摘要
REITs在国内经过20年的讨论，终于在2020年成功推出，目前REITs的相
关政策逐步完善，首批项目即将上马，为了促进REITs行业能够从试点走向发展
并逐步完善，激发REITs市场的活力是关键，而完善的治理结构又是促进市场活
力的关键。目前由于公募基建REITs刚刚推出，针对性的研究较少，同时由于政
策规定和国际差异等原因，过往的研究以国外或者之前的类REITs模型进行的相
关分析已经比较滞后，所以本文基于当前REITs发展的情况，推断REITs发展可
能的方向，结合委托代理模型的分析结构，研究不同的管理模式下，相关主体的
最优努力水平、激励方案的安排以及最终产出，并给出相关的政策建议。
首先，本文对RETIs的发展阶段进行了详细的阐述，然后本文对于REITs
的概念进行了梳理，并且通过与其他类似金融产品的对比，凸显REITs的独特性，
然后本文介绍了REITs的优势、特征和几种主要的分类。然后本文为委托代理模
型做准备，分析了当前公募REITs的模式以及主要的主体的特征。
其次，本文构建了基本的外部管理模型，其委托代理链条为”投资人-基金
管理人-资产管理人”，并且本文根据基金管理人的风险状况，以及将多少的管理
职责代理给资产管理人，将外部管理模型分为四个子模型，分别进行数学运算和
分析。并且本文还构建了内部管理模式以及原始权益人兼顾投资人和资产管理人
两种职责的模型，做了模型的对比分析。
最后，本文通过实践以及理论模型分析，给出了相关的建议。
关键词：REITs；双层委托代理关系；治理结构。
3

Abstract
After 20 years of discussion, the first batch of pilot REITs projects in China were
finally put on sale in 2021. Currently the relevant policies of REITs were gradually
improved. In order to promote the REITs market and stimulate the vitality,
governance structure is the key problem. At present, as the first batch of pilot REITs
projects in China were just put on sale, there were few studies focusing on Chinese
public infrastructure REITs. At the same time, due to policy provisions and
international differences, the relevant analysis conducted by foreign scholar was not
appliable to current situation. Therefore, based on the current situation of REITs, this
paper inferred the possible development direction of REITs. Combined with the
analysis structure of principal-agent model, this paper studies the optimal effort level,
incentive scheme arrangement and final output of relevant subjects under different
management modes, and gives relevant policy suggestions.
Firstly, this paper elaborates the development stage of RETIS in China in detail.
Then, this paper sorts out the concept about REITs and highlights the uniqueness of
REITs by comparing it with other similar financial products. Then, this paper
introduces the advantages, characteristics and several main categories of REITs. To
prepare for the principal-agent model, this paper analyzes the current mode of REITs
and the characteristics of the main subjects.
Secondly, this paper constructs the basic external management model of the
principal-agent chain for "investors, fund managers - asset managers ". and this paper
discussed how many management duties agent to asset managers according to the risk
situation of fund managers. Next, this paper divided external management model into
four sub models. And this paper also constructs the internal management mode and
the model which original owners being both the investor and asset manager at the
same time.
Finally, this paper gives some relevant suggestions.
Key words: REITs; Two-level principal-agent relationship; Governance
structure.
4

目录
摘要 ................................................................................................................................................ 3
第一章
绪论............................................................................................................................... 1
第一节课题研究背景和意义................................................................................................. 1
一、
二、
选题背景........................................................................................................... 1
选题意义........................................................................................................... 2
第二节国内外研究动态......................................................................................................... 3
一、
二、
国内REITs相关文献综述............................................................................... 3
REITs中委托代理关系研究综述.................................................................... 5
第三节论文研究方案............................................................................................................. 7
一、
二、
三、
研究目标........................................................................................................... 7
研究内容........................................................................................................... 7
拟解决的问题................................................................................................... 8
第四节研究方法..................................................................................................................... 9
第二章
REITs相关文献与发展状况综述.............................................................................. 10
RETIs发展历程 .................................................................................................... 10
REITs概述 ............................................................................................................ 13
REITs的定义...................................................................................................... 13
REITs与其他类似金融产品的比较.................................................................. 14
REITs的特征...................................................................................................... 15
REITs的优势...................................................................................................... 16
REITs的类型...................................................................................................... 17
当前公募基建 REITs的组织架构以及代理关系梳理 ....................................21
当前 REITs的结构为无分层设计的“公募基金+ABS”的架构 ..............21
公募 REITs中相关主体的分析 ..................................................................... 22
REITs双层委托代理模型研究.................................................................................. 26
基本的外部管理模式委托代理模型................................................................. 27
一、
二、
1.
2.
3.
4.
5.
三、
1.
2.
第三章
第一节
一、
问题描述与基本假设..................................................................................... 27
模型的构建与求解......................................................................................... 28
模型比较分析................................................................................................. 34
本节小结......................................................................................................... 41
基本的内部管理模式委托代理模型................................................................. 44
问题描述与基本假设..................................................................................... 44
模型构建与求解............................................................................................. 44
模型比较分析................................................................................................. 45
本节小节：..................................................................................................... 46
原始权益人持股且负责资产管理的外部管理模式.........................................47
问题描述与基本假设..................................................................................... 47
模型比较分析............................................................