新质生产力发展下的公募REITs法律制度完善路径研究  

Research on the Public REITs Legal System under New Quality Productive Forces Development

作　　者：张宇航 ZHANG Yuhang(School of Law,Southeast University,Nanjing 211189,China)

机构地区：[1]东南大学法学院,江苏南京211189

出　　处：《大连大学学报》2024年第6期54-63,共10页Journal of Dalian University

基　　金：国家社会科学基金项目“网络时代新型侵财行为的入罪理念与方法研究”(19BFX075);中央高校基本科研业务费资助项目“数字经济安全刑事法律风险防范研究”(2242024S30050)。

摘　　要：公募REITs作为创新型金融工具,通过盘活存量资产、促进资本高效流动,为新质生产力发展提供资金支持和基础设施保障。我国公募REITs发展面临法律定位不明确、双重征税、信托财产保护不足等制度障碍。“公募基金+资产支持专项计划”模式是一种可行且灵活的选择,能在现有法律框架下实现REITs的基本功能。为推动REITs健康发展,应明确将其定性为复合型证券,采取“导管型”税收制度消除双重征税,完善信托法律体系加强财产独立性保护,构建多层次监管体系防范系统性风险。通过系统性制度创新,我国有望建立规范、高效、富有活力的REITs市场,为新质生产力发展提供有力支撑。As an innovative financial instrument,public REITs provide funding support and infrastructure guarantee for the development of new quality productive forces by revitalizing stock assets and promoting efficient capital flow.However,it faces in China institutional barriers such as unclear legal positioning,double taxation,and insufficient trust property protection.The"public fund plus asset-backed special plan"model can realize the basic functions of REITs within the existing legal framework.Therefore,it should be clearly defined as composite securities,adopt a"conduit-type"tax system,strengthen property independence protection,and construct a multi-level regulatory system to prevent systemic risks.By doing these,it is hoped to establish a standardized,efficient,and dynamic REITs market for the development of new quality productive forces.

关 键 词：公募REITs 法律制度 税收制度 监管体系 新质生产力 

分 类 号：D922.282[政治法律—经济法学]