信托投资基金

房地产信托投资基金（REITs）是近年来中国房地产金融创新的一个热点议题。

REITs is a hot topic in the aspect of Chinese real estate financial innovation in recent years .

房地产信托投资基金的出现是金融业创新发展的必然要求，丰富了我国的投资品种，开拓了中小投资者投资房地产的渠道，促进了我国房地产业的发展。

REITs are inevitable requirement for innovation and development in the financial sector . They have enriched the investment variety , opened up the channel to the real estate , and promoted the development of real estate industry .

中国发展房地产信托投资基金的思考

Considerations on Investment Fund of Real Estate Entrust in China

房地产信托投资基金和金融发展与创新

Real Estate Investment Trust Fund and Financial Development Innovation

擅长于公司融资、信托投资基金、公司并购、基础设施投资项目；

Specialty in Corporate finance , Trust fund , M & A , and Infrastructure project .

同时我国的房地产信托投资基金业也面临着一些发展中的制度障碍和自身不足。

At the same time China 's real estate investment trust fund also faces many obstacles and self-development system inadequate .

房地产信托投资基金最早于2002年进入中国，在这五年多的时间里发展迅速，其数量和规模逐渐增多。

The Real Estate Investment Trusts entered China in 2002 and developed rapidly , their number and scale have increased gradually .

在我国，广大投资者寄希望通过具有专家理财、分散风险功能的信托投资基金，来实现资本的保值增值。

In China , the investors hoped to achieve preservation and appreciation of the capital with investment trusts which has the functions of financial expert and risk diversification .

美国已建立起了以房地产抵押贷款和信托投资基金为主，以房地产夹层融资、企业债券为辅的多元化房地产企业融资渠道。

The United States has established the diversified financing channel consisted by the real estate mortgage and trust-based investment funds mainly , and the real estate mezzanine finance and the corporate bonds .

冈拉克不是房地产信托投资基金的粉丝，虽然这些基金看起来确实很好，因为他们需要回馈给投资者一大笔股息。

Gundlach also isn 't a fan of mall REITs , or real-estate investment trusts , which have performed well because they are required to return a huge chunk of their profits to investors as dividends .

税收优惠上和强制分红是保证公募型房地产信托投资基金良好发展的关键，这一点上可以借鉴美国的成功经验和我国对证券投资基金的一些政策。

Tax incentives and mandatory dividend can ensure the sound development of the public offering real estate investment trusts . In specific operation , we can learn the successful experience from american reits and the China Securities Investment Fund .

美国早在20世纪40年代就在公司型投资基金中建立了派生诉讼制度，现在又开始尝试在契约型信托投资基金中建立派生诉讼制度。

The United States has established the derivative action system in the type of corporate investment fund as early as the 1940s , they are now trying to establish the derivative action system in the type of Contractual investment fund .

基金有广义和狭义之分，从广义上说，基金是机构投资者的统称，包括信托投资基金、单位信托基金、公积金、保险基金、退休基金，各种基金会的基金。

Funds have broad and narrow the points , a broad sense , the fund is collectively referred to institutional investors , including investment trust funds , unit trust funds , provident funds , insurance funds , pension funds , foundations funds .

信托型投资基金的法律地位问题是其理论和立法中的基础性问题。

The legal status of the Trust-type Investment Fund is the basis of theoretical and legislative issues .

传统私人信托向投资基金发展的动力是为了节约交易成本。

The motive for the private trust to develop investment fund is to cut down the deal cost .

笔者认为，传统私人信托向投资基金发展的动力可以解释为是通过组成一个组织节约交易成本。

The author believes that the motive of traditional private trust developing to investment fund can be interpreted as saving transaction costs through an organization .

投资基金在金融投资领域发挥着越来越大的作用，我国目前采用的是信托型投资基金，但其法律地位一直不明确。

Investment funds are playing an increasingly important role in the field of financial investment , and China adopted the Trust-type Investment Fund , but its legal status is unclear .

信托制证券投资基金治理结构研究

Research on the Governance Structure of the Trust - type Investment Fund in Securities

其次分析比较了资金信托与证券投资基金、券商委托理财、私募基金之间的差异。随后又对资金信托的法律属性的内涵加以阐述，明确了资金信托的金融属性。

Then to the difference between fund trust and securities invest funds , trust assets management and private placement funds .

同传统的私人信托不同，投资基金是类似公司的具有独立法律人格的主体。

Different from the traditional private trust , investment fund is similar to a company 's legal subject of independent personality .

信托制证券投资基金是典型的所有权与经营权分离的制度，存在突出的代理人道德风险问题。

Trust-type investment fund in securities is a typical system that separates ownership from managing rights , in which existing high risk of trustees ' morality .

我们所说的家族企业包括家族信托、投资控股、基金会&任何家族成员共同做的事。

And under family enterprises , we include family trusts , investment holdings , foundations – so anything that the family does together .

第四章和第五章遵循制度经济学的分析方法详细介绍了信托和房地产投资信托基金的定义、制度变迁、以及房地产信托投资基金的发展背景、分类、优势等。

Chapter ⅳ and ⅴ, followed by detailed analysis methods of the institutional economics , introduces the definition of Trust Fund and real estate investment trust , the rules how to change , and development background , classification , advantages of real estate investment trust fund , itc .

按照现行规定，信托业目前可以开办信托业务、投资基金业务、投资银行业务、中间业务和其他业务，但最有条件成为信托业未来主流业务的当属集合资金信托业务。

According to the current regulation , now trust business can start trusting , investment funding , investment banking , intermediate business and other businesses , but what will most likely become the future mainstream trust business should be the assembled funds trusting .

房地产信托是房地产金融业务的最早形式和典型形式，房地产信托投资（基金）是当代西方国家房地产信托业务的普遍形态。

Real estate trusts are the earliest and typical forms of real estate finance , and real estate investment trusts ( REITs ) ( fund ) are widespread in Western countries ' real estate trust industry .

在我国，信托公司是专门担任营业受托人的非银行金融机构，它与信托机构、信托投资公司、基金公司之间既有联系又存在差别。

In our country , trust company is specifically a trustee business and it is a non-bank financial institutions . It has similarities and differences with the trust companies , trust investment companies and fund .