基于房地产企业角度的房地产投资信托（REITs）实践操作研究
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摘要
房地产投资信托(REITs)在国内已经引起广泛关注,众多有实力的大型房地产企业想通过发行和运作房地产投资信托(REITs)产品进行资产变现和融资,转变传统的房地产经营管理模式。但是,由于国内引入房地产投资信托(REITs)概念的时间不长,国内房地产投资信托(REITs)的研究和发展才起步,目前众多对房地产投资信托(REITs)的研究侧重于概念、模式、障碍等文字性的描述,而对一个房地产企业如何具体发行和操作房地产投资信托(REITs),缺乏具有实践指导意义的研究成果。
论文通过从房地产投资信托(REITs)的诞生、成长及运作,到其合并及终止的全过程分析,具体研究房地产企业如何发行和操作房地产投资信托(REITs)。首先,论文从发行房地产投资信托(REITs)的前期准备分析开始,分析房地产企业发行房地产投资信托(REITs)前所需的管理经营模式转变、物业基础和组合及财务状况等;而后,论文对房地产投资信托(REITs)的发行实践操作步骤进行剖析,包括企业组织模式选择、协助机构、发行架构选择及基金募集策略等,对可能发生的费用及税收也作了探讨分析。再次,论文通过分析房地产投资信托(REITs)的业绩评价指标及成长机制,研究房地产投资信托(REITs)发行之后的后期管理和运作,并在论文最后探讨了房地产投资信托在整个寿命周期可能面临的风险及应对措施等。
论文的研究,一方面能够进一步充实国内房地产投资信托(REITs)的研究成果,使房地产投资信托(REITs)的学术研究深入一个层次,另一方面由于研究内容的具体化和实践化,论文对国内有能力的房地产企业选择房地产投资信托(REITs)转变企业经营管理模式,发行房地产投资信托(REITs),融合地产和金融等,都具有实践指导意义。
Real Estate Investment Trusts (REITs) have been under the spotlight in our real estate industry. Many competent real estate enterprises in China are planning to have a try to issue the real estate investment trusts in order to improve their financing status. However, because the concept of REITs is introduced into China just in recent years and most of the research of REITs in China is only limited in the concept of REITs, their types, mode of income-producing and their developing obstacle in our country, there is no a completed specification as a guidance to tell the real estate enterprises how to issue the REITs step by step.
This paper is aimed to produce a guidance to instruct the real estate enterprises how to issue the REITs step by step and then research its operation and management to give the real estate enterprises theoretical support on how to operation an REITs. First, this paper studied on the reform of traditional operational mode of the enterprises, the necessary property support and package, and the financing status. These above are the foundational requirement of REITs issue. Then, this paper analyzes the steps of how to issue the REITs, including the organization, assistant institutions, selection and optimization of issue structure, and how to raise funds. The potential fees and revenue concerning to the issue affairs and REITs operation are also discussed more or less on follow. Immediately, this paper probes into how to operate and manage the REITs through analyzing the evaluation index of REITs performance and their growth mechanism. This probe can pave the way for the smooth development of REITs. At last, this paper researches the risks of REITs in their life-span and how to deal with these risks.
The paper, on one side, can enhance the research of REITs’development in our country. On the other side, it also provides the real estate enterprises in our country with a theoretical guidance of how to issue REITs and how to operate and manage REITs practically.
论文通过从房地产投资信托(REITs)的诞生、成长及运作,到其合并及终止的全过程分析,具体研究房地产企业如何发行和操作房地产投资信托(REITs)。首先,论文从发行房地产投资信托(REITs)的前期准备分析开始,分析房地产企业发行房地产投资信托(REITs)前所需的管理经营模式转变、物业基础和组合及财务状况等;而后,论文对房地产投资信托(REITs)的发行实践操作步骤进行剖析,包括企业组织模式选择、协助机构、发行架构选择及基金募集策略等,对可能发生的费用及税收也作了探讨分析。再次,论文通过分析房地产投资信托(REITs)的业绩评价指标及成长机制,研究房地产投资信托(REITs)发行之后的后期管理和运作,并在论文最后探讨了房地产投资信托在整个寿命周期可能面临的风险及应对措施等。
论文的研究,一方面能够进一步充实国内房地产投资信托(REITs)的研究成果,使房地产投资信托(REITs)的学术研究深入一个层次,另一方面由于研究内容的具体化和实践化,论文对国内有能力的房地产企业选择房地产投资信托(REITs)转变企业经营管理模式,发行房地产投资信托(REITs),融合地产和金融等,都具有实践指导意义。
Real Estate Investment Trusts (REITs) have been under the spotlight in our real estate industry. Many competent real estate enterprises in China are planning to have a try to issue the real estate investment trusts in order to improve their financing status. However, because the concept of REITs is introduced into China just in recent years and most of the research of REITs in China is only limited in the concept of REITs, their types, mode of income-producing and their developing obstacle in our country, there is no a completed specification as a guidance to tell the real estate enterprises how to issue the REITs step by step.
