CAJ | 학술논문

拥有60多年历史的美国房地产投资信托基金（REITs），作为房地产资产证券化的金融创新方式，有效的制度移植可以加快我国投融资制度改革与开放的步伐。笔者在对美国REITs特征分析的基础上，指出其与房地产直接投资、企业股票、房地产信托和房地产PE等金融商品的差异，旨在加快我国房地产投资信托基金本土化，相关政策建议对REITs有效制度移植具有一定的现实意义。
옹유60다년역사적미국방지산투자신탁기금（REITs），작위방지산자산증권화적금융창신방식，유효적제도이식가이가쾌아국투융자제도개혁여개방적보벌。필자재대미국REITs특정분석적기출상，지출기여방지산직접투자、기업고표、방지산신탁화방지산PE등금융상품적차이，지재가쾌아국방지산투자신탁기금본토화，상관정책건의대REITs유효제도이식구유일정적현실의의。
With a history of more than 60 years ,real estate investment trusts (REITs) is a way of asset se-curitization of real estate financial innovation ,w hose effective system transplantation can speed up the pace of investment and financing system reform and opening up in China .Through the analysis of characteris-tics of REITs in America ,this paper points out the differences between REITs and real estate investment tools such as real estate investment ,real estate enterprise stocks ,real estate investment trusts and real es-tate PE to promote localization of real estate investment trust .Reference policy recommendations for effec-tive REITs systems transplantation has some practical significance .