我国房地产投资信托与商业地产结合的发展模式研究.doc

华中师范大学
硕士学位论文
我国房地产投资信托与商业地产结合的发展模式研究
姓名:黄爱珍
申请学位级别:硕士
专业:区域经济学
指导教师:邓宏乾
20070608
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硕士学位论文
MASTER’S THESIS
内容摘要
房地产业属于资本密集型产业,房地产业的发展和运作需要房地产金融的大力
支持。房地产投资信托(REITs),作为一种新的融资方式,已经在房地产业的发展
中显示出了强劲的势头,且与商业地产的关系尤为密切,我国也正在为引入REITs
作着积极的努力。而目前我国商业地产正处于迅速扩张发展阶段,同时也因经验不
足而引发了多种矛盾和问题,阻碍了我国商业地产的可持续发展。本文分析了商业
地产的产业价值链体系,并指出我国商业地产开发所面临的河题核心在于商业地产
开发商无法找到将商业与地产两者有机结合的资本平台,使商业地产的产业价值链
出现了断点。观察国外以REITs为核心的商业地产产业链,其优势在于使商业地产
的资本平台和零售平台成功对接。以美国为代表的发达国家经历多年的探索,已经
形成了以REITs为主要融资模式的成熟商业地产开发模式,充分体现了REITs和商
业地产的各自特点和优势,也提高了资源配置的有效性。本文把房地产投资信托和
商业地产的结合作为研究内容,从理论上论证了在商业地产领域实现本土REITs的
可行性。
关键词:房地产投资信托;商业地产;价值链;融资
⑨…MASTER…'S

THE啪

Abstract
Real

Estate Industry belongs to capital—intensive industry,the development and
operation of Real Estate Industry need the s仃ong support of Real Estate
a
new
financing
way,Real Estate
Investment Trust(REITs)has
alreadY showed its forceful
tendency in the development of
Real Estate
Industry,and closed
to
mercial Real
Estate especially,our China is also trying to lead REITs at
present,mercial
Real Estate of
our
China is at the rapid developing
stage,and
lacking
experience
has
eoursed the various contradictions and problems at the same time,whieh has blocked the
sustainable
development
of the Cornmercial Real thesis analyses the industry
value chain system,and points out the
core
problem in mercial Real Estate
developing is that the
developer
has
no
way to find the capital platform which
Can
combine merce with Real anically,so callsed the industry value chain of
Commercial Real Estate
to
break the
industry
value chain of the
Commercial Real Estate abroad which centering
on
REITs,the
advantage is
in the
ess
of making the capital platform and the retailing platform
to link developed
countries,such as USA,have been exploring for
many
years,and
akeady formed the
mature developing patt