随着近年来中国经济适用住房制度的调整，公共租赁住房逐渐成 为中国经济适用住房制度的重要组成部分。由于公共租赁住房的发展 同比增加，政府的金融和机构贷款未能满足公共租赁住房的融资需 求。有鉴于此，本文提出运用房地产投资信托（RealEstate InvestmentTrust,在此之后用REITs表示）来解决公共租赁住房建 设的融资问题，这不仅符合政府的要求，而且符合政府的利益，也契 合资本市场、房地产市场，和投资者的诉求。 本文首先详细介绍了公租房的界定，REITs的概念、特点与运作 模式，以及相关理论。其次，从宏观和微观角度，多角度深入的分析 了株洲公租房引入REITs的必要性与可行性，并结合株洲市的社会经 济环境的实际，探究在公租房融资领域引入REITs的急迫性。与此同 时，采用了实地调查法、比较分析法和定量分析法等研究方法，认真 对比研究了国内外REITs先进地区的应用经验；在这基础上，借鉴这 些优秀经验,并从中得到相关重要启示。再次，本文并结合我国实际 情况，从基本模式、运作流程和运作机制三方面出发，对REITs在我 国公租房建设融资中应用的运作进行了对应设计，提出从政府和投资 者两个角度来构建科学的定量分析模型。据此，运用定量研究法和数 学模型法，对于公租房应用此种融资进行定量分析，验证其可行性。 同时，针对株洲市的八大典型公租房项目之一的水竹湖公租房进行实 证研究，检验REITs融资模式应用于地方的可行性，为REITs的应用 Ⅳ 推广提供定量分析和案例支撑。最后，为了保证在公租房建设融资中 的成功应用，本文从法律法规和管制度两个层面提出了一系列政策建 议。最后，为了确保公共租赁住房建设融资的良好应用，本文从法律 法规和管理体制两级提出了针对性的意见和建议。 关键词：公租房；REITs；株洲市 Ⅲ ABSTRACT WiththeadjustmentofChina'seconomicallyaffordablehousing systeminrecentyears,publicrentalhousinghasgraduallybecomean importantpartofChina'seconomicallyaffordablehousingsystem.Asthe developmentofpublicrentalhousingincreasedyear-on-year,government financialandinstitutionalloansfailedtomeetthefinancingneedsof publicrentalhousing.Inviewofthis,thispaperproposestouseReal EstateInvestmentTrust(representedbyREITs)tosolvethefinancing problemofpublicrentalhousingconstruction,whichnotonlymeetsthe requirementsofthegovernment,butalsomeetstheinterestsofthe government.,therealestatemarket,andthedemandsofinvestors. Thispaperfirstintroducesindetailthedefinitionofpublicrental housing,theconcept,characteristicsandoperationmodeofREITs,and relatedtheories.Secondly,fromthemacroandmicroperspectives,the necessityandfeasibilityofintroducingREITsintoZhuzhoupublicrental housingareanalyzedfromdifferentanglesbinedwiththeactual socialandeconomicenvironmentofZhuzhouCity,theurgencyof introducingREITsinpublicrentalhousingfinancingisexplored.Atthe sametime,theresearchmethodssuchasfieldinvestigationmethod, comparativeanalysismethodandquantitativeanalysismethodare adopted,andtheapplicationexperienceofadvancedregionsofREITsat homeandabroadiscarefullystudied.Onthebasisofthis,wedrawon theseexcellentexperiencesandgetrelevantimportantinspirationfrom them..Thirdly,basedontheactualsituationinChina,thispaperstarts fromthethreeaspectsofbasicmodel,operationalprocessandoperational mechanism,anddesignstheoperationofREITsinthefinancingofpublic rentalhousingconstructioninChina.Itproposestoconstructfromthe Ⅳ perspectiveofgovernmentandinvestors.Scientificquantitativeanalysis model.Basedonthis,thequantitativeresearchmethodandthe mathematicalmodelmethodareusedtoquantitativelyanalyzethe applicationofsuchfinancinginpublicrentalhousingtoverifyits feasibility.Atthesametime,anempiricalstudywasconductedonthe Shuizhuhupublicrentalhousing,oneoftheeighttypicalpublicrental housingprojectsinZhuzhouCity,totestthefeasibilityofapplyingthe REITsfinancingmodeltothelocalities,andtoprovidequantitative analysisandcasesupportfortheapplicationandpromotionofREITs. Finally,inordertoensurethesuccessfulapplicationofpublicrental housingconstructionfinancing,thispaperputsforwardaseriesofpolicy recommendationsfromthetwolevelsoflawsandregulationsand managementsystem.Finally,inordertoensurethegoodapplicationof publicrentalhousingconstructionfinancing,thispaperputsforward specificopinionsandsuggestionsfromthetwolevelsoflawsand regulationsandmanagementsystem. Keywords:publicrentalhousing;realestateinvestmenttrustfund; ZhuzhouCity Ⅲ 目录 摘要.................................................................................................................................I ABSTRACT.................................................................................................................III 第1章绪论..................................................................................................................1 1.1研究背景...........................................................................................................1 1.2研究目的与意义...............................................................................................1 1.3国内外文献综述...............................................................................................2 1.3.1国外研究现状.........................................................................................2 1.3.2国内研究现状.........................................................................................3 1.4研究思路与方法...............................................................................................5 1.4.1研究内容.................................................................................................5 1.4.2研究方法.................................................................................................5 1.5论文框架结构...................................................................................................7 第2章相关理论基础....................................................................................................8 2.1公租房融资概述...............................................................................................8 2.1.1公租房的界定.........................................................................................8 2.1.2公租房建设的特点.................................................................................8 2.1.3公租房建设的融资模式.........................................................................8 2.2房地产投资信托基金概述.............................................................................10 2.2.1房地产投资信托基金的概念与特点...................................................10 2.2.2房地产投资信托基金运作模式...........................................................11 2.3REITs模式的组织框架...................................................................................14 2.4REITs治理结构与运作流程...........................................................................14 第3章株洲公租房引入REITs的必要性与可行性分析..........................................17 3.1株洲市公租房建设采用REITs融资的必要性.............................................17 3.1.1采用REITs模式是地方政府拓宽公租房融资渠道的必要手段.......17 3.1.2提高地方政府建设公租房积极性，缓解商品住宅价格的非理性上涨 ........................................................................................................................17 3.1.3增加公租房建设资金的投入，有效保证公租房的顺利交付使用...18 3.1.4发展REITs是增加中小投资者投资手段的需要...............................18 3.2株洲市公租房建设采用REITs融资的可行性.............................................19 3.2.1其他地区优秀经验的借鉴...................................................................19 3.2.2政府的高度重视以及政策支持...........................................................19 3.2.3充足的资金保证...................................................................................20 3.2.4投资风险低，投资者收益有保障.......................................................21 第4章国内外REITs在公租房融资中应用的经验借鉴..........................................22 4.1REITs在美国公租房融资中的应用..............................................................22 4.1.1美国REITs的及其在公租房建设中的应用.......................................22 4.1.2美国REITs的运作模式.......................................................................25 4.2REITs在日本公租房融资中的应用...................................................