The United States is the first real estate trust investment fund (Real Estate Investment Trusts，REITS) The country with a mature market development。The United States launched a series of system design，Including laws and regulations、Tax discount、Regulatory system and other encouragement REITs development。

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Tax preferential policy is an important driving force to promote the development of US REITs。The United States issued a series of tax preferential policies，and give clear regulations through legislative practice，Guide funds flowing to the real estate field。

First，Clear taxpayer，Avoid double taxation。When formulating a tax preferential system，The United States has formulated a tax system framework based on trust guidance theory，Real estate trust is regarded as a pipeline for transmitting income，To the client、The tax obligations of the trustee and the beneficiary have been clearly distinguished。In actual operation，Obligations to pay income tax by investors' income tax assigned by REITs，REITs only invests in trust assets，As a catheter, the income is passed to the beneficiary，I did not really enjoy the income of the ownership and substantial income of the trust property，Therefore, no corporate income tax is required，Therefore, it effectively solves the dual taxation problem faced by the project subject and investors。

2，Establish different tax preferential policies for different links。The development of REITs involves operation、Asset transfer and other links，The United States has formulated different tax policies bet365 Play online games for different links。In the establishment link，Exempting stamp duty or reducing deed tax rate。In the operation stage，By encouraging the distribution of profits to obtain tax deductions for REITs，Mainly use a dividend deduction method to reduce the tax burden，Incentive income distribution，It is clearly stipulated that if the enterprise distributes more than 90%of profits in dividends，then you can enjoy the tax discount of the income tax of the enterprise exemption。Capital dividend income and the regulations of duty -free shareholders introduced by investors，further reduced the tax burden of investors。

third，supporting a series of punitive tax systems，Further regulate market development。Except for a series of tax preferential policies，The United States has also introduced a punitive taxation system，Ensure the integrity of the tax system。If 75%of the total assets of REITs must be invested in related fields such as real estate，75%of the income must be derived from real estate -related projects，90%of the REITs income must be assigned to investors。If violated the provisions of the above regulations，The income obtained by the income obtained by the tax law for the tax law will be levied 100%of the penalty tax，Effectively restrict the behavior of the market entity。

　　Establish laws and regulations

Trust legislation is the basis and guarantee of the long -term development of REITs。The United States has adopted a decentralized legislative mode driven by tax policy，From the 1960s to the beginning of the 21st century，A series of laws and regulations have been launched one after another，Most of them involve tax reform and adjustment，Give Reist clear tax preferential and support at the legislative level。

In terms of building an institutional framework that promotes the development Bet365 lotto review of REITs，The United States has conducted long -term exploration and practice，On the one hand, refer to the macro legal framework of securities transactions to regulate the establishment operation of REITs，On the other hand, a special legislation specifically for REITs。First，In the early stages of development，The United States learn from securities laws and regulations and related experience strictly regulate the establishment of REITs。Next，Differences based on REITs and securities investment funds，A set of professionalization in the United States、Operating REITs legal framework，Further regulate market subject behavior，Determined the correct development road for REITs。Reits is mainly investment in real estate -related areas，Securities Investment Fund is mainly investment securities，Therefore, when building a legal framework for the development of REITs, you cannot directly apply the laws and regulations of the securities。Based on this，The United States has introduced specialized laws and regulations directly targeting REITs。

　　Establish a regulatory framework

The United States has established a relatively complete regulatory system，Including regulatory regulations、Three levels of regulatory agency and information disclosure。First，The dual -track regulatory mode of federal supervision and joint supervision of various states in terms of laws and regulations，According to the "Securities Law", "U.S. Investment Consultant Law", "Real Estate Investment Trust Act", "Securities Trading Law", and the "Blue Sky Act" passed by the states to implement regulations for REITs，Reduce its operating risks and legal risks。

Second，In terms of regulatory agencies，Adopt the mode of national administrative supervision+industry independent management，Supervisory bet365 best casino games and manage it by three regulators，Including the US Securities and Exchange Commission (SEC)、Stock Exchange and the National Real Estate Investment Trust Association (Nareit)，Undertake supervision responsibilities。The division of labor in the above three regulators is clear，cooperate with each other，Common guarantee of the healthy and orderly development of the REITs market，At the same time, the occurrence of repeated supervision or absence of supervision。

Last，Established an information disclosure system，Pay attention to information compliance disclosure、Technical disclosure and risk disclosure，Help investors in time、Obtain information about REITs accurately，Reduce its risk due to information asymmetric。According to requirements，Reist sponsors need to comply with the relevant provisions of the Securities Trading Law，Taking the prospectus as the carrier，Submit relevant public reports and disclose information，At the same time, indicate major risks，Help investors analyze and identify the corresponding risks to the product。

　The governance mechanism highlights multiple characteristics

Reits after long -term development and application，Form more diverse features。First，Diversified product structure。Early，American REITs products mainly adopt traditional structure，Just own assets，and manage and operate real estate assets through the management outsourcing agreement。Subsequent，For the purpose of reasonable tax avoidance，UPREITs，Do not directly owns real estate，Instead, the establishment of an operating partnership exchange property，In the future, this kind of partnership equity will be converted to the shares of the listing of REITs according to proportion，Allows it to cash on the open market。This transaction structure bet365 live casino games has greater flexibility，It can help asset holders get the advantage of delayed taxation，Reduce the amount required for REITs when acquiring assets，Promote it to quickly reach the listing scale。This is also the product structure commonly used in the US infrastructure REITs market。Based on the umbrella -shaped partnership structure，Innovatively developed the subordinate partnership structure (DOWNREITS)，Also REITs directly holds initial real estate assets，The subordinate partnership REITs directly holds the underlying assets such as the newly purchased real estate，And can set up multiple operating partnerships with limited partners。Based on this，Dental derivatives of Stapled Stock and Paper Clipped (Paper Clipped)。The former consists of a combination of REITs and the operating company，Investors have stocks from two companies at the same time，and bind a transaction together。The paper clip structure also has the advantage of the joint stock structure，But the two companies participating in it independent，You can develop an investment strategy separately，You can also invest in cooperation。The paper clip structure has higher flexibility，and lower operating costs。

2，Optimized management mode，Improve the governance mechanism。The United States changes according to the institutional environment and market conditions，Constantly improving the REITS management mode，Gradually managed from external management、Actively manage transition。Early，Mainly adopt an external management mode，Introduction to an independent professional third -party management company，Asset operation for REITs、Management of investment and financing and property。The management cost of external management model is lower，At the Bet365 lotto review same time, it has professional advantages and scale effects，But it is difficult to avoid the conflict between investors and managers and the phenomenon of supervision of supervision。After the tax system reform，Management of REITs gradually managed and actively managed internally，That is, REITs itself has relevant real estate assets as an asset manager，At the same time, all management tasks are performed by the internal management department of REITs。The organizational structure of the internal management mode is more simplified，The agency cost is lower，higher income，Therefore, it gradually becomes a management model commonly used in the US REITs market。

Although the United States is a typical country with REITs worldwide，But there are still insufficient places。First，Insufficient liquidity，The possibility of fast value -added is low。Under the fund raising model of the US Real Estate Trust Fund，Many investors，Less risk to each investor，High income。But once the investment behavior，REITs cannot buy and sell in the market at will，In a short time，Investors cannot get off，Caused a certain period of time inadequate liquidity，At the same time, the possibility of fast value -added of REITs becomes lower。Next，Investment income distribution is difficult，There is a conflict between interests。Although its management model has professional advantages and low cost，But it is difficult to make clear investment income allocation。Since the manager and investors have different interests，and investors cannot observe the specific behavior of the manager，and manager may implement investment behavior that contrary to investors' interests，The conflict between the interests between the management agency and the investor occurred from time to time，Moral risk is generated。

　(This article is a key project of the National Social Science Fund "housing price fluctuations under the perspective of inter -regional differentiation、Optimization of the Gap Garway and Real Estate Tax Regulation Policy "(18AJY027) phased results)

(Author Unit: Xiangtan University Business School)