建立房地产投资信托法律制度—完善我国房地产金融体制
摘要
作为国民经济的先导产业，房地产业一直被评为中国当前赢利最高的行业之一，但是近几年随着金融监管的加强，房地产开发商传统的融资渠道不再像以往那样畅通，寻找新的融资渠道对中国房地产业至关重要；改革开放的二十多年，中国的民间资本已经经历了从原始积累到再资本投资的过程，如何创造一个安全、收益稳定投资工具对广大投资则来说也是十分重要的。房地产投资信托恰恰可以解决上述两个问题。
本文从房地产投资信托的起源、发展开始，以实证的分析方法，从法律角度分析美国、德国的房地产投资信托制度的建立、运行和监管；以图示的方法阐明投资者，投资公司以及银行等机构分别作为受益人、委托人和受托人的法律地位及各主体之间的法律关系。此外，本文针对中国的法律状况，分析了房地产投资信托在我国法律框架下的法律地位和性质，并对中国相关的立法作了简要地分析。
最后，本文从我国房地产金融现状出发，论证建立适应我国国情的房地产投资信托制度是必要的和必然的。
Real estate industry, which takes the leading role of a nation's economy, has for many years been depicted as one of the most profitable industry in China, but with the strengthened financial regulation in recent years, real estate developers find the traditional financing channels are not as expedite as before, thus, to seek a new financing channel is critical to the real estate industry of China; the over-20 years time of reform and opening has witnessed the transition of Chinese private capital from preliminary accumulation to capital reinvestment, how to create a secure and steady-income-flowing investment vehicle is so important to the grass investors. The REIT is the key to the two problems aforesaid.
This article, from the perspective of law,' analyzes the foundation, operation and regulation of the REIT system in America and Germany by way of positive analysis; set forth the legal relations between investors, investment company and banks respectively acting as beneficiary, trustor and trustee, and the legal status of the three parties by graph. In addition, according to the current legal conditions, this article analyzes not only the legal status of REIT in China's legal system but the relevant legislation regarding REIT.
At the end, based on the current real estate financing conditions, it also demonstrates that establishing REIT system which is compatible to China's situation is necessary and doomed.
本文从房地产投资信托的起源、发展开始，以实证的分析方法，从法律角度分析美国、德国的房地产投资信托制度的建立、运行和监管；以图示的方法阐明投资者，投资公司以及银行等机构分别作为受益人、委托人和受托人的法律地位及各主体之间的法律关系。此外，本文针对中国的法律状况，分析了房地产投资信托在我国法律框架下的法律地位和性质，并对中国相关的立法作了简要地分析。
最后，本文从我国房地产金融现状出发，论证建立适应我国国情的房地产投资信托制度是必要的和必然的。
Real estate industry, which takes the leading role of a nation's economy, has for many years been depicted as one of the most profitable industry in China, but with the strengthened financial regulation in recent years, real estate developers find the traditional financing channels are not as expedite as before, thus, to seek a new financing channel is critical to the real estate industry of China; the over-20 years time of reform and opening has witnessed the transition of Chinese private capital from preliminary accumulation to capital reinvestment, how to create a secure and steady-income-flowing investment vehicle is so important to the grass investors. The REIT is the key to the two problems aforesaid.
This article, from the perspective of law,' analyzes the foundation, operation and regulation of the REIT system in America and Germany by way of positive analysis; set forth the legal relations between investors, investment company and banks respectively acting as beneficiary, trustor and trustee, and the legal status of the three parties by graph. In addition, according to the current legal conditions, this article analyzes not only the legal status of REIT in China's legal system but the relevant legislation regarding REIT.
At the end, based on the current real estate financing conditions, it also demonstrates that establishing REIT system which is compatible to China's situation is necessary and doomed.
引文
1、Su Han Chan, John Erickson, Ko Wang. Real estate investment trusts. New York : Oxford University Press, 2003.
