REITs研究及其在我国的发展方案设计
摘要
房地产投资信托基金(Real Estate Investment Trusts，REITs)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金融创新的产物。REITs的出现，使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的房地产金融创新。
REITs作为世界各国在房地产市场中一种发展比较成熟的金融创新，己经引起中国理论界和企业界的积极关注。研究和借鉴国外REITs发展经验和教训，探讨REITs在我国的发展模式，应该看到REITs是在特定的法律制度、经济环境、房地产市场发展阶段、金融体系等条件下产生的一种金融创新产品，必须分析各国REITs发展的外部环境因素和法律规范，同时结合我国的实际情况，才能总结归纳出我国发展REITs的现实模式，设计出适合我国现实国情的REITs发展方案，在规范中推动REITs的健康和稳定发展。
从这个思路出发，本文第2章研究了国内外相关文献，对REITs的概念、分类、特性及在各国的发展情况进行了详细的阐述；第3章与我国的实际情况相结合，分析了REITs在我国发展的可行性与必然性；第4章研究了REITs在美国及在亚洲一些国家发展的结构及模式，对它们的优势和劣势进行了比较分析，并做出我国REITs的结构及模式选择，接着对越秀REITs的上市路径进行案例分析，指出发展本土REITs是我国发展REITs的唯一办法，并总结经验教训，为设计我国REITs发展方案提供依据；第5章结合前文研究成果，设计了适用于我国当前法律制度及市场环境的REITs发展方案，并对构建REITs的配套体系提出建议。
As a typical form of real estate securitization, REITs is a product of the financial innovation after the real estate industry and financial markets developed to the mature stage. REITs have not only retained the high-yield character of the real estate investments, but also have enhanced the mobility of the real estate investment assets as well as the stability of earnings. Thereby REITs had promoted the development to both the national real estate market and the capital market by dual ways. As China's economics developing rapidly, the innovation of the financing is being demanded increasingly by the thriving real estate market; meanwhile, investors demanding urgently on both the innovative financial products and widen the investment channels.
As a kind of developed financial innovation of the real estate market in the world, REITs is driving a lot of active attentions of the theorists and the enterprises in China. To figure out the developing pattern of REITs in China by studying the successful experience and the failure lessons of the aboard REITs, we should realize that REITs is born in special condition including law system, economic environment, the period of the real estate developing, financing system and so on. So only when we analyze the external environment factors and the legal norms, combined with the reality of China, can we present a summary of the developing model of REITs in China.
From this viewpoint, Chapter 2 illustrated the definition, characteristics and the developing situation about REITs. Chapter 3 analyzed the feasibility and necessity of developing REITs in China. Chapter 4 compared the structure and the pattern of REITs between USA and other Asian countries, and made the option. Then the author studied the GZI REITs and pointed out that to develop native REITs is the only way for developing REITs in China. Chapter 5 designed the REITs project which fit for the law system and our reality. And provide the suggestions for constructing the outer system of REITs.
REITs作为世界各国在房地产市场中一种发展比较成熟的金融创新，己经引起中国理论界和企业界的积极关注。研究和借鉴国外REITs发展经验和教训，探讨REITs在我国的发展模式，应该看到REITs是在特定的法律制度、经济环境、房地产市场发展阶段、金融体系等条件下产生的一种金融创新产品，必须分析各国REITs发展的外部环境因素和法律规范，同时结合我国的实际情况，才能总结归纳出我国发展REITs的现实模式，设计出适合我国现实国情的REITs发展方案，在规范中推动REITs的健康和稳定发展。
从这个思路出发，本文第2章研究了国内外相关文献，对REITs的概念、分类、特性及在各国的发展情况进行了详细的阐述；第3章与我国的实际情况相结合，分析了REITs在我国发展的可行性与必然性；第4章研究了REITs在美国及在亚洲一些国家发展的结构及模式，对它们的优势和劣势进行了比较分析，并做出我国REITs的结构及模式选择，接着对越秀REITs的上市路径进行案例分析，指出发展本土REITs是我国发展REITs的唯一办法，并总结经验教训，为设计我国REITs发展方案提供依据；第5章结合前文研究成果，设计了适用于我国当前法律制度及市场环境的REITs发展方案，并对构建REITs的配套体系提出建议。
As a typical form of real estate securitization, REITs is a product of the financial innovation after the real estate industry and financial markets developed to the mature stage. REITs have not only retained the high-yield character of the real estate investments, but also have enhanced the mobility of the real estate investment assets as well as the stability of earnings. Thereby REITs had promoted the development to both the national real estate market and the capital market by dual ways. As China's economics developing rapidly, the innovation of the financing is being demanded increasingly by the thriving real estate market; meanwhile, investors demanding urgently on both the innovative financial products and widen the investment channels.
