REITs特征与制度移植考量

Suggestions on REITs Characteristics and System Transplantation

拥有60多年历史的美国房地产投资信托基金(REITs),作为房地产资产证券化的金融创新方式,有效的制度移植可以加快我国投融资制度改革与开放的步伐。笔者在对美国REITs特征分析的基础上,指出其与房地产直接投资、企业股票、房地产信托和房地产PE等金融商品的差异,旨在加快我国房地产投资信托基金本土化,相关政策建议对REITs有效制度移植具有一定的现实意义。

With a history of more than 60 years,real estate investment trusts（REITs）is a way of asset securitization of real estate financial innovation,whose effective system transplantation can speed up the pace of investment and financing system reform and opening up in China.Through the analysis of characteristics of REITs in America,this paper points out the differences between REITs and real estate investment tools such as real estate investment,real estate enterprise stocks,real estate investment trusts and real estate PE to promote localization of real estate investment trust.Reference policy recommendations for effective REITs systems transplantation has some practical significance.