their rights of investors. The chapter main including:1, and perfect real estate investment trust fund investment who rights circulation several rules; 2, and established real estate investment trust fund investors protection fund; 3, and strengthening real estate investment trust fund management people faithful, and note obligations of fulfill; 4, and perfect real estate investment trust fund managed people supervision mechanism; 5, and strictly real estate investment trust fund information disclosure; 6, and strengthening real estate investment trust fund Foundation assets assessment.
引文
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①朱向峰.论契约型证券投资基金持有人利益的法律保护[D].2009：29
①周玉华.投资信托基金法律应用[M].北京：人民法院出版社,2000.338-341
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①郭锋,陈复等.证券投资基金法导论[M].北京：中国法律出版社,2008.88-89
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①田英伟.试论证券投资基金信息披露法律制度之完善——以开放式证券投资基金信息披露为中心[D].华东政法学院硕士学位论文.2007：41
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