房地产投资信托基金（RealEstateInvestmentTrusts，REITs）近些年来在亚洲国家迅速发展，作为一种房地产金融产品，REITs不但能够解决房地产发展中的投融资问题，而且增加了资本市场上的投资品种。目前我国的房地产行业正处于从单一依靠银行融资转向多元化融资，但是资本市场上可供企业选择的融资产品却十分有限。从政策方面来看，由于商品房价格持续快速上涨，为了应对资产泡沫的产生，各项调控措施陆续出台或相继落实。这些政策的出台，对企业直接融资产生了一定负面影响。本文正是基于这个现实，通过对美国和亚洲主要市场的历史研究和制度对比，研究在我国发展REITs的必要性和可行性，并提出了相应的...Recently, a tool of the financial innovation in the real estate industry called “REITs” (the abbreviation of the Real Estate Investment Trusts) has been quickly developed in Asia country. REITs has not only retained the high-yield character of the real estate investments, but also has enhanced the mobility of the real estate investment assets. REITs has offered a financing channel for the real est...学位：经济学硕士院系专业：经济学院财政金融系_投资学学号：2005130100
