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2008年金融危机后,美国和日本分别对MBS和REITs进行公开市场操作,使房地产金融衍生品成为支持货币发行的基础资产,从而成为金融体系中的准法定财富标志,这一货币政策操作工具的重要创新值得关注。本文借鉴REITs,提出建立公共住房投资信托基金(PHITs),并将其设定为法定财富标志。文中对PHITs的主要收益来源——公共租赁住房租金的影响因素进行分析,并根据成本法和收益还原法,建立公共租赁住房租金的定价模型。本文提出,区分住房居住需求和投资需求,将部分住房投资需求引入到房地产证券市场,论述了如何设计PHITs以及将PHITs作为法定财富标志的运作机制框架,为打造中国的法定财富标志进行了深入探讨。
After the 2008 financial crisis, the United States and Japan respectively conducted open market operations on MBS and REITs, making real estate financial derivatives the basic assets supporting the issuance of money and thus becoming the quasi-statutory wealth mark in the financial system. This monetary policy operation tool Important innovations deserve attention. This article draws on REITs, proposed the establishment of public housing investment trusts (PHITs), and set it as a statutory wealth mark. In this paper, the main source of income PHITs - public rental housing rent factors analysis, and according to the cost method and return reduction law, the establishment of public rental housing rent pricing model. This paper proposes to distinguish between residential housing demand and investment demand, and to introduce some housing investment needs into the real estate securities market. The paper discusses how to design PHITs and how to use PHITs as the legal mechanism of legal wealth, and provides an in-depth discussion on building China’s legal wealth mark .