This paper is aimed to produce a guidance to instruct the real estate enterprises how to issue the REITs step by step and then research its operation and management to give the real estate enterprises theoretical support on how to operation an REITs. First, this paper studied on the reform of traditional operational mode of the enterprises, the necessary property support and package, and the financing status. These above are the foundational requirement of REITs issue. Then, this paper analyzes the steps of how to issue the REITs, including the organization, assistant institutions, selection and optimization of issue structure, and how to raise funds. The potential fees and revenue concerning to the issue affairs and REITs operation are also discussed more or less on follow. Immediately, this paper probes into how to operate and manage the REITs through analyzing the evaluation index of REITs performance and their growth mechanism. This probe can pave the way for the smooth development of REITs. At last, this paper researches the risks of REITs in their life-span and how to deal with these risks.
The paper, on one side, can enhance the research of REITs’development in our country. On the other side, it also provides the real estate enterprises in our country with a theoretical guidance of how to issue REITs and how to operate and manage REITs practically.
引文
[1]唐文祺.房地产业成我国税收“第一增收大户”[N].上海证券报,2006.03.15.
[2]戚鉏良.房地产投资的新形式——房地产信托投资基金[J],投资理论与实践,1994,(8):21-22.
[3]杨继瑞.我国房地产业的发展趋势[J].中国房地产,1994,(159):19-21.
[4] Edward F.Pierzakde. Payment Choice in REITs Property Acquisitions [J]. Journal of Real Estate Research. Vol102 no. 1: 21-23.
[5] Willard Mcintosh. An Examination of the Small-Firm Effect within the REITs Industry, www.nareit.com.
[6] Chinmoy Ghosh. Contagion and REITs Stock Prices [J]. Journal of Real Estate Research. Vol92 no. 2: 9-12.
[7]范寅.美国REI Ts的发展及对我国的启示[J] .经济导刊,1999年第1期:65-68.
[8]郭臣英,王汉江.我国发展房地产投资信托的制约因素与对策[J].江苏商论,2004.03:147-149.
[9]陆龙坤,周青.我国发展房地产投资信托的障碍及其对策[J].重庆工学院学报,2005.12:55-60.
[10]尹乃春.我国推行reits的法律问题探析[J].贵州财经学院学报,2005年第2期:83-86.
[11]孔沛,张红.我国发展房地产投资信托的相关问题研究[J].中国房地产金融,2005年第11期:4-8.
[12]王仁涛.我国发展房地产投资信托基金的法制环境研究[J].经济问题探索,2005年第9期:147-149.
[13]余传伟. REITs公司治理问题研究[J].国际金融研究,2005.05:16-21.
[14]王键,王青照,徐新. REITs的内部所有权与公司价值关系分析与启示[J].商场现代化,2005.10:116-117.
[15]李安民.房地产投资基金——融资与投资的新选择[M].中国经济出版社,2005.
[16]莫清华.越秀REITs“牛刀小试”——浅述内地首只REITs“越秀房产基金”的上市运作实践[J].城市开发,2006.02:30-31.
[17]方志国.换一只眼看越秀REITs[J].新财经,2006.05:54-56.
[18]窦尔翔,何小锋,陈小红.政府不动产证券化研究——以香港领汇基金为例[J].建设经济,2006.05:80-84.
[19]王佳佳.香港领汇事件始末及其对中国的启示[J].银行家,2006.06:101-103.
[20]任纪军.房地产投资基金——组织、模式与策略[M].经济管理出版社,2005.
[21]香港证券及期货事务监察委员会,房地产投资信托基金守则,2005.06:10.
[22]秋翼,产业基金、REITs与房地产投资信托[J].经济导刊,2004.06:22-25.
[23]吴剑平.房地产投资基金与风险投资基金的对比分析[J].财金投资. 2006.08:26-29.
[24]麦格理——地产基金归来[J].商业财富. 2005.03:16-18.
[25]中国房地产TOP10研究组,2006中国房地产百强企业研究报告[R].2006.03.
[26] ]黄卫华,中国房地产企业面临的国际挑战及其对策[J].无锡商业职业技术学院学报,2004年9月第4卷第3期.
[27]王冉,董洁.中国房地产商的战略转型[J].中国企业家,2002.05.
[28]朱敏,杜珊珊.战略联盟:我国房地产业的理性选择[J].沿海企业与科技,2006年第2期.
[29] Su Han Chanjohn Erickson, Ko Wang, Real Estate Investment Trusts [R].OXFORDUN IV E RSITYP RESSJ003, 124-126.