As a kind of developed financial innovation of the real estate market in the world, REITs is driving a lot of active attentions of the theorists and the enterprises in China. To figure out the developing pattern of REITs in China by studying the successful experience and the failure lessons of the aboard REITs, we should realize that REITs is born in special condition including law system, economic environment, the period of the real estate developing, financing system and so on. So only when we analyze the external environment factors and the legal norms, combined with the reality of China, can we present a summary of the developing model of REITs in China.
From this viewpoint, Chapter 2 illustrated the definition, characteristics and the developing situation about REITs. Chapter 3 analyzed the feasibility and necessity of developing REITs in China. Chapter 4 compared the structure and the pattern of REITs between USA and other Asian countries, and made the option. Then the author studied the GZI REITs and pointed out that to develop native REITs is the only way for developing REITs in China. Chapter 5 designed the REITs project which fit for the law system and our reality. And provide the suggestions for constructing the outer system of REITs.
引文
[1] Hines. What has happened to REITs? Appraisal Journal 43(1975):252-260.
[2] Sanger Garry C, C.F.Sirmans and Geoffrey K. Turnbull. The effects of tax reform on real estate: Some empirical results. Land Economics 66(1990):409-424.
[3] Knight Ray A. and Lee G. Knight. REITs reemerge as attractive investment vehicles. Real Estate Review 22 (1992):42-48.
[4] McMahan John. The long view: A perspective on the REIT market. Real Estate Issues 19 (1994):l-4.
[5] Schulkin Peter. Real estate investment trusts: A conflict of interests. Financial Analyst Journal. January 16 (1971). P, A1.
[6] Cannon Susanne and Stephen Vogt. REITs and their management: An analysis of organizational structure, performance and management compensation. Journal of Real Estate Research 10(1995):297-317.
[7] Gloec Joseph. Compensation policies and financial characteristics of real estate investment trusts. Journal of Accounting and Economics 17(1994): 177-205.
[8] Solt Michael and Norman Miller. Managerial incentives: Implications for the financial performance of real estate investment trust. AREUEA Journal 13 (1985):404-423.
[9] Sagalyn Lynne. Conflicts of interest in the structure of REITs. Real Estate Finance 13(1996):34-51.
[10] Howe John and James Shilling. REIT advisor performance. AREUEA Journal 18 (1990):479-499.
[11] Ambrose Brent and Peter Linneman. REIT organizational structure and operating characteristics. Journal of Real Estate Research 21 (2001):146-162.
[12] Linneman Peter. Forces changing the real estate industry forever. Wharton Real Estate Review 1 (1997):1-12.
[13] Bers Martina and Thomas Springer. Economies-of-scale for real estate investment trust. Journal of Real Estate Research 14 (1998):275-290.
[14] Rosenthal Mindy. Bigger REITs, better REITs. Institutional Investor 30:101.
[15] Yang Shiawee. Is bigger better? Reexamining the scale economies of REITs. Journal of Real Estate Portfolio Management 7 (2001):67-78.
[16] Mueller Glenn. REIT size and earnings growth: is bigger better, or a new challenge. Journal of Real Estate Portfolio Management 4 (1998):149-157.
[17] Mclntosh Willard, Youguo Liang and Daniel Tompkins. An examination of the small-firm effect within the REIT industry. Journal of Real Estate Research 6 (1991):9-17.
[18] Chen, Su-Jane, Chenho Hsieh, Timothy Vines and Shur-Nuaan Chiou. Macroeconomic variables, firm-specific variables and returns to REITs. Journal of Real Estate Research 16 (1998):269-277.
[19] Campbell Robert D., Chinmoy Ghosh and C.F.Sirmans. The great REIT consolidation: Fact or Fancy? Real Estate Finance 15 (1998):45-54.
[20] Friday Swint, Stacy Sirmans and Mitchell Conover. Ownership structure and the value of the firms: The case of REITs. Journal of Real Estate Research 17 (1999):71-90.
[21] Garrigan and Parsons. Real Estate Investment Trusts. 1997.McGraw-Hill REIT.
[22] Gillan Stuart and Laura Starks. Corporate government proposals and shareholder activism: The role of institutional investors. Journal of Financial Economics 57 (2000):275-305.
[23] Nofsinger John and Richard Sias. Herding and feedback trading by institutional and individual investors. Journal of Finance 54 (1999):2263-2295.
[24] Malpezzi Stephen and James Shilling. Institutional investors tilt their real estate holdings toward quality, too. Journal of Real Estate Finance and Economics 21 (2000): 113-140.
[25] Avidon Eric. REITs agree: Diversity=stability. National Mortgage News 20 (1995):18-19.
[26] Kistner William. Diversifying portfolios with equity real estate investment trusts. Healthcare Financial Management 50 (1996):78-79.
[27] Capozza Dennis R. and Sohan Lee. Property type, size and REIT value. Journal of Real Estate Research 10 (1995):363-379.
