Study On The Efficiency Of REITs Financing Organization Of Long-term Rental Apartment

The prices of urban house keep rising and the ratio of rent sales has been out of balance,as the deepening of China's urbanization process and large-scale population flow.The government issued various policies of "rent and sale with rights" to support the development of long-term rental apartment.But with the operators of different development backgrounds enter this industry,a lot of problems in the development of long-term rental apartments are also emerging.Among them,financing difficulty is the most prominent problem and the current "REITs like" financing mode is relatively weak in sustainability and organizational efficiency and can not be used to support the largescale development of long-term rental apartments.So it is necessary to discuss the efficiency of REITs financing organization of long-term rental apartments.Firstly,based on the composition of REITs financing organization,this paper analyzed the organization form and the relationship between REITs participants and elaborated the static and dynamic connotation of REITs financing organization efficiency.Then combined with the expected utility theory and transaction cost theory,the measurement method of REITs financing organization efficiency for long-term rental apartments was also put forward.All of them provided the theoretical source and method support for the analysis of REITs financing organization efficiency of longterm rental apartments.Secondly,the game model of participants under the two organizational forms was constructed and analysed based on the general research hypothesis and parameter setting and the corresponding comparative analysis results was also obtained.After these,this paper further analyzed and constructed the influence mechanism of REITs financing organization efficiency from two aspects of organizational transaction cost and risk aversion degree of participants,which lays a foundation for the construction of basic framework of efficient organization and the design of organization efficiency guarantee mechanism;Moreover,combined with the theory of organization,this paper put forward the basic idea and principle of the construction of REITs financing efficiency organization of long-term rental apartment.According to the specific situation of external environment indicators,the dynamic stages of REITs financing organization development was divided,and the basic framework of REITs financing efficiency organization was constructed from two aspects of individual and form selection of the organization,which provides a reference for the establishment and development of REITs financing organization of long-term rental apartment in China.Then,combined with the theory of mechanism design,this paper designed the guarantee mechanism of organizational cooperation efficiency from the perspective of the choice of participants,the consistency of individual goals and the information sharing of the organization to ensure the efficiency of the organization.And the prevention mechanism and exit mechanism of the organization was designed from the perspective of internal risk aversion,external risk supervision and the safety exit of it to ensure the continuity and stability of the organization;Finally,taking EQR,the largest apartment REITs operator in the United States,as an example,the empirical analysis showed that EQR's "UP-REITs" partnership operating organization is a corporate type organization with high organizational efficiency,and its rapid development over the years shows that it also has high sustainability and stability.It also provides a reference for the development of REITs in China.49 Figures,53 tables and 161 references are contained in this paper.