[30] Ralph L. Block. Investing in REITs [M]. Bloomberg Press,New York,3rd ed:158.
[31]黄金枝.以不可分散风险β为测度的房地产组合投资优化决策模型[J].基建优化,1999年20卷1期:12.
[32]刘学成.现代投资组合理论及其在房地产投资中的应用[J].房地产金融. 2004.03:26-30.
[33] A Purely American Invention----The U.S. Open-End Mutual Fund Industry [J]. Lee Gremillion, NISCA, 2006.
[34]李安民.房地产投资经济[M].中国经济出版社. 2005.
[35] David C. Ling, Michael Ryngaert. Valuation Uncertaninty, Institutional Involvement, and the Underpricing of IPOs: The Case of REITs [J]. Journal of Financial economics. 1997.43:430-411.
[36] Daniel C. Quan, Jie Li, Ankur Sehgal. The Performance of Lodging Properties in an Investment Portfolio [J]. Cornell Hotel and Restaurant Administration Quarterly. 2002.12:81-89.
[37]刘斌.对我国房地产投资基金发展的探索[J].经济观察. 2003.06:19-23.
[38] G. Stacy sirmans. Real Estate Finance Theory and Practice [M]. 2nd edition. New Jersey:Prentice Hall.
[39] See Philip S. Scherrer. The consolidation of REITs through Mergers and Acquisitions [J]. Real Estate Review (Spring, 1995): Boston, Warren, Gorham & Lamont.
[40] Linda Vincent. The Information Content of Funds From Operation(FFO) for Real Estate Investment Trusts(REITs)[J]. Journal of Accounting & Economics. 1999.26:69-104.
[41] William B. Bureggeman and Jeffrey D. Fisher. Real Estate Finance and Investment [M]. The MeGraw-Hill Companies Inc. 1997.
[42] Gaylon E. Greer. Investment Analysis for Real Estate Decisions [M]. A Kaplan ProfessionalCompany. 1997.
[43]吴福明.房地产证券化探索[M].上海人民出版社1998.
[44]孔淑红.风险投资与融资[M].对外经济贸易大学出版社. 2002.
[45]陈淑贤,约翰·埃里克森,王珂.房地产投资信托——结构、绩效与投资机会[M].经济科学出版社. 2004.
[46] Mark O. Decker and Burland B. East. The REIT Market: Offering Excellent Investmeng Opportunities in the Multifamily Sector [J]. UNITS, vol. 20, no. 9 (November/December 1996)
[47] Gerald R. Bromn, George A. Matysiak. Teal Estate Investment----A Capital Market Approach [M]. England: Pearson Education Limited. 2000.
[48]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所[R]. 2004.01.16:深证综研字第0089号.
[49] Alvin L. Arnold and Daniel E. Feld. Real Estate Investor’s Handbook [M]. Warren Gorham & Lamnont, Boston, 2005.
[50]黄云,杜猛,杨雁棱.美国机构投资人房地产基金权益投资的目的.焦点房地产网http://house.focus.cn/ 2005.01.21.
[51]盛立军.私募股权与资本市场[M].上海交通大学出版社. 2003.
[2]戚鉏良.房地产投资的新形式——房地产信托投资基金[J],投资理论与实践,1994,(8):21-22.
[3]杨继瑞.我国房地产业的发展趋势[J].中国房地产,1994,(159):19-21.
[4] Edward F.Pierzakde. Payment Choice in REITs Property Acquisitions [J]. Journal of Real Estate Research. Vol102 no. 1: 21-23.
[5] Willard Mcintosh. An Examination of the Small-Firm Effect within the REITs Industry, www.nareit.com.
[6] Chinmoy Ghosh. Contagion and REITs Stock Prices [J]. Journal of Real Estate Research. Vol92 no. 2: 9-12.
[7]范寅.美国REI Ts的发展及对我国的启示[J] .经济导刊,1999年第1期:65-68.
[8]郭臣英,王汉江.我国发展房地产投资信托的制约因素与对策[J].江苏商论,2004.03:147-149.
[9]陆龙坤,周青.我国发展房地产投资信托的障碍及其对策[J].重庆工学院学报,2005.12:55-60.
[10]尹乃春.我国推行reits的法律问题探析[J].贵州财经学院学报,2005年第2期:83-86.
[11]孔沛,张红.我国发展房地产投资信托的相关问题研究[J].中国房地产金融,2005年第11期:4-8.
[12]王仁涛.我国发展房地产投资信托基金的法制环境研究[J].经济问题探索,2005年第9期:147-149.
[13]余传伟. REITs公司治理问题研究[J].国际金融研究,2005.05:16-21.
[14]王键,王青照,徐新. REITs的内部所有权与公司价值关系分析与启示[J].商场现代化,2005.10:116-117.
[15]李安民.房地产投资基金——融资与投资的新选择[M].中国经济出版社,2005.
