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أرشيف المواضيع الغير مكتمله او المكرره او المنقوله و المخالفه هنا توضع المواضيع الغير مكتملة او المكرره في المنتدى او المنقوله من مواقع اخرى دون تصرف ناقلها او المواضيع المخالفه.

 
 
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قديم 04-22-2011, 06:39 PM
 
MBT schuhe Günstig,Improve the governance structu

Improve the governance structure of real estate funds and protect investors in real estate funds Abstract: In recent years, with the bank loan interest rates, real estate development company is in a dilemma in getting loans, in this case, born out of real estate funds has become a new financing channels. Moreover, China's real estate fund is still at an exploratory stage, the development is not mature, so the real estate fund investors face many risks and how to maintain the interests of investors, improve the governance structure of real estate funds is a matter of concern.  Keywords: real estate investment trusts; fund investors; governance  1 real estate investment trust overview and development status in China's real estate investment trust  Fund means an investment by the specialized agencies through the issuance of shares to raise social idle funds, to invest in real estate, such as investment real estate Securities , real estate development projects, from access to income, then investment income will be allocated in proportion to an investment fund for investors, it is actually a form of asset securitization.  actively exploring in China real estate investment trust, which aims to reduce the single-financing, the bank financial policy changes impact on the real estate industry, will be national, bank risk to the community transfer of supervisory functions by the society to play, improved real estate company's governance structure and capital structure. The current stage of development of China's real estate investment trust is not the true sense of REITs, the majority of funds used in the form of real estate trust schemes to But China's real estate trust schemes and the West the real estate investment trust in the system of management is different, which makes our fund investors bear greater risk, the risk from market risk, as well as to Since the fund manager's moral hazard.  2 China's real estate fund governance structure and risk facing investors in China  real estate investment trust real estate funds is not as perfect western model of development and governance structure , the relevant legal norms but also in the blank period, so the contract chain in the fund, fund investors have played an important role, but also bear the greater risk.  (1) fund managers and fund custodian status confusion.  and management system more perfect than the securities investment funds, real estate investment trust plans of the fund manager and fund custodian's role can not be clear positioning. In the securities investment fund with the fund manager and fund custodian, investor funds, the fund custodian custody and disbursement of funds, and fund manager of property investment and management of funds, each line of their duties, mutual supervision and mutual containment. But China's current real estate investment trust plan development point of view, the issue of trust scheme, only a very small number of a fund custodian, and most of the Fund is investment trust fund managers and fund play the dual role of trustee,MBT Scarpe, the existence of this defect in the real estate investment trust funds have a greater right to use, investors and investment trust created between the agency cost, which is not conducive to investor rights maintenance.  (2) the risks inherent in closed-end funds.  the amount of investment real estate industry, long cycle, the characteristics of poor mobility, if in a recession, investors withdraw funds at random,abercrombie online store, will make the real estate industry developed due to lack of funding even more difficult, thereby affecting the entire national economic development, therefore, our real estate investment plan to take the form of a closed-end funds. But for investors, closed-end funds have certain inherent risks. And closed-end funds relative to the open-end fund, its operating mechanism is: when the investment performance of the trust fund decline, failure of investment projects, investors will be redeemed according to their own funds to make the investment trust fund is facing redemption risk and the crisis of confidence, forced the pressure, the fund manager had to the interests of investors, the choice of investment projects take a cautious approach,uggs boots nederland,China has no landlord , and o, which benefit the interests of investors and fund managers coordination. In the closed-end fund managers, investors put money into investment trusts, the equivalent chosen by investors to take all the risks, both of these risks include market risks, including the principal-agent risk.  (3) real estate fund investor only gains the right and the right to know, but not on the management of real estate investment projects and the right to vote.  this feature of real estate funds and securities investment fund is the biggest difference compared to when the profits of real estate funds, investors share investment income of course, this is the most basic rights of investors, investment funds direction of investment, trust and investment companies have a responsibility to accurately convey to investors, which is the most basic obligation of trust and investment companies. But the real estate fund investors to diversify, real estate plan has not improved fund holders meeting or shareholders meeting, investors, and to supervise the exercise of decision-making the cost too high. Also, each person has the conspiracy, through high buy high and sell real estate projects, obtain high commissions and interests, the final damage is fund investors, not only shrinking revenue, but also to pay high fees. For the more mature Western development of real estate investment trust funds,MBT schuhe, the decline in performance when the fund company or investment fails, the fund will be in the hands of the holder of Shares in the secondary market to sell, this will have a positive effect,MBT schuhe Günstig, which enables investors to hedge a timely manner, but also to put pressure on fund managers, but China has no real estate mutual funds in the secondary trading market, shares can not guarantee timely realization of investors, so Our fund investors also bear the risk of liquidity funds. 
 

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