房地产投资信托基金（REITs）定价模型

我国房地产金融体系需要完善、信托业的发展需求，REITs成为丰富房地产融资手段、实现我国信托快速跟上全球潮流并成为房地产界与金融界的双赢交易的重要手段。REITs的价值评估遇到的问题是形式和实质的问题，即决定上市REITs是房地产市场还是证券市场，也就是如何在评估方法上考虑资产将来收入的问题。文章通过对REITs定价方法的比较研究，最终确定REITs向市盈率（PE）模型过度的设想，对反映REITs价值以及控制和化解房地产金融市场的风险具有重要现实意义。

关键词：房地产投资信托基金；定价模型；市盈率（PE）模型
The Pricing Methods of Real Estate Investment Trusts
ABSTRACT
As the improvement of China's real estate finance system, demand for the trust industry, REITs become a rich real estate financing instruments, to achieve fast to keep up with the global trend of Trust and become a win-win real estate sector and the financial sector an important means of transaction. The valuation of REITs problems of form and substance, that decision is listed REITs or real estate securities market, that is, how to be considered in the assessment of assets in the future income. The article on the Comparative Study of Pricing REITs, REITs to finalize the price-earnings ratio (PE) model over the idea of Reflect the value of the REITs and control and reduce the risk of real estate finance market, has important practical significance.

Key Words ：Real Estate Investment Trusts; Pricing Methods; Price/Earnings ratio model

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