1998年中国住房制度改革，由此释放的巨大需求，使得房地产市场快速发展起来。 中国商品房整体价格持续走高，和居民人均可支配收入无法匹配，这种不匹配越来越 为社会所重视。 房地产业发展和金融业发展息息相关，二者融合发展趋势愈加明显。房地产信托 投资基金作为具有稳定收益存量资产证券化的融资工具，具有制度设计优势，有利于 引入专业管理和实施管理增值活动，实现资产价值提升和经营收益提高相互推动，从 而提高房地产信托投资基金单位价值。在国外，房地产信托投资基金作为一种大众化 投资工具和投资产品，具有税负减免优惠、流动性便利、收益分配比例高等优势，已 被投资者广泛接受和普遍使用，成为房地产实物资产投资的替代物。美国拥有目前全 球最大规模房地产信托投资基金市场。中国香港在2005年开始了房地产信托投资基 金的发行上市工作。考虑到国外情况和中国大陆房地产市场发展情况，中国政府已经 明确提出推进房地产信托投资基金试点。 国外对房地产信托投资基金的研究比较广泛和有深度，中国对这方面的实践和理 论研究才刚刚开始。在此背景下，本文对房地产信托投资基金发展现状进行梳理，分 析其运作机理，运用国外的样本数据对房地产信托基金的绩效和风险问题展开研究， 得出了基金投资组合模式对绩效有不同的影响和基金运作的关键风险因子识别等有 价值的结论，对中国大陆推进房地产信托投资基金发展获得了有益的启示。论文成果 在理论上丰富了房地产信托投资基金相关研究，实践上对中国全面推行房地产信托投 资基金试点提供指导。本文的主要内容有： 第一，对房地产信托投资基金发展现状进行了梳理分析，以便对代表性国家房地 产信托投资基金发展情况有基本了解。同时对这些各国家和地区REITs的市场规模、 设立要求、税收政策、运行模式等方面作了对比分析。 第二，给出了房地产信托投资基金运作机理图，对房地产信托投资基金运作机理 展开研究，提出房地产信托基金的基本运作方式，盈利模式以及可能存在的投资风险。 以此理论为基础，以中国大陆第一家实现在香港公开发行上市的越秀房地产信托投资 基金为例，进行案例分析。 第三，从资产组合的视角，对房地产信托基金绩效进行综合评价。用数据包络分 析法对42支美国房地产信托投资基金进行投入产出效率分析，在此基础上给出定性 北京理工大学博士学位论文 II 指标，构建绩效评价综合指标体系，利用基于二元语义的TOPSIS评价模型进行绩效 综合评价，得到资产组合视角的绩效综合评价排序。对中国发起设立房地产信托投资 基金选择基础资产和后续投资发展具有直接的借鉴作用。 第四，对美国房地产信托投资基金关键风险因素进行识别并对其整体风险水平进 行综合评价，给出风险防范措施和监控机制。首先，通过回归分析和方差检验，给出 了房地产信托投资基金运作风险的关键定量风险要素。然后，结合其他一些关键定性 风险要素，构建房地产信托投资基金运作风险评价体系，并运用层次分析法和二元语 义方法进行风险评价。最后，给出风险防范措施和监控机制。 第五，提出了中国大陆房地产信托投资基金发展模式。基于房地产信托投资基金 运作机理、绩效综合评价、风险评价和防控的研究结论，提出了中国大陆房地产信托 投资基金发展模式。给出了完善立法、减免税负以及提高绩效、防控风险等政策建议。 关键词：房地产信托投资基金；运作机理；绩效评估；风险防控；发展模式 北京理工大学博士学位论文 III Abstract In China,the real estate market has witnessed rapid growth benefiting from the enormous demands released by the reform of the housing system. There is a clear mismatch between the ever rising commercial housing prices and the residents’ per capita disposable income in China, which aroused more and more concerns of the society ever since. The real estate industry bears not only its economic functions but also social functions. The development of real estate industry is closely bound up to the development of financial industry and the convergence of these two industries becomes more obvious. The real estate investment trust (REIT), as a popular tool for investment as well as a popular investment product abroad, displays a series of advantages such as tax breaks, the convenience of liquidity, high proportion of profit distribution and so on. Therefore, it is widely accepted and universally adopted by investors and has become a substitution for direct investment in physical assets. REIT as a funding solution of assets-backed securitization yields stable returns. With its multi-tiered mandatory management system design, it is beneficial for the introduction of specialized management and the implementation of value-added management activities. All of these help to bring about asset appreciation and thus improve operating income, which further boosts the unit value of REITs. The United States has the world's most large-scale REITs market at present. With both overseas and domestic real estate market situations taken into consideration, the Chinese government has clearly suggested proceeding with pilot programs for REITs. Foreign studies on REIT are generally extensive and deep. In contrast, research in this field in China is just in its infancy. Against this background, this thesis sorts out the current situations of REITs in several representative countries（regions） in the world, analyzes its operating mechanism and explores the problems concerning performance and risk. Moreover, with the current situations in China taken into account, the present study builds a model for REITs in China and provides countermeasures for further development. Theoretically, such a study may further enrich and reinforce related research. In practice, it may play a guiding role in the pilot projects for REITs in China. The main content of this paper is :Firstly, analyzes the current situations of REITs in 北京理工大学博士学位论文 IV order to get a basic understanding of the development status of REITs in representative countries（regions） worldwide. meanwhile, make a contrast of the market size , establish requirements, tax policy, the operating mode and other aspects of REITs in these countries and regions . Secomdly, investigates the operating mechanism of REITs, and make a study of the operating mechanism of REITs. put forward the operating mechanism of the real estate investment trust fund, the profit mode and the investment risk may exist. Based on these theories take Yuexiu REIT- China's first REITs public offering in Hong Kong as an example, carry out a case study. Thirdly, from the angle of asset portfolio, the present study proposes a comprehensive index system for the performance evaluation of REITs and presents empirical applications. The thesis first distinguishes six different asset types of REITs, defines both quantitative and qualitative evaluation indicators and then builds a performance evaluation index system combining both quantitative evaluation and qualitative indicators. Based on the sample of 42 publicly-listed REITs in the United States (7 REITs for each asset type), this thesis resorts to both data envelopment analysis and 2-tuple linguistic variables to obtain a ranking of six asset types of REITs in terms of their comprehensive performance. It may function as a direct reference for issuance of REITs, the selection of basic assets and subsequent investment and development of REITs in China. Fourthly, on the basis of regression analysis of effective integration and analytic hierarchy process, this thesis brings forward the risk assessing methods of REITs. It adopts the regression analysis model and the variance analysis model to explore the key risks of REITs in the United States. Then, the present study resorts to analytic hierarchy process to propose the weights of key risk factors. It also adopts 2-tuple linguistic variables to assess the risks of REITs and puts forward risk controlling measures and the main process for risk monitoring in order to better manage the risks of REITs. Fifth, a basic model for the development of REITs in China is proposed in this thesis. Based on the research conclusions concerning the operating mechanism, comprehensive performance evaluation, risk assessment and monitoring, the present study brings forward a comprehensive model for the development of REITs in China, with both macro policy 北京理工大学博士学位论文 V recommendations such as legislation, tax breaks, etc. as well as micro suggestions for performance improvement and risk controls. Key Words: REITs, Operating Mechanism, Performance Evaluation, Risk Monitoring, Development pattern 北京理工大学博士学位论文 VI 目 录 第1章 绪论 ...