畢業(yè)論文外文文獻翻譯-房地產(chǎn)開發(fā)企業(yè)信托融資研究論文文獻翻譯-中英文論文對照翻譯

第一部分外文獻原文（中文7287）中文題目房地產(chǎn)開發(fā)業(yè)信托融資研FinancingofChina'srealdevelopmententerprises1Connotationofrealestateinvestmenttrusts1.1DefineRealestateinvestmenttrustsRealInvestmentTrusts(referredREITs)isofissuingpooledincomequalifiedofacollectionofpublicinvestorsfundsmanagementbyspecializedagencies,throughdiversifiedinvestmentSelectdifferentregions,differenttypesofrealestateprojectsportfoliooffinancialtrustproducts.Comparedwithtraditionalfinancialproducts,thebiggestfeatureofistheaccumulationsmallinvestorsfunds,theuseofmanagementandexperienceinprofessionalmanagementteam,relyingoncreditratingagencies,lawyers,regulatorsandtheSecuritiesCommissionofCertifiedPublicAccountantsconductdiversifiedportfolio,enjoypreferentialtaxonrealizedinvestmentreturns.REITSsincethe1960sintheUnitedStates第1頁共24頁available,notonlyinthecountryhasbeenwidelydeveloped,butwasquicklyintroducedandusedinJapan,Singapore,SouthKorea,HongKongandothercountriesandregions.REITsInessenceatrustfundtomeetthetrustestablishedinwiththestatutoryoftheconstituentelementsoftrust,trustpartyoftrust,thetrustpropertyhasthecharacteristicsbythe"TrustLaw"andotherAtthesametherealestateinvestmenttrustbecauseofitsuniquecharacteristics,thetrusteequalifications,duties,taxratesotherandthereforethenatureofrealestateinvestmenttrustshasforcedlaw.1.2SituationofrealestateinvestmenttrustsSincetheregulationofrealestate,realestatefinancingchannelsforenterprisestherehasbeenabigchange.Underthetighteningofbankcorporatethestockmarketclosedthedoorrefinancingsituation,thedevelopmentofenterpriseshaveanotherway,sotrustfinancinghasbeenrapiddevelopment.Relatedresearchreport:JanuarytoAugust2010,therealestatetrust第2頁共24頁productsissuesizehasmorethan104.7billionyuan,and2009full-yearestatetrustissuesizeof44.9billionyuancomparedwithmorethandoubled.WheretheAugustissuesizeof22.1billionyuan,issuenumberis50.AccordingtoWindInfostatistics,in2010,thedomestic15estatecompaniesthroughafinancing,wonatotalofbillionyuanofaverageestatefinancing763millionyuan.Amongtheamountoffinancingmorethan1billionyuanofrealestatecompanieshavefive,amountoffinancingbetween500millionto1billionyuanofrealestatecompanies,therearethree,andlistedcompaniesislessthan500millionyuanoftheamountoffinancing,thereareseven.Tablesection12010therealestatebusinesstrustfinancingdatasources:Accordingtothelistedcompanyannouncementsfinishingafterthecentralbanktightenedbankcredit,haveupeverywhere,strongsupportforthedevelopmentofrealestateinvestmentbusinessactivities.Relativetobankloans,thefinancingofrealestatetrustschemescanreducetheoverallcostoffinancingrealestatecompanies,savingfinancialgreaterflexibilityin第3頁共24頁favoroftheestatecontinueddevelopment.However,theintroductionofexploratoryofrealestateinvestmenttrusts,despiteitwatchedtheorists,andsoughtafterbytheindustry,buttheindustrylookingfinancingofthefunction,butThinkofitasaso-called"bridgefinancing",isstone."Thus,itisactuallyaverylargeextentsothatlossofthemeaningofexistence.Meanwhile,therealestateinvestmenttrustintheprocess,thevastmajorityareintheformofloans,totaketheformofdebtremains,andthisistantamounttosimplyreplacetheexistingbankloans,doesnotsolvethefundamentalproblemofriskinisalsoincreasing.REITsinourtheoryandrealitycontrastshouldobservation,improvedinplayapositiveroleinestatefinancingasitshould.1.3FeasibilityChinatodevelopestateinvestmenttrustsFirst,policysupport.December21,2008,theStateCouncilissuedthe"OpinionsonPromotingthehealthy第4頁共24頁developmentoftherealestatemarket"(GuoBanFa[2008]No.131),whichhighlighted"reasonablysupportthefinancingtherealestatedevelopmentbusiness."Inaspecificaspectofmeasuresmadeitclearthat"thepilotinrealestateinvestmenttrusts,expanddirectfinancingchannels."Currently,theStateCouncilhasapprovedtheBeijing,Shanghai,Tianjincityforrealestateinvestmenttrustspilotcities.Secondly,thelawgraduallyimproved.From2005onwards,BankingCommissionanumberofregulatorydocumentsonrealestatetrustbusiness.Sofar,theregulatoryontheestatetrustbusinessandintotheminimumrequirements,secondaryqualifications,"fourcardsarecomplete",includeaonworkingcapitalloansgrantedtodevelopers,realestatesaleisprohibitedrepurchaseprohibitTrustcompanytograntlandreserveloanstrusttobehaviorregardedasadisguisedformofloanmanagementandaseriesofregulatorypolicies,initiallyformedarealestatetrustbusinessregulatorypolicysystem.第5頁共24頁Finally,thefinancingofinvestmenttrusthastakenshape,specificallyinthefollowingtwoaspects:First,therapidgrowthofpersonalfinancialassets.Afterthereleaseeconomicreformbroughtrapidgrowthinpersonalincome,personalinvestmentdemandalsoourorganizationisgrowingranksofinvestors.Withthereformofthesocialsecuritysystemandsocialwelfaresystem,Chinahasestablishedahugevarietyofsocialwelfarefunds,thesesocialwelfarefundwillbeinstitutionalinvestors.2TheUSREITsInspirationtoChinaCurrently,WesternthecoreofREITstotraditionalfinancingchannelsbaseddiversifiedrealestatefinancingmode.SummarizesthedevelopmentofUSREITsandcharacteristicsofthedevelopmentofUSREITsinspirationtoourcountrymainlyinthefollowingthreeaspects.2.1ImprovetheandtaxsystemiscornerstoneofthedevelopmentofREITsUSexperienceshows,REITsneedtoimprovethedevelopmentregulationssystemtoprovide第6頁共24頁agoodexternalTrustAct"adoptedbytheStates1960theinstitutionalframeworkofREITs,thesameyearCongressalsopassedabilltothe"InternalRevenuetomakethetaxtreatmentandfunds.AccordingtoUStaxlaw,aslongastheinvestmenttrust'sincomedistributiontobeneficiaries,investmenttrustsdonottopayDividendsandgainsreceivedbytheshareholdersaccordingtopaytaxes.MostUSstateshavefollowedthefederaltreaty,nordoesitrequireREITstopaystateincometax.Meanwhile,theUStaxlawamendmentin1960,andingivingpreferentialtaxtreatmentofREITsalsoitsorganizationalstructure,shareholderstructure,assetcomposition,incomesourcesandthedistributionratio,itisalsomadeclear.Inaddition,publiclytradedREITsmustalsobecompletedinaccordancewiththethe"SecuritiesAct"canbetradedaftertheregistrationprocess,submitreportsandpublicdisclosureofinwiththerequirementsofthe"SecuritiesExchangeandtocomplywiththelistingrequirementsoftheSECtodevelopguidelinesandrequirements.Alltheserulesand第7頁共24頁regulations,toprotecttheinterestsofinvestorsinREITsmaximumextent,thusensuringthehealthydevelopmentofREITs.2.2MarketdemandfundamentaldrivingthedevelopmentofREITsInternationaldemandtotheemergenceanddevelopmentofimportantforce.First,fromthefinancingneedsoftherealestateindustry,thesecondisthedemandfrominvestors,mainlytheroleofinstitutionalWorldWartheUnitedStatestospeeduptheprocessofurbanizationhasbroughtthetraditionalwayofrealfinanceandnotthehugedemandforfinancing,callsfornewfinancialservicesonanobjectivemanner,istotheofREITsgenerated.Ontheotherhand,REITsdevelopmentrequiresbroadparticipationofinstitutionalinvestors.Currentlymorethan50percentofUSREITsheldbyinstitutionalinvestors,researchshowsthattheintroductionofinstitutionalinvestors,REITsgreatlyenhancethequalityofmanagementdecision-makingandimproveperformancemarkettransparency,第8頁共24頁reducingtheabnormalfluctuationsininvestment,andpromoteREITshealthydevelopmentoftheindustry.2.3REITsowncontinuouschangeandinnovationistoensurethatitsdevelopmentREITsfromtheUnitedStates,sofar,nearly50yearsofSincethe1990s,REITsrapiddevelopmentinUnitedStates,andgraduallybecomethemainstreamofcommercialrealestateinvestments.Andanimportantexperiencewhichisitselfalwaysadheretotheconstantchangeandinnovation,specifically,mainlyinthefollowingthediversificationownership.Fromtheinitialestablishmentoftheonlyequity-type,thetype,launchedatypeofmortgageREITsandotherformsofparticipation,orderadapttoneedsofthemarket;thesecondisthestructureintheformofinnovation.TosecuritizationofprivaterealestateinvestmentopenthewaytothecreationofstructuresandDOWNREITsstructureUPREITscooperationwithrealestatebusinesspartnership.Bothstructuresappeartoprovideforthedevelopmentofalong-termgrowthofREITsarchitecturetofurtherpromotetherapiddevelopmentof第9頁共24頁REITs;thethirdischangemanagementstructure.Withtheadjustmentofrelevantlawsandregulations,mostREITspreviouslybyexternalmanagementmustbeapplied,intotheinternalmanagement,toavoidconflictsofinterestthatexistintheexternalmanagement,improvethecompany'sperformance;fourscaleofoperationtrend.Becauseoftheadvantagesofscaleinthemid-1990s,REITsaseriesofmajorscaleexpansionactivityoccursonthemarket.Intheformofscaleexpansion,bothpurchasedintheformofsingleassetandportfolioofassets,therearedifferentformsofREITsmerger;fivechangesinbusinessstrategy,mainlyheldtoactivelyadjuststructure,onliquidityofactivelyadjustdebtstructure,theuseoflowerfinancialleverage;avoidrisks,implementasoundinvestmentstrategy.3、China'srealestateinvestmenttrustsCountermeasures3.1AsoundpolicyenvironmentforthedevelopmentofREITsREITsshouldtheofthemainwaysrealbusinessequityfinancing,butlegalsystem第頁共24頁intherearemanyREITssuchasournospecial"IndustryFundLaw",andtheexistinglegalprovisionsInvestmentFundonlyinvestinthe"tradablesharesoflistedcompanies,bondsandcash,highliquidassets."Alsomissing,missingspeciallawsrelatedlawsarealsoimportantfactorsaffectingthedevelopmentofREITs.Thus,ontheonehand,ChinashouldacceleratetheconstructionassociatedwiththeREITslegislationonlyimprovethelegalbasis,therealestatetrustcanbemorehealthyandrapiddevelopment.Ontheotherhand,thedevelopmentofrealestatetrustbusinessguidelinesassoonaspossible,toachieveastandardizedregulation.Trustasadirectfinancinginstruments,modalitiesincludeequitymezzaninerealestateprojectsincriteria,itisalsonecessarytovarywithbankcredit,inordertoreflecttheflexibilityanduniquenessofthetrust.estatetrustbecomeoneofmostbusinessthantrust,businessscaleandproductinnovationafteranother,butitthelackofaunifiedservicestandards,regulatorypoliciesarescatteredamongmultiplefiles,therefore,第頁共24頁recommendedthattheregulatoryauthoritiesformulatedaunifiedtherealestatetrustbusinessguidelinestofacilitatethedevelopmentofmarketregulationandriskprevention.3.2VigorouslypursuerealestateinvestmenttrustproductinnovationFirst,thetermstructuredesignedtoimprovetrustproducts.Theintroductionofthetermstructureofelasticityinproductdesign,thattrustcanadvanceordelaytheoftheschemetotheprojectschedule.Thisperiodalsobeasriskarrangementforenterprisesraisefundsortrustcompanyhandlingcashcollateralprovidedtime.Second,enhancethesecurityoftrustproducts.Riskcontrolprocess,canbeintroducedrelevantspecializedagencies,riskinterventionplancontrolprocessthroughouttheTrust,theTrustplanstocreditenhancement.Atthesametime,youcanintroducegoodreputationinfluentialcreditratingagencycreditratingsontrustproducts.Bycreditratingagenciesintheindependent,objectiveandimpartialriskandriskindexsystem,thecreditstatusofthetrust第頁共24頁productstomakeanaccurateassessmentoftheriskliestipstomaximizeandprotecttheinterestsofinvestors.Finally,changethetrustproductsmeetthedifferentpreferencesofinvestors,trustandinvestmentincreasepaymentmethods,suchasdifferentprogramstakedifferentincomepayerorregionaleconomiccrossbarbydividingearningsforthesameprogram,usingthecorrespondingbenefitspayment.3.3DevelopandimprovethesecondarymarkettrustproductsFirst,buildtrusttradingdistributionplatform,considerthetrustinformationexchangecenter,centralizedplatformtobuildtrustcontractthetransferofinformation,isresponsibleforthedevelopmentofeachcompanyacceptedthetrustplanstocollectinformationonpotentialtransactionswishesofcustomers,thetransferofinformationdisclosure,thetrustcustomerstransactionthiswayreducesthetrusttransfercontractduringtransactioncosts.Secondly,theimplementationofstandardizedtrustexistingrealestatetrustproductsbasicarrangementis第頁共24頁designedasthecoreofaparticularproject,thelackofstandardizationofproducts,withouthavingtocopy,leadinginvestorstochoosedifficulttojudge,isnotconducivetotrustproductscirculation.Standardizationofthecontract,planfortheshouldpossibletodevelopstandardizedequitycertificatestofacilitatecirculation.3.4DevelopfavorableREITtaxsystemInothercountries,80%ofrealestateinvestmentsbytax-driven,20percentdrivenbyinvestmentphilosophy,taxdriveisworthpromoting.Propertyinvolvedinrealestatetrustbusinessincludesnotonlyfunds,butalsoincludingland,propertyandothertypes,suchpropertytransfer,transfer,valueaddedtaxissuescausedmoreprominent,istooinhibittheinnovationanddevelopmentofspaceservices.AstherealestatetrustforthedevelopmentofChina'srealestateindustry,andevenruntheentirenationaleconomyplaysapositiveroleinpromoting,therefore,weneedtointroduceregulations,breaksrealestateinvestmenttrust,inordertoencouragetheirdevelopment.Specifically,internationalexperience,第頁共24頁followthetaxfairness,toavoidduplicationoftax,tofacilitatethecollectionandmanagementprinciples,thesuspensionoftaxatthetransferproperty,estateotherrelatedtoexpirationofthetrustrealpropertytransfer,inaccordancewithexistingnationalregulationstheoriginalpropertypropertypartiesandnewpartiestopaypropertytaxesonthepropertyoccursifthereisnorealtransferofthepropertyreturnedtotheclient,itshouldbeexemptfromtaxation.3.5FosterqualifiedinstitutionalinvestorsAtChina'scompanies,funds,corporatepensionfunds,investmentfunds,financialproductshaveacertainandastrongvitality.REITsrisk,incomeofsuchinstitutionstomeettherequirementsofinvestors.MeanwhileEmpiricalanalysisthataddingREITstheportfoliocanreduceinvestmentriskandimproveprofitability.Therefore,therelevantgovernmentdepartmentsshouldencouragecorporatepensionfunds,investmentfunds,financialREITsproducts.第共24頁第二部中譯文題目：房產(chǎn)開發(fā)業(yè)信托融資究一、房地產(chǎn)投資信托基金的內(nèi)涵（一）房地產(chǎn)投資信托基金的界定房地產(chǎn)投資信托基（簡稱REITs是一種以發(fā)行收益憑證的方式匯集特定多數(shù)投資者的資金過發(fā)行股（基金單位集合公眾投資者資金，由專門機構(gòu)經(jīng)營管理，通過多元化的投資選擇不同地區(qū)不同類型的房地產(chǎn)項目進行投資組合的金融信托產(chǎn)品與傳統(tǒng)金融產(chǎn)品相比房地產(chǎn)投資信托基金最大的特點是可以積聚眾多中小投資者的資金，利用專業(yè)的管理團隊的管理水平和經(jīng)驗，依靠信用評級機構(gòu)、律師、會計師事務(wù)所和證券委員會的監(jiān)管，進行多元化的投資組合，享受稅收上的優(yōu)惠，實現(xiàn)投資效益REITS自20世紀60年代在美國面世以來不但在本國得到廣泛發(fā)展，而且迅速被日本、新加坡、韓國、香港等國家和地區(qū)引人和采用。REITs從本質(zhì)上來講是一種信托投資基金，滿足信托設(shè)立依據(jù)、信托目的、信托當(dāng)事人信托的法定構(gòu)成要素，具有信托財產(chǎn)獨立性的特點，受《信托法》及其他相關(guān)法律的保護。與此同時，房地產(chǎn)投資信托由于其自身獨特的特點，對受托人的資格、第頁共24頁義務(wù)稅收的稅率及優(yōu)惠等作了明確的規(guī)定和限制因此房地產(chǎn)投資信托具有強行法的性質(zhì)。（二）房地產(chǎn)投資信托基金的現(xiàn)狀房地產(chǎn)調(diào)控以來，房地產(chǎn)企業(yè)融資渠道出現(xiàn)了比較大的變化。在銀行貸款收緊，企業(yè)債、證券市場再融資大門緊閉的狀況下開發(fā)企業(yè)不得不另辟蹊徑于是信托融資得到了較快發(fā)展。相關(guān)研究報告顯示：20101-8月房地產(chǎn)信托產(chǎn)品發(fā)行規(guī)模已超過1047億元，和年房地產(chǎn)信托全年發(fā)行規(guī)模449億元相比，翻了一倍多。