本科论文摘要伴随着经济的不断发展，老年市场的需求也不断的增加。在这个时候，金融机构也对也对房地产投资信托基金(REITs),产生了比较大的兴趣。伴随着不断发展的养老地产，而且房地产投资信托基金(REITs)的发展也得益于其有一个良好的宏观政策环境，我国开放式的市场环境给养老地产投资信托基金(EITs)的发展创造了出了有利的环境，本文所研究的“A公寓”也是较早出现的养老地产之一。但是也面临着资金困难，运营难以可持续发展的问题，房地产投资信托(REITs)和“A公寓”的结合会进一步打开融资渠道。通过完善商业模式的方式进一步解决该地产公司的困境。“A公寓”养老地产投资信托基金(EITs)的组织结构是比较符合我国国情的，使用的是“公开发行型一契约型一股权型”组织结构。实践研究说明，通过将“A公寓”养老地产投资信托基金(REITs)和市面上同样类型的养老地产投资信托基金(REITs)产品相比较可以发现，“A公寓”养老地产的收益是更大的。在经营的时候，可能会面临一些各种各样的风险。常见的风险包括宏观风险、现金流不足风险、运营风险和收入波动风险等，这些风险都和房地产投资信托(REITs)有一定的相关性。在运营的过程中，“公寓A”养老地产投资信托(REITs)会面临二次征税的难题，而且专业人才严重缺乏。实践经验表明，由于房地产投资信托(REITs)的特殊性，那么需要出台相应的有针对性的税法。除此之外，还应该开设一些相关的课程，进一步促进养老地产投资信托(REITs)的发展。关键字：房地产投资信托基金(REITs),养老地产，金融产品设计本科论文AbstractAmid the continuous development of the economy,the demand of theelderly market has been on the increase.During the same timeframe,financialinstitutions have great interest in Real Estate Investment Trusts (REITs).Real estatefor elderly care enjoys continuous development,and REITs owes its development to asound macro policy environment.The open market environment in China has createda favorable environment for the development of REITs.Apartment A studied in thispaper is one of the earlier real estates for elderly care.However,Apartment A is alsosaddled with capital difficulties and operation difficulties for sustainable development.The combination of REITs and Apartment A will further open financing channels.Animproved business model will help solve the plight of the company.Theorganizational structure (public issue type-contract type-equity type)of REITs of realestate for elderly care in Apartment A accords with China's national conditions.According to the practical research,by comparing REITs of Apartment A withREITs of the same type on the market,it can be found Apartment A enjoys fatterprofits.In operation,Apartment A suffers various risks,among which are macro risk,cash flow shortage risk,operation risk and income fluctuation risk,which are allrelated to REITs.In the process of operation,REITs for elderly care in Apartment Awill encounter the problems of secondary taxation and lack of professionals.Practicalexperience shows that due to the particularity of REITs,corresponding tax laws shallbe put in place.In addition,some courses should be offered to further promote thedevelopment of REITs.Key words:Rs,Real estate for elderly care,Financial product design本科论文目录31.1研究背景1.2研究意义52.1 REITs的基本概念2.2养老地产的定义...3养老地产投资信托基金(REITs)的产品设计63.1设计理念3.2主要指标.63.3基本假设63.4“公募一契约一权益型”结构…63.4.1募集形式3.4.2组织形态3.4.3运作方式..73.4.4资金运作883.7成本收益模拟.…993.7.2模拟估计“A公寓”养老地产REITs收益率9114.1“A公寓”养老地产REITs较国内外类似产品更具优势114.2“A公寓”养老地产REITs面临风险种类124.2.1收入波动风险和现金流不足风险1213134.2.4技术风险和操作风险13144.3.1收入波动与现金流不足的风险分析与控制144.3.2关于REITs相关的风险分析与控制.......1415155“A公寓”养老地产REITs的运营推广中存在的问题和对策165.1“A公寓”养老地产REITs运营推广中存在的问题165.1.1我国缺少EITs和养老地产相关的专业人才...1616195.2.1培养精通REITs与医养地产的专业人才.·19192021