摘 要

城镇化进程中，资本投入是推动城镇化发展的重要因素之一。随着我国城镇化建设的不断加速，融资渠道单一、有效资金不足等制约城镇化发展的问题相继暴露。长期以来，我国城镇化建设主要依靠国家财政拨款、银行贷款、土地出让等形式获取建设资金。然而随着新型城镇化建设概念的提出，基础设施建设、扩大公共服务、促进区域经济发展、农村劳动力转移等都需要大量资金支持，而传统的融资渠道逐渐难以满足如此巨大的资金需求。且城镇化建设过程中的资金需求并不仅止于资金的注入，更需要通过市场力量进行资金的合理配置。金融市场作为融通资金的重要平台，能有效参与资金流配，协调资金供需双方关系，引导资源优化配置。房地产信托投资基金（REITs）作为房地产金融与资产证券化的重要创新工具之一，通过发行收益凭证汇集社会闲散资金，参与房地产投资开发项目。REITs在参与解决城镇化建设中土地开发、基础设施建设以及住房建设等项目的融资问题中有巨大潜力空间，对推进城镇化发展具有重要意义。

本文首先介绍了REITs与城镇化的相关概念，并基于前人研究成果分析论述了城镇化发展水平的测度指标及影响因素。随后选取REITs市值总额与美国国内固定资产形成总额作为衡量REITs发展水平与资本投入支持城镇化建设的测度指标，采用美国1971年到2015年间的历史数据进行协整性检验并构建回归模型，实证分析REITs发展与城镇化建设资本投入的相关关系。结果表明REITs发展水平与城镇化建设资本投入之间存在长期稳定的均衡关系。最后结合我国城镇化发展的实际情况，分析探讨了REITs参与支持我国城镇化建设项目融资的落脚点并尝试提出相关建议。

关键词：REITs；城镇化；城镇化水平

Abstract

In the process of urbanization, capital investment is one of the important factors to promote the development of urbanization. With the continuous acceleration of urbanization in China, financing channels for a single, lack of effective financial and other problems that restrict the development of urbanization have been exposed. For a long time, construction funds of urbanization in China mainly rely on state financial allocations, bank loans and land acquisition. However, with the concept of new urbanization construction, infrastructure construction, expansion of public services, promotion of regional economic development, rural labor transfer and so on need a lot of financial support, while the traditional financing channels are gradually difficult to meet such a huge financial needs. And the demands of construction funds during the process of urbanization not only mean the injection of funds, but also need rational allocation of funds under the help of market. Financial market as an important platform for financing, can effectively participate in allocating of funds, coordinating the relationship between the capital supply and the demand, and guiding the optimal allocation of resources. Real estate investment trusts (REITs) as one of the important innovative tools of real estate finance and asset securitization, pool social idle funds to participate in real estate investment and development projects through issuing income vouchers. REITs have great potential in the financing of land development, infrastructure construction and housing construction in urbanization. It is of great significance for promoting the development of urbanization.

This paper firstly introduces the concept of REITs and urbanization, and discusses the evaluation index and influencing factors of urbanization development level based on the previous research results. Then, the total value of REITs and the total amount of gross fixed capital formation in the United States from 1971 to 2015 were used as the measure of REITs development level and capital investment of supporting the urbanization construction to carry out the cointegration test and construct the regression model for analyzing the relationship between the development of REITs and the capital investment of urbanization. The results shows that there exists a long-term stable equilibrium relationship between the level of REITs and the capital investment of urbanization. Finally, based on the actual situation of China's urbanization development, this paper analyzes the foothold of REITs to support the financing of urbanization construction projects in China and tries to make relevant suggestions.

Key words: Real Estate Investment Trusts；urbanization；The level of urbanization

目录

摘要 I

Abstract II

目录 0

1 绪论 1

1.1研究背景 1

1.2研究目的及意义 2

1.3文献综述 2

1.3.1国外研究现状 2

1.3.2国内研究现状 3

2 REITs的相关概念 5

2.1REITs的定义及分类 5

2.2REITs的特征 6

2.3REITs在海外的发展 8

2.3.1美国REITs的产生与发展 8

2.3.2欧洲的REITs 9

2.3.3亚洲的REITs 9

2.4中国大陆的类REITs 10

3 城镇化的相关概念 11

3.1城镇化的定义 11

3.2城镇化水平的测度指标及影响因素 12

3.2.1城镇化水平的测度指标 12

3.2.2城镇化发展水平的影响因素 12

4 REITs支持城镇化建设项目融资的实证研究——以美国为例 14

4.1理论研究与数据分析 14

4.2平稳性检验 15

4.3协整检验与回归分析 16

4.4构建误差修正模型 17

4.5实证分析结论 18

5 REITs支持我国城镇化建设项目融资 19

5.1我国城镇化发展进程及现状分析 19

5.1.1我国城镇化发展的历史进程 19

5.1.2我国城镇化发展现状 20

5.2REITs支持我国城镇化建设的理论研究 20

5.2.1REITs为城市基础设施建设提供资金支持 21

5.2.2REITs为住房建设供资金支持 21

5.3REITs参与支持我国城镇化建设的相关建议 22

参考文献 23

致谢 25

1 绪论

1.1研究背景

诺贝尔经济学奖获得者、美国著名经济学家斯蒂格利茨曾预言：“以美国为先导的新技术革命和中国的城镇化将成为21世纪推动世界经济增长的两大引擎。”

城镇化（也称城市化）是衡量一个国家和地区现代化发展水平的重要标志。自“九五”计划开始，城镇化建设便成为我国各级政府开展工作的重点之一。在我国全面建设小康社会步入新阶段后，党的十八大从更高的层次全面论述了城镇化建设的重要意义，明确要求“以改善需求结构、优化产业结构、促进区域经济协调发展、推进城镇化为重点,着力解决制约经济健康可持续发展的重大问题。”2014年中共中央、国务院印发的《国家新型城镇化规划（2014-2020）》更明确地指出未来城镇化建设的发展路径、主要目标以及战略任务。

自城镇化概念提出以来，海内外学者对于城镇化进程相关课题进行了诸多理论研究与实证分析。结果表明在城镇化建设进程中，资本投入相较于其他经济因素对城镇化发展水平影响最为显著。且城镇化建设进程中存在有大量土地开发、基础设施建设、住房建设等项目，金融发展支持这些项目融资对推动城镇化发展进程具有重要现实意义。