公共租赁住房REITs融资模式及其盈利能力研究

Study on the Financing Model of the REITs in Public Rental Housing and Its Profit Ability

公共租赁住房已成为我国保障性住房体系的中坚力量,因其资金需求量大,融资渠道狭窄,面临着资金短缺问题。从国内外成熟的REITs经验出发,重点探讨了以REITs基金组织为主体的公共租赁住房REITs融资模式运作流程,同时,通过内部收益率的计算,分析公共租赁住房采用REITs融资的经济可行性,并以大连市为例,进行了实证分析,突出了政府补贴在公共租赁住房REITs融资中的重要性,最后提出了税收优惠、政府补贴等实行REITs融资的政府激励措施。

Public rental housing has become the most important part of indemnificatory housing system, but it faces the funds shortage because of the high demand and lack of financing channels. The paper starts with reference of REITs financing model at home and abroad, the operation process of REITs financing model is discussed in public rental housing, and the economic feasibility is analyzed by IRR. Then the model is proved by Dalian city, and the importance of government subsidy is highlighted in the model. At last, the paper proposes the incentive mechanism of the government used in REITs financing model.