基于房地产投资信托基金的我国金融深化的预期效应分析

发布时间：2018-05-01 10:00

本文选题：房地产投资信托基金 + 金融深化　；参考：《系统管理学报》2011年02期

【摘要】：受中国金融深化程度制约,中国房地产金融发展状况正在暴露不敷其用的种种缺憾,而作为境外成熟市场可资借鉴的创新产品,房地产投资信托基金的引入与发展将有助于提升中国房地产金融的规模与水平。在该过程中,对于金融创新的潜在负面效应也应投以足够关注与控制。通过金融深化理论与中国金融实践相结合,前瞻性揭示:①如果运作得当,房地产投资信托基金可以产生多重正外部效应,这些效应包括提升投资效率、缓解信贷歧视、提供收益参照、增进居民福利等多个维度;②对于该产品可能被隐性化的系统性风险应该通过注重现金流透明度等方式加以防范;③金融创新的本土市场适用性问题需要予以审慎关注,考虑到中国并不太高的管制水平以及资本场并不成熟的过往表现,房地产投资信托基金上市后价格会否被扭曲以及筹资会否被滥用,对于这类外部效应需要格外加以关注。
[Abstract]:Restricted by the degree of financial deepening in China, the development of China's real estate finance is exposing various shortcomings that are not sufficient for its use, and as an innovative product that can be used for reference by mature overseas markets, The introduction and development of real estate investment trust fund will help to improve the scale and level of Chinese real estate finance. In this process, the potential negative effects of financial innovation should be paid enough attention and controlled. Through the combination of financial deepening theory and China's financial practice, this paper prospectively reveals that if one is properly operated, real estate investment trust funds can have many positive external effects, including improving investment efficiency and alleviating credit discrimination. Providing income reference, enhancing residents' welfare and other dimensions should prevent the systemic risk that the product may be hidden by paying attention to the transparency of cash flow. (3) the applicability of financial innovation in the domestic market requires careful attention, considering China's low level of regulation and the premature past performance of the capital market. Whether the price of real estate investment trust funds will be distorted after listing and whether the financing will be misused needs special attention for this kind of external effect.
【作者单位】：中国科学技术大学管理学院;
【分类号】：F293.3;F832.49;F224

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