其中8月發(fā)行規(guī)模為221億元，發(fā)行數(shù)量為50個。據(jù)Wind資訊統(tǒng)計，2010年，國內(nèi)15上市房地產(chǎn)公司通過信托融資渠道，共獲得資金合計114.5億元，平均每家地產(chǎn)公司融資7.63億元其中融資額超過10億元的地產(chǎn)公司有5家資額在5億元至10億元之間的地產(chǎn)公司則有3家，而融資額小于5元的上市公司則有7家。部分房地產(chǎn)企業(yè)信托融資情況數(shù)據(jù)來源據(jù)各上市公司公告整理在央行收緊銀行信貸后房地產(chǎn)信托異軍突起有力支撐了房地產(chǎn)商的開發(fā)投資經(jīng)營活動。相對銀行貸款而言，房地產(chǎn)信托計劃的融資方式可以降低地產(chǎn)公司整體融資成本，節(jié)約財務(wù)費用，而且期限彈性較大有利于地產(chǎn)公司持續(xù)發(fā)展但從引入房地產(chǎn)投資信托基金的探索性實踐看，盡管它受到了理論界的密切關(guān)注并且得到了業(yè)界的追捧但業(yè)界所看重的卻并不是它的長期的融資渠道的功能而是把它當(dāng)成了所謂的“過橋資金”或者第頁共頁說是取得銀行資金的“敲門磚”這樣實際上也就在相當(dāng)大的程度上使之失去了存在的意義。同時，房地產(chǎn)信托在投資過程中，絕大多數(shù)都是采取貸款的形式，采取的仍然是債權(quán)的形式，這等于是原有銀行貸款的簡單替代，并沒有解決風(fēng)險與收益不對稱的根本性問題，而且在這個過程中信托業(yè)的風(fēng)險也在增加。房地產(chǎn)投資信托基金在的這種理論功能與現(xiàn)實的反差須進一步實踐、觀察、改進，以便發(fā)揮出它在房地產(chǎn)融資中所應(yīng)有的積極作用。（三）大力發(fā)展房地產(chǎn)投資信托基金的可行性分析首先，政策支持。年12月21日，中國國務(wù)院辦公廳發(fā)布了《關(guān)于促進房地產(chǎn)市場健康發(fā)展的若干意見國辦發(fā)〔2008〕131號），其中重點提到，“支持房地產(chǎn)開發(fā)企業(yè)合理的融資需求”在具體措施方面明確表示“開展房地產(chǎn)投資信托基金試點，拓寬直接融資渠道”。目前，國務(wù)已批準北京、上海、天津三城市為房地產(chǎn)信托投資基金試點城市。其次，法律逐漸完善。從2005起，銀監(jiān)會陸續(xù)發(fā)布了多個關(guān)于房地產(chǎn)信托業(yè)務(wù)的監(jiān)管文件迄今為止銀監(jiān)會對房地產(chǎn)信托業(yè)務(wù)的監(jiān)管政策和要求除最低資本金二級資質(zhì)“四證齊全”外，還包括禁止向開發(fā)商發(fā)放流動資金貸款、禁止進行商品房預(yù)售回購禁止信托公司以信托資金發(fā)放土地儲備貸款以及將投資附回購形式的變相融資行為視同貸款管理等一系列監(jiān)管政策，初步形成了房地產(chǎn)信托業(yè)務(wù)監(jiān)管的政策體系。第頁共24頁最后信托融資的投資主體已初步形成具體表現(xiàn)在以下兩個方面：首先，個人金融資產(chǎn)迅速增長。經(jīng)濟體制改革后釋放出來的經(jīng)濟高速增長，帶來了個人收入的迅速增長，個人的投資需求也大大增加；其次，機構(gòu)投資者隊伍正在壯大。隨著社會保障制度和社會福利制度的改革經(jīng)建立規(guī)模巨大的各種社會公益事業(yè)基金，這些社會公益基金將成為機構(gòu)投資者。二、美國的REITs發(fā)展對的啟示目前，西方發(fā)達國家已經(jīng)形成了以REITs為核心、以傳統(tǒng)融資渠道為基礎(chǔ)的多元化房地產(chǎn)融資模式?？偨Y(jié)美國REITs的發(fā)展狀況及特點國的REITs發(fā)展對的啟示主要表現(xiàn)在以下三個方面。（一）完善的法律和稅收制度是REITs發(fā)展的基石美國的經(jīng)驗表明REITs的發(fā)展需要完善的法律法規(guī)和稅收制度，以提供良好的外部環(huán)境。美國在1960年通過的《房地產(chǎn)投資信托法案》明確了REITs的基本制度框架，同年國會也通過了議案，修訂《國內(nèi)稅收法典》，使REITs享有與共同基金同樣的特殊稅收優(yōu)惠待遇根據(jù)美國稅法規(guī)定只要投資信托公司的收入分配給受益人投資信托公司就無需交稅股東要按收到的股息和資本收益付稅。美國大多數(shù)的州都遵從這項聯(lián)邦條約，也不要求REITs繳納州所得稅。同時1960年的美國稅法修正案，在給予REITs收優(yōu)惠待遇的同時，還對其組織結(jié)構(gòu)、股東構(gòu)成資產(chǎn)構(gòu)成收入來源和分配比例等方面也做出了明確第頁共24頁的規(guī)定。此外，公開上市的REITs還必須按照《證券法》的規(guī)定完成注冊程序后才能上市交易，按照《證券交易法》的要求提交公開報告和進行信息披露并遵守制定的上市規(guī)定準則和要求。所有這些法規(guī)和制度，能夠在最大程度上保護REITs投資者的利益，從而保證了REITs的健康發(fā)展。（二）市場需求是REITs發(fā)展的根本動力國際經(jīng)驗表明，兩方面的需求是推動REITs產(chǎn)生和發(fā)展的重要力量一是來自于房地產(chǎn)行業(yè)的融資需求二是來自于投資者的需求主要是機構(gòu)投資者的作用二戰(zhàn)后美國城市化進程的加快帶來了房地產(chǎn)行業(yè)的快速發(fā)展，然而傳統(tǒng)的房地產(chǎn)金融方式并不能滿足對融資的巨大需求觀上要求有新的金融服務(wù)方式而REITs正是適應(yīng)這一需求而產(chǎn)生的另一方面REITs的發(fā)展需要機構(gòu)投資者的廣泛參與。目前美國中50%上為機構(gòu)投資者持有，研究表明機構(gòu)投資者的引入大大提升了REITs公司管理決策的質(zhì)量、提高了REITs的績效和市場透明度，減少了反常的投資波動、促進了REITs行業(yè)的健康發(fā)展。（三）REITs自身的不斷變革和創(chuàng)新是其發(fā)展的保證REITs源于美國今有近50年的歷史世紀90代以來在美國迅猛發(fā)展步為商業(yè)地產(chǎn)投資的主流。而這其中一條重要的經(jīng)驗就是自身始終堅持不斷變革和創(chuàng)新體而言主要表現(xiàn)在以下幾個方面：一是所有權(quán)形式的多樣化。從最初成立時唯一的權(quán)益型到抵押型和混合型之后又