中国不动产投资信托基金运行机制研究
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摘要
不动产投资信托基金( Real Estate Investment Trusts)——REITs使普通的投资者以少量资金投资于不动产项目、分享投资收益成为可能。从本质上来看,REITs不仅体现了金融产品方面的创新,也是制度创新的成果。REITs以稳定的收益、与证券市场其他产品价格波动的低关联性以及持续增长的红利分配不断巩固并扩大其在投资组合中的地位及份额。到目前为止,已经有10多个国家拥有了REITs或是近似REITs的产品,国际金融领域的竞争要求中国发展REITs。
从内部来看,中国的不动产业是国家的支柱性产业,但不动产领域的投融资长期以来依赖银行的局面从未打破,债券、信托手段的融资规模较小,无法满足房地产开发建设的需要。在金融产品的投资方面,中国拥有各种类型的潜在机构投资者,且居民储蓄存款余额规模巨大,这些都为REITs在中国的发展提供了良好的条件。尽管作过各种形式的尝试,但是目前中国尚不具备真正意义的REITs。
在中国发展REITs,必须首先解决以下三个方面的问题:一是参与主体的挖掘,二是投资方向的定位,三是运营风险的识别与规避。基于此,以REITs发展的时间序列为主线,从基金的募集到基金的经营,本文依次研究了中国REITs运行的资金融入机制, REITs的经营机制以及在此过程中的风险规避机制。就机构投资者的培育,REITs的上市及先决条件,REITs的投资方向与围度选择,REITs运行中的风险规避策略等问题展开了讨论。目前中国的机构投资者已经做好了资金方面的准备,但需要等待法律层面的许可以参与REITs的建设。从合理运营来看,权益型与抵押型REITs具有不同的盈利路径,参与投资的方式灵活多样,且物业投资的类型不囿于商业物业。而在风险管理方面,鉴于REITs的运行风险主要集中在基金经理人的道德风险与逆向选择风险,REITs股票的价格波动风险以及物业价值评估过程中的利率风险,考虑采用不同的风险规避策略加以应对。次贷危机背景下中国REITs的风险管理应进一步强化审慎原则。
论文提出利用REITs为中国保障性住房建设提供持续资金支持的产品设计思路;以天津为例,就REITs的投资方向与投资围度作出了基本定位;同时扩展了已有的研究,提出利用修正的现金流模型对REITs的投资风险予以估价,以确定是否将其纳入投资组合。
Real Estate Investment Trust (REITs), one of real estate backed securities, enable individual investor with limited money to invest real estate and share return from it. In essential, REITs is innovation not only in respect of financial product but also financial system. REITs has been fixed and extended the quartos in portfolio against its steady return and lower relativity with other securities and increased dividend since 1960` in the U.S.A. Nowadays, more than 10 countries are developing REITs or quasi-REITs including Japan, Korea, Singapore, Chinese Taiwan and Hongkong. Developing REITs is needed to compete in international finance market for China.
Real estate is one of mainstay industry in China. Its investment and finance comes from bank during the past years because other tools, such as company securities and trust, are used under restrictive regulation and scales are limited. REITs can be satisfied with their demand. In another hand, so many potential institutional investors are preparing to anticipate REITs investment. Unfortunately, there is no REITs in China till now.
Three puzzles should be solved firstly if REITs is developed in China: first is investing parties; second is investing orientation and last is risk management. This paper studies on how to cultivate Chinese institute investors, how to find the appropriate profit modal and how to construct the comprehensive risk management frame.
The study gives the way to provide persistent fund for indemnificatory real estate in China; shows investing orientation and scope of REITs in Tianjin and extends previous study on real estate valuation to decide whether it should be involved in portfolio.
从内部来看,中国的不动产业是国家的支柱性产业,但不动产领域的投融资长期以来依赖银行的局面从未打破,债券、信托手段的融资规模较小,无法满足房地产开发建设的需要。在金融产品的投资方面,中国拥有各种类型的潜在机构投资者,且居民储蓄存款余额规模巨大,这些都为REITs在中国的发展提供了良好的条件。尽管作过各种形式的尝试,但是目前中国尚不具备真正意义的REITs。
在中国发展REITs,必须首先解决以下三个方面的问题:一是参与主体的挖掘,二是投资方向的定位,三是运营风险的识别与规避。基于此,以REITs发展的时间序列为主线,从基金的募集到基金的经营,本文依次研究了中国REITs运行的资金融入机制, REITs的经营机制以及在此过程中的风险规避机制。就机构投资者的培育,REITs的上市及先决条件,REITs的投资方向与围度选择,REITs运行中的风险规避策略等问题展开了讨论。目前中国的机构投资者已经做好了资金方面的准备,但需要等待法律层面的许可以参与REITs的建设。从合理运营来看,权益型与抵押型REITs具有不同的盈利路径,参与投资的方式灵活多样,且物业投资的类型不囿于商业物业。而在风险管理方面,鉴于REITs的运行风险主要集中在基金经理人的道德风险与逆向选择风险,REITs股票的价格波动风险以及物业价值评估过程中的利率风险,考虑采用不同的风险规避策略加以应对。次贷危机背景下中国REITs的风险管理应进一步强化审慎原则。
论文提出利用REITs为中国保障性住房建设提供持续资金支持的产品设计思路;以天津为例,就REITs的投资方向与投资围度作出了基本定位;同时扩展了已有的研究,提出利用修正的现金流模型对REITs的投资风险予以估价,以确定是否将其纳入投资组合。
Real Estate Investment Trust (REITs), one of real estate backed securities, enable individual investor with limited money to invest real estate and share return from it. In essential, REITs is innovation not only in respect of financial product but also financial system. REITs has been fixed and extended the quartos in portfolio against its steady return and lower relativity with other securities and increased dividend since 1960` in the U.S.A. Nowadays, more than 10 countries are developing REITs or quasi-REITs including Japan, Korea, Singapore, Chinese Taiwan and Hongkong. Developing REITs is needed to compete in international finance market for China.
Real estate is one of mainstay industry in China. Its investment and finance comes from bank during the past years because other tools, such as company securities and trust, are used under restrictive regulation and scales are limited. REITs can be satisfied with their demand. In another hand, so many potential institutional investors are preparing to anticipate REITs investment. Unfortunately, there is no REITs in China till now.
Three puzzles should be solved firstly if REITs is developed in China: first is investing parties; second is investing orientation and last is risk management. This paper studies on how to cultivate Chinese institute investors, how to find the appropriate profit modal and how to construct the comprehensive risk management frame.
The study gives the way to provide persistent fund for indemnificatory real estate in China; shows investing orientation and scope of REITs in Tianjin and extends previous study on real estate valuation to decide whether it should be involved in portfolio.
引文
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1数据来源:美国房地产投资信托协会(NAREIT),http//www.nareit.com
1数据来源:美国房地产投资信托协会(NAREIT),http//www.nareit.com
1数据来源:中国人民银行,中国金融稳定报告[J]. 2005年9月。
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3数据来源:西南财经大学信托与理财研究所,http//www.swufetrust.cn
1数据来源:摩根史坦利投资报告,www.moganstanley.com
2数据来源:《新财富》,2004年10月号。
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1数据来源:美国房地产投资信托协会(NAREIT),http//www.nareit.com
1数据来源:美国房地产投资信托协会(NAREIT),http//www.nareit.com
1数据来源:中国人民银行,中国金融稳定报告[J]. 2005年9月。
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3数据来源:西南财经大学信托与理财研究所,http//www.swufetrust.cn
1数据来源:摩根史坦利投资报告,www.moganstanley.com
2数据来源:《新财富》,2004年10月号。
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