[16]莫清华.越秀REITs“牛刀小试”——浅述内地首只REITs“越秀房产基金”的上市运作实践[J].城市开发,2006.02:30-31.
[17]方志国.换一只眼看越秀REITs[J].新财经,2006.05:54-56.
[18]窦尔翔,何小锋,陈小红.政府不动产证券化研究——以香港领汇基金为例[J].建设经济,2006.05:80-84.
[19]王佳佳.香港领汇事件始末及其对中国的启示[J].银行家,2006.06:101-103.
[20]任纪军.房地产投资基金——组织、模式与策略[M].经济管理出版社,2005.
[21]香港证券及期货事务监察委员会,房地产投资信托基金守则,2005.06:10.
[22]秋翼,产业基金、REITs与房地产投资信托[J].经济导刊,2004.06:22-25.
[23]吴剑平.房地产投资基金与风险投资基金的对比分析[J].财金投资. 2006.08:26-29.
[24]麦格理——地产基金归来[J].商业财富. 2005.03:16-18.
[25]中国房地产TOP10研究组,2006中国房地产百强企业研究报告[R].2006.03.
[26] ]黄卫华,中国房地产企业面临的国际挑战及其对策[J].无锡商业职业技术学院学报,2004年9月第4卷第3期.
[27]王冉,董洁.中国房地产商的战略转型[J].中国企业家,2002.05.
[28]朱敏,杜珊珊.战略联盟:我国房地产业的理性选择[J].沿海企业与科技,2006年第2期.
[29] Su Han Chanjohn Erickson, Ko Wang, Real Estate Investment Trusts [R].OXFORDUN IV E RSITYP RESSJ003, 124-126.
[30] Ralph L. Block. Investing in REITs [M]. Bloomberg Press,New York,3rd ed:158.
[31]黄金枝.以不可分散风险β为测度的房地产组合投资优化决策模型[J].基建优化,1999年20卷1期:12.
[32]刘学成.现代投资组合理论及其在房地产投资中的应用[J].房地产金融. 2004.03:26-30.
[33] A Purely American Invention----The U.S. Open-End Mutual Fund Industry [J]. Lee Gremillion, NISCA, 2006.
[34]李安民.房地产投资经济[M].中国经济出版社. 2005.
[35] David C. Ling, Michael Ryngaert. Valuation Uncertaninty, Institutional Involvement, and the Underpricing of IPOs: The Case of REITs [J]. Journal of Financial economics. 1997.43:430-411.
[36] Daniel C. Quan, Jie Li, Ankur Sehgal. The Performance of Lodging Properties in an Investment Portfolio [J]. Cornell Hotel and Restaurant Administration Quarterly. 2002.12:81-89.
[37]刘斌.对我国房地产投资基金发展的探索[J].经济观察. 2003.06:19-23.
[38] G. Stacy sirmans. Real Estate Finance Theory and Practice [M]. 2nd edition. New Jersey:Prentice Hall.
[39] See Philip S. Scherrer. The consolidation of REITs through Mergers and Acquisitions [J]. Real Estate Review (Spring, 1995): Boston, Warren, Gorham & Lamont.
[40] Linda Vincent. The Information Content of Funds From Operation(FFO) for Real Estate Investment Trusts(REITs)[J]. Journal of Accounting & Economics. 1999.26:69-104.
[41] William B. Bureggeman and Jeffrey D. Fisher. Real Estate Finance and Investment [M]. The MeGraw-Hill Companies Inc. 1997.
[42] Gaylon E. Greer. Investment Analysis for Real Estate Decisions [M]. A Kaplan ProfessionalCompany. 1997.
[43]吴福明.房地产证券化探索[M].上海人民出版社1998.
[44]孔淑红.风险投资与融资[M].对外经济贸易大学出版社. 2002.
[45]陈淑贤,约翰·埃里克森,王珂.房地产投资信托——结构、绩效与投资机会[M].经济科学出版社. 2004.
[46] Mark O. Decker and Burland B. East. The REIT Market: Offering Excellent Investmeng Opportunities in the Multifamily Sector [J]. UNITS, vol. 20, no. 9 (November/December 1996)
[47] Gerald R. Bromn, George A. Matysiak. Teal Estate Investment----A Capital Market Approach [M]. England: Pearson Education Limited. 2000.
[48]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所[R]. 2004.01.16:深证综研字第0089号.
[49] Alvin L. Arnold and Daniel E. Feld. Real Estate Investor’s Handbook [M]. Warren Gorham & Lamnont, Boston, 2005.
[50]黄云,杜猛,杨雁棱.美国机构投资人房地产基金权益投资的目的.焦点房地产网http://house.focus.cn/ 2005.01.21.
[51]盛立军.私募股权与资本市场[M].上海交通大学出版社. 2003.