公募REITs在保障性租赁住房领域应用的基本逻辑与实现路径——基于产业发展视角  

The Basic Logic and Realization Path of the Application of Public REITs in the Field of Affordable Rental Housing:Based on the Perspective of Industrial Development

作　　者：王盈盈[1,2] 雷嘉欣 WANG Yingying;LEI Jiaxin(Cooperative Research Center of Government and Social Capital of Tsinghua University,Beijing 100084,China;Henglong Real Estate Research Center,Tsinghua University,Beijing 100084,China;Graduate School of University of Chinese Academy of Social Sciences,Beijing 102488,China)

机构地区：[1]清华大学政府和社会资本合作研究中心,北京100084 [2]清华大学恒隆房地产研究中心,北京100084 [3]中国社会科学院大学研究生院,北京102488

出　　处：《中国证券期货》2023年第4期53-58,72,共7页Securities & Futures of China

基　　金：中国博士后科学基金面上项目“农村基础设施投融资的动力模式和体制机制研究——基于生态治理和农业产业融合发展视角”(2022M711879);首都高端智库课题“基于发展创新的首都存量资产盘活及投融资模式研究”(20211160001)。

摘　　要：公募REITs在保障性租赁住房领域的“破冰”,意味着中国公募REITs应用领域的拓展以及对保障性租赁住房供给的赋能。公募REITs不仅是一种单纯的金融产品,更多是链接资本市场和实体经济的重要手段。既有研究普遍关注公募REITs的金融属性特征,较少关注公募REITs对保障性租赁住房等基础设施产业发展的重要意义。本文以公募REITs在保障性租赁住房领域的应用为研究对象,探讨公募REITs在保障性租赁住房领域应用的基本逻辑和实现路径。研究发现,其应用的基本逻辑包括政策体系牵引、资金需求驱动和产业转型需要四个方面,其实现路径需要在产品方案、交易结构、底层资产和保障机制三个方面着力,为公募REITs的产融结合和稳步发展提供启示。The“ice-breaking”of public REITs in the field of affordable rental housing means the expansion of the application of public REITs in China and the empowerment of the supply of affordable rental housing.Public REITs are not only a simple financial product,but also an important means to link the capital market and the real economy.Existing studies generally focus on the financial attributes of public REITs,but less on the significance of public REITs for the development of infrastructure industries such as affordable rental housing.This paper takes the application of public REITs in the field of affordable rental housing as the research object,and discusses the basic logic and implementation path of the application of public REITs in the field of affordable rental housing.The research finds that the basic logic of its application includes three aspects:policy system traction,capital demand drive and industrial transformation needs.Its implementation path needs to focus on four aspects:product scheme,transaction structure,underlying assets and security mechanism,providing inspiration for the integration and steady development of public REITs.

关 键 词：公募REITs 保障性租赁住房 产业发展 产融结合 

分 类 号：F29[经济管理—国民经济]