土地信托:土地储备融资新模式

Land Trusts: A New Model for Land Reserve Financing

拓宽融资渠道,降低财务风险,土地储备机构需要创新融资方式。本文根据信托理论构建土地储备信托的理论模式,该模式有效运用信托为媒介,为项目开发募集所需资金,通过投资回报来偿还本金。分析了土地储备信托实施中可能存在的风险,同时指出土地储备中心因为有政府的信用担保,通过信用增级可降低投资风险,提高资金利用效率。土地信托具有融资成本低、风险低、信用高等优势,可以作为开展土地储备的融资手段。

To broaden the availability of financing channels and reduce financial risk, the land reserve institutions require innovative financing models. Based on the trust theory, this paper presents a theoretical model of a land reserve trust that effectively uses the trust as a vehicle to raise project development funds and repay the principal amount of the return on the investment. This article also considers the risks that may be associated with the creation of a land reserve trust, as well as in security for the government＇s credit guarantee, credit enhancement reducing the risk of the investment, and using funds more efficiently. As land trusts have some obvious advantages, such as their lower cost, lower risk, and high credit, they provide an attractive way to finance land reserve development.