毕业论文外文文献翻译房地产开发企业信托融资研究论文文献翻译中英文论文对照翻译.docx

毕业论文外文文献翻译房地产开发企业信托融资研究论文文献翻译中英文论文对照翻译.docx

《毕业论文外文文献翻译房地产开发企业信托融资研究论文文献翻译中英文论文对照翻译.docx》由会员分享，可在线阅读，更多相关《毕业论文外文文献翻译房地产开发企业信托融资研究论文文献翻译中英文论文对照翻译.docx（9页珍藏版）》请在冰豆网上搜索。

毕业论文外文文献翻译房地产开发企业信托融资研究论文文献翻译中英文论文对照翻译

第一部分外文文献原文

（中文7287字）

中文题目：

房地产开发企业信托融资研究

FinancingofChina'srealestatedevelopmententerprisestrust

1、Connotationofrealestateinvestmenttrusts

1.1DefineRealestateinvestmenttrusts

RealEstateInvestmentTrusts（referredREITs）isawayofissuingvoucherspooledincomefundsqualifiedmajorityofinvestors,throughtheissuanceofequity（fundunits）,acollectionofpublicinvestorsfundsmanagementbyspecializedagencies,throughdiversifiedinvestmentSelectdifferentregions,differenttypesofrealestateprojectsportfoliooffinancialtrustproducts.Comparedwithtraditionalfinancialproducts,thebiggestfeatureofREITsistheaccumulationofmanysmallinvestorsfunds,theuseofmanagementandexperienceinprofessionalmanagementteam,relyingoncreditratingagencies,lawyers,regulatorsandtheSecuritiesCommissionofCertifiedPublicAccountantsconductdiversifiedportfolio,enjoypreferentialtaxonrealizedinvestmentreturns.REITSsincethe1960sintheUnitedStatesavailable,notonlyinthecountryhasbeenwidelydeveloped,butwasquicklyintroducedandusedinJapan,Singapore,SouthKorea,HongKongandothercountriesandregions.

REITsInessenceatrustfundtomeetthetrustestablishedinaccordancewiththestatutorypurposeoftheconstituentelementsoftrust,trustpartyoftrust,thetrustpropertyhasthecharacteristicsofindependence,bythe"TrustLaw"andotherrelevantlaws.Atthesametime,therealestateinvestmenttrustbecauseofitsuniquecharacteristics,thetrusteequalifications,duties,taxratesandotherbenefitswereclearlydefinedandlimited,andthereforethenatureofrealestateinvestmenttrustshasforcedlaw.

1.2Situationofrealestateinvestmenttrusts

Sincetheregulationofrealestate,realestatefinancingchannelsforenterprisestherehasbeenabigchange.Underthetighteningofbankloans,corporatebonds,thestockmarketclosedthedoorrefinancingsituation,thedevelopmentofenterpriseshaveanotherway,sotrustfinancinghasbeenrapiddevelopment.Relatedresearchreport:

JanuarytoAugust2010,therealestatetrustproductsissuesizehasmorethan104.7billionyuan,and2009full-yearrealestatetrustissuesizeof44.9billionyuancomparedwithmorethandoubled.WheretheAugustissuesizeof22.1billionyuan,issuenumberis50.AccordingtoWindInfostatistics,in2010,thedomestic15listedrealestatecompaniesthroughatrustfinancing,wonatotalof11.45billionyuanoffunds,theaveragerealestatecompaniesandfinancing763millionyuan.Amongthem,theamountoffinancingmorethan1billionyuanofrealestatecompanieshavefive,theamountoffinancingbetween500millionto1billionyuanofrealestatecompanies,therearethree,andlistedcompaniesislessthan500millionyuanoftheamountoffinancing,thereareseven.Tablesection12010therealestatebusinesstrustfinancingdatasources:

Accordingtothelistedcompanyannouncementsfinishingafterthecentralbanktightenedbankcredit,realestatetrustshavesprungupeverywhere,strongsupportforthedevelopmentofrealestateinvestmentbusinessactivities.Relativetobankloans,thefinancingofrealestatetrustschemescanreducetheoverallcostoffinancingrealestatecompanies,savingfinancialcosts,andgreaterflexibilityintheperiod,infavoroftherealestatecompany'scontinueddevelopment.However,theintroductionofexploratorypracticeofrealestateinvestmenttrusts,despiteitbeingcloselywatchedtheorists,andsoughtafterbytheindustry,buttheindustryislookingat,butnotitslong-termfinancingofthefunction,butThinkofitasaso-called"bridgefinancing",orobtainbankfinancingis"steppingstone."Thus,itisactuallyaverylargeextentsothatlossofthemeaningofexistence.Meanwhile,therealestateinvestmenttrustintheprocess,thevastmajorityareintheformofloans,totaketheformofdebtremains,andthisistantamounttosimplyreplacetheexistingbankloans,doesnotsolvethefundamentalproblemofasymmetricriskandreturnandtherisksintheprocessofCITICTOEICisalsoincreasing.REITsinourtheoryandrealitycontrastfunctionshouldbefurtherpractice,observation,improvedinordertoplayapositiveroleintherealestatefinancingasitshould.

