对我国房地产信托投资的再思考

我国的房地产融资完全依赖商业银行,致使银行承担很高的信用风险,积聚经营风险。阐明为了减少银行信用风险,解决房地产融资问题,大力发展房地产信托投资的可行性;还运用经济学原理解释目前房地产信托投资的总体规模偏小的原因,并提出改善的方法。     

我国房地产投资信托基金发展分析

房地产业作为资金密集型的行业,融资方式的选择在保证房地产企业健康运营的过程中发挥着至关重要的作用。对于房地产企业而言,不同的融资方式意味着不同的成本--风险组合状况。本文以房地产投资信托基金为研究对象,对其可能产生的利弊展开了分析,并探讨了在我国这一新型的房地产融资方式的适用性问题。     

国有股权的信托行使

股份制改造是我国国企改革的方向.由于国有控股公司等国有资产运营机构仍然不是真正意义上的私法利益主体,导致改造后的股份公司的国有股权现行行使方式缺乏内在的利益驱动,也无法完全摆脱行政权力的制约;并且由于在股份制改造的过程中过于强调国有股的控股地位,吸收非国有资本受到我国当前资本市场发育程度的限制,国有股"一股独大"等问题长期困挠着我国的国有公司.通过适当构造,国有股权的信托行使可以克服现有行使方式的弊端,可以为我国以至于其他国家的国企改革提供新的思路和方法.     

住房抵押贷款证券化法律制度的完善

作为一种新型的资产处理方式和融资工具,住房抵押贷款证券化体现为一种复杂的法律关系组合。法律制度不仅是确保其有效运行的关键因素,而且直接影响到证券化的成本和效率。因此,要推行住房抵押贷款的证券化,必须建立完整的法律法规,严格约束各参与者的行为。     

Community Land Trusts in the United States

ABSTRACT

Land trusts are a means to conserve land and/or wildlife (e.g., donating one's farm to The Nature Conservancy) or encourage affordable homeownership and local control of land. The topic of this article is the latter type of land trusts, called Community Land Trusts (CLTs), that have been touted as an innovative means to provide and preserve affordable housing. Through a synthesis of the literature, this article introduces social workers to CLTs. This includes defining Community Land Trusts, reporting on their brief history in the United States, discussing their advantages and disadvantages, and examining the limited empirical evidence. This review suggests that Community Land Trusts are an arena for future social work practice and research.     

The Durham Community Land Trustees

This study examined the possible impact of the Durham Community Land Trustees (DCLT) on home-owner-occupied rates and median rent in Durham since 1990. Establishing causality in community-based interventions is difficult due to the pragmatic barriers. However, by matching the DCLT census tract to other tracts and comparing them to Durham, the DCLT census tract changes were better isolated. This study used the Neighborhood Change Database to explore the neighborhood characteristics of the DCLT and similar neighborhoods and to test for differences in key housing variables. The results enhance knowledge of CLTs and ways they might contribute to community change.     

The ethics-economics-policy paradigm: The foundation for an integrated land trust conservation decision-support model

This paper sets forth a transdisciplinary approach, based upon current trans-Atlantic research carried out in Britain and the U.S., on the complex and interdisciplinary relationship of the ethics-economics-policy paradigm. To provide the proper associations within the land trust framework, the paradigm is viewed from the little explored private lands perspective.The results of interviews carried out with conservation professionals in Britain and the U.S. indicate a strong desire to use a more integrated framework to facilitate the decision-making process. Approximately 96% of the 139 land trusts interviewed felt that their organization's conservation efforts would ultimately be enhanced through the use of a decision-support tool that extended beyond traditional ecological criteria and constraints and incorporated both qualitative social and quantitative economic information. To this end, this paper will both examine the current status of land trust decisions making and frame the fundamentals and dimensions (e.g., land resources, sustainability, community, environment, etc.) of the ethics-economics-policy paradigm.The conceptual integrated land conservation decision-support (ILCDS) model is introduced. Aims of the model, as prescribed by the ethics-economics-policy paradigm, are to integrate concerns of economic efficiency, equity (between and within generations), behavioral models of resource use and ecological integrity, and other patterns of human and economic development within a private land–land trust context.     

How not to fund hospital and community health services in England

Summary.  The paper focuses on the hospital and community health service component of the current formula for the target allocation of annual 'weighted capitation' funding of England's 304 primary care trusts—a formula that responds to political pressure to tackle continuing health inequalities. The history of allocation formulae for the National Health Service is briefly reviewed, before exposing the composition and provenance of the hospital and community health service component. Under the heading 'Logical and statistical deficiencies' we consider various frameworks, model misspecification, allowance for age, ins and outs of supply, unmet need and wrong signs, and replicability and robustness—questions that are relevant to trust in the current formula based on the regression of age-standardized current utilization on a multiplicity of socioeconomic variables. We conclude that it might be better to put future resources into developing direct, rather than proxy, measurement of health needs.     

信托财产所有权归属问题研究

对于我国《信托法》的信托财产所有权的归属问题，目前学术界尚乏一致意见。本文认为，应当承认信托财产权转移的行为，将信托财产所有权归于受托人，使我国信托法能完整地继受英美信托法之精神实质，通过对财产所有权的移转和灵活安排而实现简便、安全、高效的财产管理。     

民间资本投资房地产投资信托基金法律研究

低迷的房地产市场使民间资本受到前所未有的冲击。民间资本正在寻求收益回报稳定的投资渠道,房地产企业又有着迫切的直接融资需求,房地产投资信托基金(REITs)开始受到民间资本的关注。但是中国还未出现国际意义上的REITs,有关方面的专门立法至今尚未出台,民间资本投资REITs依然存在很多现实困境。只有借鉴美国、新加坡等国和香港、台湾地区立法,在明确信托财产权属、实现受益凭证自由流动、降低投资门槛、采取信托税制优惠等方面完善相关法律,才能最大程度地满足各方房地产市场主体的利益需求,使REITs成为广大中小民间投资者最主要的长期投资工具。