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为缓解地方政府财政负担,实现公租房可持续性供应,将BOT、REITs、税收抵免三种模式融合,提出公租房BRT开发模式,以吸引社会资本投资。首先,以保证REITs开发商及税收抵免投资者年利润6.55%为前提,运用工程经济学知识,对北京某公租房项目进行了实证分析,结果表明,BRT开发模式可为REITs开发商融得49.12%的建设资金,缓解政府15.98%的财政压力,而且10年间政府可以用每年0.51亿元的税收抵免撬动起7.41亿元的当期投资;公租房BRT开发模式优点显著。其次,从政府、REITs及税收抵免投资者三方视角出发,论述了我国推行公租房BRT开发模式的可行性。
In order to alleviate the financial burden of local governments and realize the sustainable supply of public rental housing, the three modes of BOT, REITs and tax credits are integrated to propose the public rental BRT development model to attract social capital investment. First of all, based on the premise of guaranteeing 6.55% of REITs developers and tax-deductible investors’ annual profits, using the knowledge of engineering economics, this paper empirically analyzes a public rental project in Beijing. The results show that the BRT development model can be used by REITs developers 49.12% of the construction funds to ease the government’s financial pressure of 15.98%, and 10 years the government can use the annual tax credit of 0.51 billion yuan privatization of the current investment of 741 million yuan; public rental BRT development model has significant advantages. Secondly, from the perspective of the government, REITs and tax credit investors, this paper discusses the feasibility of developing the BRT development model in our country.