[28] Capozza Dennis R. and Paul J. Seguin. Managerial style and firm value: Real Estate Economics 26 (1998): 131-150.
[29] Wang Ko, John Erickson and George Gau. Dividend policies and dividend announcement effects for real estate investment trusts. Real Estate Economics 21 (1993): 185-201.
[30] McDonald Cynthia G., Terry D. Nixon and V. Carlos Slawson. The changing asymmetric information component of REIT spreads: A study of anticipated announcements. Journal of Real Estate Finance and Economics 20 (2000):195-200.
[31] Forest Anderson. Now, dividend hunters are stalking REITs. Business Week June 6(1994):120-121.
[32] Maris Brain and Fayez Elayan. Capital structure and the cost of capital for untaxed firms: The case of REITs. AREUEA Journal 18(1990):22-39.
[33] Howe John and James Shilling. Capital structure theory and REIT security offerings. Journal of Finance 43(1998):983-993.
[34] Nag Raja, Chinmoy Ghosh and C.F.Sirmans. An analysis of seasoned equity offerings by equity REITs, 1991 to 1995. Journal of Real Estate Finance and Economics 19 (1999):175-193.
[35] Hsieh, Chengho, Percy Poon and Peihwang Wei. An analysis of REIT financing decision. Louisiana State University at Shreveport. Working Paper (2000).
[36] 巴曙松．发展REITs，拓展房地产融资空间．住宅与房地产，2006；176：12
[37] 易宪容．房地产多元化融资：中国之发展．新金融．2005/6．
[38] 董春山．房地产投资信托基金的产品优势分析．房地产金融．2005/5．
[39] 姚福利．房地产投资信托(REITs)研究及其在中国的发展前景初探(硕士学位论 文)．2002
[40] 张跃庆．房地产投资信托基金研究(硕士学位论文)．2002．
[41] 陈柳钦．美国房地产投资信托基金的发展及其对我国的启示．山东财政学院学报．2005/1．
[42] 郭磊．新融资环境下关于REIT的澄清性探讨．经济论坛．2005/7．
[43] 毛志荣．房地产投资信托基金研究．深圳证券交易所综合研究报告，2004-01-16深证综研字第0089号．
[44] 黄福来．美国房地产证券化实践与深圳市房地产证券化改革建议，http://szii.gov.cn．
[45] 毛志荣．我国发展上市房地产基金研究．深圳证券交易所综合研究报告，2004-09-20深证综研字第0100号．
[46] [美]特瑞斯．M．克劳瑞特，斯泰西．西蒙著；尤奋杰，李文诞等译．房地产金融—原理与实践(第三版)[M]．北京：经济科学出版社，2004，20，21章．
[47] 孙靖．房地产投资信托基金的海外经验及在中国的适用性探讨．中国房地产金融，2005/3．
[48] 香港《房地产投资信托基金守则》．
[2] Sanger Garry C, C.F.Sirmans and Geoffrey K. Turnbull. The effects of tax reform on real estate: Some empirical results. Land Economics 66(1990):409-424.
[3] Knight Ray A. and Lee G. Knight. REITs reemerge as attractive investment vehicles. Real Estate Review 22 (1992):42-48.
[4] McMahan John. The long view: A perspective on the REIT market. Real Estate Issues 19 (1994):l-4.
[5] Schulkin Peter. Real estate investment trusts: A conflict of interests. Financial Analyst Journal. January 16 (1971). P, A1.
[6] Cannon Susanne and Stephen Vogt. REITs and their management: An analysis of organizational structure, performance and management compensation. Journal of Real Estate Research 10(1995):297-317.
[7] Gloec Joseph. Compensation policies and financial characteristics of real estate investment trusts. Journal of Accounting and Economics 17(1994): 177-205.
[8] Solt Michael and Norman Miller. Managerial incentives: Implications for the financial performance of real estate investment trust. AREUEA Journal 13 (1985):404-423.
[9] Sagalyn Lynne. Conflicts of interest in the structure of REITs. Real Estate Finance 13(1996):34-51.
[10] Howe John and James Shilling. REIT advisor performance. AREUEA Journal 18 (1990):479-499.
[11] Ambrose Brent and Peter Linneman. REIT organizational structure and operating characteristics. Journal of Real Estate Research 21 (2001):146-162.
[12] Linneman Peter. Forces changing the real estate industry forever. Wharton Real Estate Review 1 (1997):1-12.
[13] Bers Martina and Thomas Springer. Economies-of-scale for real estate investment trust. Journal of Real Estate Research 14 (1998):275-290.
[14] Rosenthal Mindy. Bigger REITs, better REITs. Institutional Investor 30:101.
[15] Yang Shiawee. Is bigger better? Reexamining the scale economies of REITs. Journal of Real Estate Portfolio Management 7 (2001):67-78.
