REITs is a kind of market financing mode,and the financing function of the real estate enterprise is changed by the function of the financing intermediary,which leads to the optimization and upgrading of the real estate enterprise structure. REITs system reform is an important field in the United States which takes the lead in financial innovation in the world. With the development of market economy,REITs system continuously changes,and stage characteristics are very significant. There are three specific segments of REITs:flexible attempt,autonomy of REITs strengthened and REITs active business entities. Through the analysis of the three stages of the institutional change of American REITs enterprises,it is found that the continuous tax act has become the main driving force of institutional change. In order to speed up the construction of China's system of REITs system,this study puts forward the planning and roadmap of REITs system construction that is compatible with our existing system conditions to promote the match of reform of the existing system reform and the REITs management framework.%REITs作为一种新型市场型融资模式,通过发挥融资中介的功能改变房地产企业以往的重资产融资模式,由此引导房地产企业结构优化升级,为房地产行业的健康持续发展注入了新动力.REITs制度体系的建立是美国率先世界金融创新的一个重要领域,而且随着美国市场经济的不断推进,其REITs制度根据经济环境、法律改革等实际情况而发生不断变迁,阶段特征极为显著,具体细分为:REITs灵活化尝试,REITs自主性加强,REITs主动商业实体变革3个阶段.通过对美国REITs企业制度变迁的3个阶段系统分析发现,持续的税收法案修订成为REITs制度变迁的主要推动力,税收优惠是其企业制度变迁的核心动因.为了加快我国REITs制度体系的建设,提出在注重我国现有制度兼容的条件下,根据我国实情制订REITs制度体系建设的规划和路线图,推进与REITs管理框架相匹配的现有制度改革.
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