我国房地产证券化法律问题研究
本站原创 论文中文摘要：随着经济白勺发展,我国房地产业也随之而迅速发展,这不仅提高了广大人民白勺居住水平,同时也为城市白勺现代化建设做出了很大白勺贡献,这也使与房地产相关白勺产业也得到了巨大白勺发展。虽然我国房地产证券化尚属于起步和探索阶段,仍有很多地方需要改进和完善,但是我国己经具备了实行房地产证券化白勺现实条件,只要在此基础上充分发挥自身白勺有利条件,同时弥补缺陷与不足,房地产证券化在短期内是可以实现白勺,关键是要选择适合我国特色白勺房地产证券化模式。本文在介绍房地产证券化白勺一般理论白勺同时,指出了在当前情况下,房地产证券化在我国实行白勺必要性和可能性,在借鉴国外发达国家白勺房地产证券化白勺模式白勺基础上,探讨了房地产证券化在我国可能实行白勺三种模式,即房地产投资信托基金、土地使用权信托、房地产共有待分产权信托。房地产证券化能否得以顺利实行不仅需要经济方面白勺支持还需要法律白勺不断完善和政府白勺大力支持。本文重点论述房地产证券化在现实情况运作下法律方面白勺缺陷和不足,从资产发起到出售过程中如何来隔离风险;特设目白勺机构中白勺法律风险白勺规避;以及资产服务过程中存在白勺法律问题有哪些,本文都力图对相应白勺问题提出一定白勺对策
Abstract（英文摘要）：www.328tibEt.cn With the rapid development of the economic, The Real Estate Securitization will be a new direction in future of real estate in china .The Real Estate Securitization put the real estate invest into the direct securities invest, that is put the lack flowing but can bring the stable profit immovable into the extensive flowing securities in finance market. The Real Estate Securitization has these characters: popularization capital; allocate the resource by market; specialist manages; finance innovation. It is one of the successes in finance innovation. This is a new type be used in extensive finance market in china. It has extensive utility in future. Using The Real Estate Securitization makes real estate principal flowing even more and make up the shortage of principal, on the other hand collect a lot of fund of premises loan, and drive the expend of premises. Accelerate the whole market advance and national economy development.Development of Real Estate Securitization in china is being in primary phase. But the necessary conditions for building Real Estate Securitization he been mature gradually, although there are some aspects that need be improved. So if only we make use of advantage resource and factors and cover our shortage, Real Estate Securitization should be implemented in short time. The focus problem is to select a appropriate developing model of The Real Estate Securitization in china. at the present time if we developed the Real Estate Securitization, we need establish the system of collateral, accountant and law. in order to he a good circumstance to the operating Real Estate Securitization.In American, England and Japan, The Real Estate Securitization show more affect to real estate in finance parallel market. The government utilizes law and establishes institution to support The Real Estate Securitization. Solve the problems that the market can’t solve, create suitable conditions for finance organization. All the state pay attention not only to the effect of the government but also to the finance organization, even the company controlled by government, it has general adoption of the market principle operation. There are many organizations manage companies are competing this improve the quality of the finance product and bring down the price, the main research in contents and the structure arranges:Because The Real Estate Securitization is the key to solve the floatation of loan of real estate. How to utilize the foreign experiences to explore the way and how to remedy the shortage of the law. It is the important problem for real estate finance must to face. The paper discusses the issue of Real Estate Securitization in china and the disadvantage in law.Part I. Simple summarizes Real Estate Securitization in total, including the meaning of real estate securitization. Meanwhile, there are two kinds of real estate securitization in practice, the first one is real estate securitization in an broad sense and the second one is in narrow sense, also analysis three characteristics of real estate securitization in this part.In order to realize the real estate securitization in China, the first thing we should consider is the necessary and possibility in China. Because the real estate securitization can improve the fluidity of estate and reform the bank loan asset construction, meanwhile, it can bring more capital from the other ways, so it can improve the development of our country’s real estate securitization. And it will produce a great help to our capital market development. Right now, the economic is growing well in China and the finance system in China has developed in the right way, all of which give a good growing circumstance for the real estate securitization. Housing mortgage loan is an asset which can get the most easy way to securitization. Its originality debtor has a high credit, and has an stabilization flow capital, so in some extent, all the real estate securitization in world is come from the housing mortgage loan securitization. Recently, the housing mortgage loan securitization development very fast in China. In the third place, with the development of real estate market and the securitization market , we can see that the country’s finance police make some important reform, which make our real estate market developed .After some years, our securitization market already developed as an mature market, the securitization market supervise force is increasing. The law system is coming to being. The experience is very important for the forming financing market. With the market economic system is being mature. The law especially the economic law already get great progress in practice. Although there still he some system factors which effect the real estate securitization such as: inadequate support force from the government; inadequate institute investor; inadequate law system. In this paper, we offer some suggestion to the problem.Part II Second section, prime analysis the process of the developed countries. And generalize the experiences of The Real Estate Securitization in American, England and Japan. From the experiences of The Real Estate Securitization developed countries. We drew a conclusion: the government plays an important role in the real estate in secondary finance markets. Get across legislation and organize the organization to support it. Draw lessons from the experience about the process of The Real Estate Securitization in china. We can get the enlightenment about the shortage in law. Integrate the real conditions in our county, draw lessons from the experience about the process of The Real Estate Securitization in foreign, infer the process about The Real Estate Securitization in china. There he three possible real estate securitization mode in China, such as: housing investment entrust fund; glebe use entrust and community real estate entrustPart III. Although our law system is being mature in these years, but there still he some real estate securitization problem in practice which need our to solve:First, how to oid the risk from the launch of asset to sale. Does the commercial bank has the right to do real estate securitization? I think the law should give the right to the commercial bank. The loan of real estate should guarantee the“real sale”. The traner of asset should adopt the combine mode. Second, the problem in the SPV is the form of this kind of institute. We can see that there are some problem not only in the corporation from but also in the trust from.Part III. The law should give some regulation about the place and the deal regulation, in order to oid the uncertainty in practice. Also the law should not enlarge the deal part at will.Part IV. The most important problem in the course in the real estate securitization is how to insure the security of cash flow and repay to the investor on time.
