基于公共住房投资信托基金(PHITs)的法定财富标志设计  

Designing the Fiat Wealth Identifications Based on Public Housing Investment Trusts

作　　者：林左鸣[1] 闫妍[2,3] 

机构地区：[1]中国航空工业集团公司,北京100022 [2]中国科学院大学管理学院,北京100080 [3]国家信息中心,北京100045

出　　处：《管理评论》2013年第11期3-11,共9页Management Review

基　　金：国家自然科学基金项目(71103179);广义虚拟经济研究专项项目(GX2013-1002(Y))

摘　　要：2008年金融危机后,美国和日本分别对MBS和REITs进行公开市场操作,使房地产金融衍生品成为支持货币发行的基础资产,从而成为金融体系中的准法定财富标志,这一货币政策操作工具的重要创新值得关注。本文借鉴REITs,提出建立公共住房投资信托基金(PHITs),并将其设定为法定财富标志。文中对PHITs的主要收益来源——公共租赁住房租金的影响因素进行分析,并根据成本法和收益还原法,建立公共租赁住房租金的定价模型。本文提出,区分住房居住需求和投资需求,将部分住房投资需求引入到房地产证券市场,论述了如何设计PHITs以及将PHITs作为法定财富标志的运作机制框架,为打造中国的法定财富标志进行了深入探讨。Since the financial crisis in 2008, U.S. and Japan have begun to purchase MBS and REITs through open market operations, while the real estate financial derivatives have turned into the basic assets for currency issuance, and also the fiat wealth identifications in the financial system. We will focus on the innovations of monetary policy tools in this paper. By reference to the designs of REITs, the paper suggests that Public Housing Investment Trusts （PHITs） should be set up and considered to be the fiat wealth identifications. Ac- cording to the influencing factors of public housing rents, which are main revenues of PHITs, rent pricing models are constructed based on the Cost Method and Income Capitalization Approach. Housing demands should be divided into residential demands and investment demands, while part of the housing investment demands are conducted into the real estate securitization market. This paper discusses how to design PHITs and make them the fiat wealth identifications in preparation for the final designs of Chinese fiat wealth identifications.

关 键 词：法定财富标志 公开市场操作 公共住房投资信托基金(PHITs) 房地产投资信托基金 (REITs) 租金定价模型 . 

分 类 号：F293.3[经济管理—国民经济] F832.49