不动产投资信托基金的发展现状及路径探讨

Discussion on the Development Status and Path of Real Estate Investment Trust

摘要: 自改革开放以来，我国形成了高达数百万亿的存量资产。金融体系应充分发挥资产定价的功能，建立起房地产领域、基础设施领域的价格发现功能，扩宽相关企业的融资渠道，引导市场资源的有效配置。REITS作为创新型金融产品，是资本市场一项创新型资产。由于我国不动产总量规模巨大，预计未来REITS市场也将迎来快速增长阶段。本文通过介绍成熟国家REITS市场的发展情况，对比分析我国市场未来的发展状况。同时通过对首批公募基础设施REITS——华安张江REITS的组织架构、收益分配等进行分析，指出我国REITS发展现状及存在问题。并对未来发展路径给出具体的对策与建议。

Abstract: Since the reform and opening up, our country has formed up to millions of billions of stock assets. The financial system should give full play to the function of asset pricing, establish the function of price discovery in the field of real estate and infrastructure, expand the financing channels of relevant enterprises and guide the effective allocation of market resources. As an innovative financial product, REITS is an innovative asset in the capital market. Due to the huge amount of real estate in China, the REITS market is expected to usher in a rapid growth stage in the future. By introducing the development of the REITS market in mature countries, this paper makes a comparative analysis of the future development of the Chinese market. At the same time, through the analysis of the organizational structure and income distribution of the first batch of public infrastructure REITS—Hua’an Zhangjiang REITS, the development status and existing problems of China’s REITS are pointed out. And the future development path gives specific countermeasures and suggestions.