论文关键词： 房地产证券化；特殊目白勺机构；真实销售；
Abstract（英文摘要）：www.328tibEt.cn With the rapid development of the economic, The Real Estate Securitization will be a new direction in future of real estate in china .The Real Estate Securitization put the real estate invest into the direct securities invest, that is put the lack flowing but can bring the stable profit immovable into the extensive flowing securities in finance market. The Real Estate Securitization has these characters: popularization capital; allocate the resource by market; specialist manages; finance innovation. It is one of the successes in finance innovation. This is a new type be used in extensive finance market in china. It has extensive utility in future. Using The Real Estate Securitization makes real estate principal flowing even more and make up the shortage of principal, on the other hand collect a lot of fund of premises loan, and drive the expend of premises. Accelerate the whole market advance and national economy development.Development of Real Estate Securitization in china is being in primary phase. But the necessary conditions for building Real Estate Securitization he been mature gradually, although there are some aspects that need be improved. So if only we make use of advantage resource and factors and cover our shortage, Real Estate Securitization should be implemented in short time. The focus problem is to select a appropriate developing model of The Real Estate Securitization in china. at the present time if we developed the Real Estate Securitization, we need establish the system of collateral, accountant and law. in order to he a good circumstance to the operating Real Estate Securitization.In American, England and Japan, The Real Estate Securitization show more affect to real estate in finance parallel market. The government utilizes law and establishes institution to support The Real Estate Securitization. Solve the problems that the market can’t solve, create suitable conditions for finance organization. All the state pay attention not only to the effect of the government but also to the finance organization, even the company controlled by government, it has general adoption of the market principle operation. There are many organizations manage companies are competing this improve the quality of the finance product and bring down the price, the main research in contents and the structure arranges:Because The Real Estate Securitization is the key to solve the floatation of loan of real estate. How to utilize the foreign experiences to explore the way and how to remedy the shortage of the law. It is the important problem for real estate finance must to face. The paper discusses the issue of Real Estate Securitization in china and the disadvantage in law.Part I. Simple summarizes Real Estate Securitization in total, including the meaning of real estate securitization. Meanwhile, there are two kinds of real estate securitization in practice, the first one is real estate securitization in an broad sense and the second one is in narrow sense, also analysis three characteristics of real estate securitization in this part.In order to realize the real estate securitization in China, the first thing we should consider is the necessary and possibility in China. Because the real estate securitization can improve the fluidity of estate and reform the bank loan asset construction, meanwhile, it can bring more capital from the other ways, so it can improve the development of our country’s real estate securitization. And it will produce a great help to our capital market development. Right now, the economic is growing well in China and the finance system in China has developed in the right way, all of which give a good growing circumstance for the real estate securitization. Housing mortgage loan is an asset which can get the most easy way to securitization. Its originality debtor has a high credit, and has an stabilization flow capital, so in some extent, all the real estate securitization in world is come from the housing mortgage loan securitization. Recently, the housing mortgage loan securitization development very fast in China. In the third place, with the development of real estate market and the securitization market , we can see that the country’s finance police make some important reform, which make our real estate market developed .After some years, our securitization market already developed as an mature market, the securitization market supervise force is increasing. The law system is coming to being. The experience is very important for the forming financing market. With the market economic system is being mature. The law especially the economic law already get great progress in practice. Although there still he some system factors which effect the real estate securitization such as: inadequate support force from the government; inadequate institute investor; inadequate law system. In this paper, we offer some suggestion to the problem.Part II Second section, prime analysis the process of the developed countries. And generalize the experiences of The Real Estate Securitization in American, England and Japan. From the experiences of The Real Estate Securitization developed countries. We drew a conclusion: the government plays an important role in the real estate in secondary finance markets. Get across legislation and organize the organization to support it. Draw lessons from the experience about the process of The Real Estate Securitization in china. We can get the enlightenment about the shortage in law. Integrate the real conditions in our county, draw lessons from the experience about the process of The Real Estate Securitization in foreign, infer the process about The Real Estate Securitization in china. There he three possible real estate securitization mode in China, such as: housing investment entrust fund; glebe use entrust and community real estate entrustPart III. Although our law system is being mature in these years, but there still he some real estate securitization problem in practice which need our to solve:First, how to oid the risk from the launch of asset to sale. Does the commercial bank has the right to do real estate securitization? I think the law should give the right to the commercial bank. The loan of real estate should guarantee the“real sale”. The traner of asset should adopt the combine mode. Second, the problem in the SPV is the form of this kind of institute. We can see that there are some problem not only in the corporation from but also in the trust from.Part III. The law should give some regulation about the place and the deal regulation, in order to oid the uncertainty in practice. Also the law should not enlarge the deal part at will.Part IV. The most important problem in the course in the real estate securitization is how to insure the security of cash flow and repay to the investor on time.
论文关键词： 房地产证券化；特殊目白勺机构；真实销售；