Study On Moral Risk Of Economics Respect In Real Estate Trust

Recently, many exchange crisis affairs occurred in China real estate trust industry, brought great damage to the investors and negative effect to the development of the industry. The destructiveness and concealment of morals risk are stronger, and also has a chain reaction to other risk in real estate trust, it is an important factor which causes the real estate trust exchange crisis. This dissertation carried out research which is exclusively on morals risk problem existed in the real estate trusts industry according to the condition of current theories about real estate trust in China mainly on system risk.Firstly, this dissertation introduced the related knowledge of Real estate trust and moral risk, and probed into the reasons and serious results of moral risk theoretically, also make a definition of "morals risk" in real estate trust. Then, this dissertation made use of a case to well explain the importance and urgency of resolve the current moral risk problem in real estate trust in China. Next, this paper analyzed the root of moral risk of the profession creation respectively from the system economics, rent seeking, and affiliated bargain etc. after thoroughly analyzed the mutuality of the operation process and the related participator of real estate trust. Again, this dissertation built up the approach of incentive and restraining mechanism adopting the counterplan model of contract relation which can be applicable to resolve the moral risk, namely the model of multi-level delegation in real estate trust. Finally, this dissertation put forward the related system to establish and mature real estate trust development need aimed at the root created moral risk in real estate trust, and indicate the importance to resolve moral risk during the course of transformation from real estate trust to REITs.