2、Valachi (1977), "For a discussion of the origins of Massachusetts business trusts"
3、REIT Fact Book (1976) , and Korobow and Gelson (1972)
4、M. A. Hines. Investing in international real estate. Westport Connecticut, London. 2001
5、Terrence M. Clauretie, G. Stacy Sirmans Real estate finance theory and practice (2td Edition) 1994
6、Law H.R. 1180, the Work Incentives Improvement Act of 1999; REIT Modernization Act of 1999; American Job Creation Act of 2003;REIT Improvement Act of 2003; Investment Company Act of 1940
7、Rosalind F. Atherton. Papers of the International Academy of Estate and Trust Law. London : Kluwer Law International, 2002
8、D.J. Hayton, S.C.J.J. Kortmann, H.L.E. Verhagen. Principles of European trust law. Kluwer Law International 1999
9、George T. Bogert, Trusts, West Publishing Co., 6th ed., 1987
10、John C. Bogle, Common Sense on Mutual Funds, New Imperative for the Intelligent Investor, John Wiley&Sons, Inc. 1999
11、谢经荣 殷红 王玉玫 《房地产金融》 中国人民大学出版社2002
12、周玉华《信托法学》 中国政法大学出版社2002
13、孙静“德国信托法探析” 《比较法研究》 2004年第一期
14、于研 郑英豪 《信托投资》上海译文出版社2003
15、周玉华“投资信托法制比较研究” 博士论文1999
16、杜筠翊 胡轩之 “房地产投资信托研究” 《政治与法律》 2000年第3期
17、周小明“信托制度的比较法研究” 博士论文
18、邹志洪“信托法律问题的比较研究” 博士论文
19、徐绍文“我国信托法律移植的特色及缺陷析论”硕士论文
20、吴弘《中国信托市场发育发展的法律调整》立信会计出版社，2003
21、赖源河 王志诚 《现代信托法论》 中国政法大学出版社，2002
22、朱少平 葛毅 《中华人民共和国投资基金法：立法进程资料汇编．2000年卷》中国对外经济贸易出版社，2003．
23、曹建元 《房地产金融》 上海财经大学出版社，2003
24、李成军“房地产抵押贷款债权证券化研究”硕士论文
25、常永胜 《中国房地产金融体系研究》经济科学出版社，2001
26、美)威廉姆·B．布鲁格曼(William B．Brueggeman)，(美)杰夫瑞·D．费雪(Jeffrey D．Fisher)著；李秉祥等译 《房地产金融与投资》 东北财经大学出版社，2000
27、李仲翔 李仲飞 王寿阳 《以风险为基础的基金监管现代化》清华大学出版社2002
28、朱善利 王韬光 朱妍兰 《中国信托投资业的地位及其发展方向》经济科学出版社1998
29、王宏卫《中国住房金融：资金筹措与风险防范机制》上海财经大学出版社2001
30、于研 郑英豪《信托投资》上海译文出版社2003
31、王志诚 赖源河《现代信托法论》 中国政法大学出版社
32、www. nareit. com
2、Valachi (1977), "For a discussion of the origins of Massachusetts business trusts"
3、REIT Fact Book (1976) , and Korobow and Gelson (1972)
4、M. A. Hines. Investing in international real estate. Westport Connecticut, London. 2001
5、Terrence M. Clauretie, G. Stacy Sirmans Real estate finance theory and practice (2td Edition) 1994
6、Law H.R. 1180, the Work Incentives Improvement Act of 1999; REIT Modernization Act of 1999; American Job Creation Act of 2003;REIT Improvement Act of 2003; Investment Company Act of 1940
7、Rosalind F. Atherton. Papers of the International Academy of Estate and Trust Law. London : Kluwer Law International, 2002
8、D.J. Hayton, S.C.J.J. Kortmann, H.L.E. Verhagen. Principles of European trust law. Kluwer Law International 1999
9、George T. Bogert, Trusts, West Publishing Co., 6th ed., 1987
10、John C. Bogle, Common Sense on Mutual Funds, New Imperative for the Intelligent Investor, John Wiley&Sons, Inc. 1999
11、谢经荣 殷红 王玉玫 《房地产金融》 中国人民大学出版社2002
12、周玉华《信托法学》 中国政法大学出版社2002
13、孙静“德国信托法探析” 《比较法研究》 2004年第一期
14、于研 郑英豪 《信托投资》上海译文出版社2003
15、周玉华“投资信托法制比较研究” 博士论文1999
16、杜筠翊 胡轩之 “房地产投资信托研究” 《政治与法律》 2000年第3期
17、周小明“信托制度的比较法研究” 博士论文
18、邹志洪“信托法律问题的比较研究” 博士论文
19、徐绍文“我国信托法律移植的特色及缺陷析论”硕士论文
20、吴弘《中国信托市场发育发展的法律调整》立信会计出版社，2003
21、赖源河 王志诚 《现代信托法论》 中国政法大学出版社，2002
22、朱少平 葛毅 《中华人民共和国投资基金法：立法进程资料汇编．2000年卷》中国对外经济贸易出版社，2003．
23、曹建元 《房地产金融》 上海财经大学出版社，2003
24、李成军“房地产抵押贷款债权证券化研究”硕士论文
25、常永胜 《中国房地产金融体系研究》经济科学出版社，2001
26、美)威廉姆·B．布鲁格曼(William B．Brueggeman)，(美)杰夫瑞·D．费雪(Jeffrey D．Fisher)著；李秉祥等译 《房地产金融与投资》 东北财经大学出版社，2000
27、李仲翔 李仲飞 王寿阳 《以风险为基础的基金监管现代化》清华大学出版社2002
28、朱善利 王韬光 朱妍兰 《中国信托投资业的地位及其发展方向》经济科学出版社1998
29、王宏卫《中国住房金融：资金筹措与风险防范机制》上海财经大学出版社2001
30、于研 郑英豪《信托投资》上海译文出版社2003
31、王志诚 赖源河《现代信托法论》 中国政法大学出版社
32、www. nareit. com