1.3FeasibilityAnalysisChinatodeveloprealestateinvestmenttrusts

First,policysupport.December21,2008,theStateCouncilissuedthe"OpinionsonPromotingthehealthydevelopmentoftherealestatemarket"（GuoBanFa[2008]No.131）,whichhighlighted"reasonablysupportthefinancingneedsoftherealestatedevelopmentbusiness."Inaspecificaspectofmeasuresmadeitclearthat"thepilotinrealestateinvestmenttrusts,expanddirectfinancingchannels."Currently,theStateCouncilhasapprovedtheBeijing,Shanghai,Tianjincityforrealestateinvestmenttrustspilotcities.

Secondly,thelawgraduallyimproved.From2005onwards,ChinaBankingRegulatoryCommissionhavereleasedanumberofregulatorydocumentsonrealestatetrustbusiness.Sofar,theCBRCregulatorypoliciesontherealestatetrustbusinessandinadditiontotheminimumcapitalrequirements,secondaryqualifications,"fourcardsarecomplete",butalsoincludeabanonworkingcapitalloansgrantedtodevelopers,realestatesaleisprohibitedrepurchaseprohibitTrustcompanytograntlandreserveloanstrustfunds,andtoinvestwithrepurchasefinancingbehaviorregardedasadisguisedformofloanmanagementandaseriesofregulatorypolicies,initiallyformedarealestatetrustbusinessregulatorypolicysystem.

Finally,thefinancingofinvestmenttrusthastakenshape,specificallyinthefollowingtwoaspects:

First,therapidgrowthofpersonalfinancialassets.Afterthereleaseofhigh-speedeconomicreformeconomicgrowthhasbroughtrapidgrowthinpersonalincome,personalinvestmentdemandalsoincreasedsignificantly;secondly,ourorganizationisgrowingranksofinvestors.Withthereformofthesocialsecuritysystemandsocialwelfaresystem,Chinahasestablishedahugevarietyofsocialwelfarefunds,thesesocialwelfarefundwillbeinstitutionalinvestors.

2、TheUSREITsInspirationtoChina

Currently,theWesterndevelopedcountrieshaveformedthecoreofREITstotraditionalfinancingchannelsbaseddiversifiedrealestatefinancingmode.SummarizesthedevelopmentofUSREITsandcharacteristicsofthedevelopmentofUSREITsinspirationtoourcountrymainlyinthefollowingthreeaspects.

2.1ImprovethelegalandtaxsystemisthecornerstoneofthedevelopmentofREITs

USexperienceshows,REITsneedtoimprovethedevelopmentoflaws,regulationsandtaxsystemtoprovideagoodexternalenvironment."RealEstateInvestmentTrustAct"adoptedbytheUnitedStatesin1960definedthebasicinstitutionalframeworkofREITs,thesameyearCongressalsopassedabilltoamendthe"InternalRevenueCode"tomakeREITsenjoythesamespecialtaxtreatmentandmutualfunds.AccordingtoUStaxlaw,aslongastheinvestmenttrust'sincomedistributiontobeneficiaries,investmenttrustsdonotneedtopaytaxes.Dividendsandcapitalgainsreceivedbytheshareholdersaccordingtopaytaxes.MostUSstateshavefollowedthefederaltreaty,nordoesitrequireREITstopaystateincometax.Meanwhile,theUStaxlawamendmentin1960,andingivingpreferentialtaxtreatmentofREITsalsoitsorganizationalstructure,shareholderstructure,assetcomposition,incomesourcesandthedistributionratio,itisalsomadeclear.Inaddition,publiclytradedREITsmustalsobecompletedinaccordancewiththeprovisionsofthe"SecuritiesAct"canbetradedaftertheregistrationprocess,submitreportsandpublicdisclosureofinformationinaccordancewiththerequirementsofthe"SecuritiesExchangeAct"andtocomplywiththelistingrequirementsoftheSECtodevelopguidelinesandrequirements.Alltheserulesandregulations,toprotecttheinterestsofinvestorsinREITsmaximumextent,thusensuringthehealthydevelopmentofREITs.

2.2MarketdemandisthefundamentaldrivingforceforthedevelopmentofREITs

InternationalexperienceshowsthatdemandforbothistopromotetheemergenceanddevelopmentofREITsimportantforce.First,fromthefinancingneedsoftherealestateindustry,thesecondisthedemandfrominvestors,mainlytheroleofinstitutionalinvestors.AfterWorldWarIItheUnitedStatestospeeduptheprocessofurbanizationhasbroughtrapiddevelopmentoftherealestateindustry,butthetraditionalwayofrealestatefinanceandcannotmeetthehugedemandforfinancing,callsfornewfinancialservicesonanobjectivemanner,andisadaptedtotheneedsofREITsgenerated.Ontheotherhand,REITsdevelopmentrequiresbroadparticipationofinstitutionalinvestors.Currentlymorethan50percentofUSREITsheldbyinstitutionalinvestors,researchshowsthattheintroductionofinstitutionalinvestors,REITsgreatlyenhancethequalityofmanagementdecision-makingandimprovetheperformanceofREITsandmarkettransparency,reducingtheabnormalfluctuationsininvestment,andpromoteREITshealthydevelopmentoftheindustry.

2.3REITsowncontinuouschangeandinnovationistoensurethatitsdevelopment

REITsfromtheUnitedStates,sofar,nearly50yearsofhistory.Sincethe1990s,REITsrapiddevelopmentintheUnitedStates,andgraduallybecomethemainstreamofcommercialrealestateinvestments.Andanimportantexperiencewhichisitselfalwaysadheretotheconstantchangeandinnovation,specifically,mainlyinthefollowingaspects:

First,thediversificationofformsofownership.Fromtheinitialestablishmentoftheonlyequity-type,thecollateraltypeand