中国房地产投资信托风险规避机制之建构

摘要： 房地产投资信托（REITs）风险的规避问题，是任何一个研究REITs的理论界或实务界人士都必须关注的问题。银监会暂行办法在REITs的风险控制与监管上存在种种不足。中国C-REITs风险规避机制之设计应从外部与内部两方面着手。在外部风险规避机制中，一是形成完善的房地产投资信托风险规避法律体系；二是建立有效的监管制度；三是建立合理的税收体制。而内部风险规避机制则通过明确规定信托投资公司的独立法人地位、健全内控制度以及风险预警制度等来确立。

The Construction of the Chinese Mechanism of Sidestepping the REIT Risk

How to sidestep the REIT risk has greatly been concerned by all the theoreticians and practical businessmen.The temporary measures issued by banking supervisory authorities disclose all kinds of insufficiencies in controlling or supervising the REIT risk.For the construction of the Chinese mechanism of sidestepping the REIT risk,both exterior and interior should be paid an attention to,that is,exteriorly,forming a perfect law system of sidestepping the REIT risk,and establishing an effective system of supervision and a reasonable revenue system;and,interiorly,clarifying the REIT status of the independent legal entity,and improving the systems of the inner control and the risk early-warning.