[16] Mueller Glenn. REIT size and earnings growth: is bigger better, or a new challenge. Journal of Real Estate Portfolio Management 4 (1998):149-157.
[17] Mclntosh Willard, Youguo Liang and Daniel Tompkins. An examination of the small-firm effect within the REIT industry. Journal of Real Estate Research 6 (1991):9-17.
[18] Chen, Su-Jane, Chenho Hsieh, Timothy Vines and Shur-Nuaan Chiou. Macroeconomic variables, firm-specific variables and returns to REITs. Journal of Real Estate Research 16 (1998):269-277.
[19] Campbell Robert D., Chinmoy Ghosh and C.F.Sirmans. The great REIT consolidation: Fact or Fancy? Real Estate Finance 15 (1998):45-54.
[20] Friday Swint, Stacy Sirmans and Mitchell Conover. Ownership structure and the value of the firms: The case of REITs. Journal of Real Estate Research 17 (1999):71-90.
[21] Garrigan and Parsons. Real Estate Investment Trusts. 1997.McGraw-Hill REIT.
[22] Gillan Stuart and Laura Starks. Corporate government proposals and shareholder activism: The role of institutional investors. Journal of Financial Economics 57 (2000):275-305.
[23] Nofsinger John and Richard Sias. Herding and feedback trading by institutional and individual investors. Journal of Finance 54 (1999):2263-2295.
[24] Malpezzi Stephen and James Shilling. Institutional investors tilt their real estate holdings toward quality, too. Journal of Real Estate Finance and Economics 21 (2000): 113-140.
[25] Avidon Eric. REITs agree: Diversity=stability. National Mortgage News 20 (1995):18-19.
[26] Kistner William. Diversifying portfolios with equity real estate investment trusts. Healthcare Financial Management 50 (1996):78-79.
[27] Capozza Dennis R. and Sohan Lee. Property type, size and REIT value. Journal of Real Estate Research 10 (1995):363-379.
[28] Capozza Dennis R. and Paul J. Seguin. Managerial style and firm value: Real Estate Economics 26 (1998): 131-150.
[29] Wang Ko, John Erickson and George Gau. Dividend policies and dividend announcement effects for real estate investment trusts. Real Estate Economics 21 (1993): 185-201.
[30] McDonald Cynthia G., Terry D. Nixon and V. Carlos Slawson. The changing asymmetric information component of REIT spreads: A study of anticipated announcements. Journal of Real Estate Finance and Economics 20 (2000):195-200.
[31] Forest Anderson. Now, dividend hunters are stalking REITs. Business Week June 6(1994):120-121.
[32] Maris Brain and Fayez Elayan. Capital structure and the cost of capital for untaxed firms: The case of REITs. AREUEA Journal 18(1990):22-39.
[33] Howe John and James Shilling. Capital structure theory and REIT security offerings. Journal of Finance 43(1998):983-993.
[34] Nag Raja, Chinmoy Ghosh and C.F.Sirmans. An analysis of seasoned equity offerings by equity REITs, 1991 to 1995. Journal of Real Estate Finance and Economics 19 (1999):175-193.
[35] Hsieh, Chengho, Percy Poon and Peihwang Wei. An analysis of REIT financing decision. Louisiana State University at Shreveport. Working Paper (2000).
[36] 巴曙松．发展REITs，拓展房地产融资空间．住宅与房地产，2006；176：12
[37] 易宪容．房地产多元化融资：中国之发展．新金融．2005/6．
[38] 董春山．房地产投资信托基金的产品优势分析．房地产金融．2005/5．
[39] 姚福利．房地产投资信托(REITs)研究及其在中国的发展前景初探(硕士学位论 文)．2002
[40] 张跃庆．房地产投资信托基金研究(硕士学位论文)．2002．
[41] 陈柳钦．美国房地产投资信托基金的发展及其对我国的启示．山东财政学院学报．2005/1．
[42] 郭磊．新融资环境下关于REIT的澄清性探讨．经济论坛．2005/7．
[43] 毛志荣．房地产投资信托基金研究．深圳证券交易所综合研究报告，2004-01-16深证综研字第0089号．
[44] 黄福来．美国房地产证券化实践与深圳市房地产证券化改革建议，http://szii.gov.cn．
[45] 毛志荣．我国发展上市房地产基金研究．深圳证券交易所综合研究报告，2004-09-20深证综研字第0100号．
[46] [美]特瑞斯．M．克劳瑞特，斯泰西．西蒙著；尤奋杰，李文诞等译．房地产金融—原理与实践(第三版)[M]．北京：经济科学出版社，2004，20，21章．
[47] 孙靖．房地产投资信托基金的海外经验及在中国的适用性探讨．中国房地产金融，2005/3．
[48] 香港《房地产投资信托基金守则》．