重新考虑资本的二次回路-全球化与美国房地产【外文翻译】.doc

1、本科毕业论文（设计）外文翻译原文THESECONDARYCIRCUITOFCAPITALRECONSIDEREDGLOBALIZATIONANDTHEUSREALESTATEREALESTATEISAUNIQUECOMMODITYTHATISIMMOVEABLE,RELATIVELYDURABLE,COSTLY,ANDTHATHASITSOWNMARKETBECAUSECOMMERCIALANDRESIDENTIALREALESTATEINVOLVESARELATIVELYHIGHRISKANDSOMETIMESLONGTERMINVESTMENT,REALESTATEITSELFISA“CO

2、MMODITYINTENSION”THATSTANDSINSHARPCONTRASTTOTHE“MARKETIDEALOFANIMMEDIATETURNAROUND,HIGHRETURNINVESTMENT”BARTELT1997,PP126,128HOMMELS2000ANDWEBER2002NOTETHATREALESTATEHASANOBDURATEQUALITYTHATRESISTSFREQUENTMODIFICATIONANDISTHEREFOREMUCHMORESENSITIVETODEVALORIZATIONTHANMACHINERYANDOTHERFORMSOFFIXEDCAP

3、ITALUNLIKECASH,WHICHISLIQUIDANDHOMOGENEOUS,REALESTATEISILLIQUIDANDHETEROGENEOUS,INVOLVESHIGHTRANSACTIONCOSTSUPONSALE,ANDLACKSTRANSPARENCYSEVERALSOURCESOFILLIQUIDITYDEFINETHEREALESTATECOMMODITYFIRST,REALESTATEPOSSESSESAVARIETYOFRESIDENTIALUSEVALUESDIFFERENTKINDSOFACTORSWITHINTHEREALESTATESECTORREALES

4、TATEAGENTS,DEVELOPERSANDBUILDERS,ANDOWNERSANDCONSUMERSCANUSETHESAMEPIECEOFLANDORHOUSEINAVARIETYOFWAYSDEPENDINGUPONTHESOCIALCONTEXTWHILESOMEINDIVIDUALSAREINTERESTEDINRAPIDPROFITANDTURNOVEREG,SPECULATORSANDBUILDERSOTHERSCANWAITYEARSBEFOREMAKINGAPROFITBYINVESTINGINREALESTATEANDHOUSINGINTHEREALESTATEMAR

5、KET,MULTIPLEFINANCIALRISKSAREASSOCIATEDWITHTHEBUYINGANDSELLINGOFDIFFERENTTYPESOFREALESTATE,INCLUDINGFLUCTUATIONSINCAPITALAVAILABILITYFORFINANCING,COMPETITIONINTHELOCALREALESTATEMARKET,LIMITEDLIABILITYPROTECTION,ANDCHANGINGTAXLAWSFORANOVERVIEW,SEEGELTNER,MACGREGOR,ANDSCHWANN2003REALESTATEISCONSIDERED

6、TOBEASUPERIORHEDGEAGAINSTINFLATION,REALESTATEASSETSAREANINVESTMENTOPPORTUNITYFORCORPORATIONSTODIVERSIFYOUTOFSTOCKSANDBONDS,ANDREALESTATEASSETSPROVIDEGREATERTAXBENEFITSINCOMPARISONTOOTHERINVESTMENTSHAILA1991,1998DOWNS1986PYRKE1994COAKLEY1994INTHEUSMORTGAGEMARKETANDTHEGLOBALSECURITIESMARKETSHIFTSTHELO

7、CUSOFCREDITRISKAWAYFROMLOCALLENDERSANDPROVIDESACONDUITFORLINKINGHOMEBUYERSWITHGLOBALFINANCEBEFORETHEEXPANSIONOFTHESECONDARYMORTGAGEMARKET,INVESTMENTINHOMEMORTGAGESWASLOWBECAUSEOFTHELACKOFSTANDARDIZATIONANDUNIFORMITYINUNDERWRITING,APPRAISAL,ANDLEGALDOCUMENTATIONFORCONVENTIONALMORTGAGESIN1984,CONGRESS

8、PASSEDTHESECONDARYMORTGAGEMARKETENHANCEMENTACTSMMEAWHICHREMOVEDSTATUTORYRESTRICTIONSONINVESTMENTSINPRIVATEMBSSBYFEDERALCHARTEREDDEPOSITORYINSTITUTIONSPROVIDESTABILITYINTHESECONDARYMORTGAGEMARKET,INCREASETHELIQUIDITYOFMORTGAGEINVESTMENTS,IMPROVETHESPATIALDISTRIBUTIONOFINVESTMENTCAPITALAVAILABLEFORRES

9、IDENTIALMORTGAGEFINANCING,ANDPROVIDEASSISTANCETORESIDENTIALMORTGAGESONHOUSINGFORLOWANDMODERATEINCOMEFAMILIESTHATENABLEECONOMICACTORSTOLEVERAGECAPITALFROMOTHERCAPITALMARKETSTOFINANCEHOUSINGINTHEUNITEDSTATESBOTHFANNIEMAEANDFREDDIEMACHAVEPLAYEDACATALYTICROLEINTHEGROWTHOFGLOBALFINANCIALMARKETSANDNETWORK

10、SOFHOUSINGFINANCESINCETHE1960S,THESETWOPRINCIPLEGSESHAVEBEENTHEMAINSECONDARYMARKETCONDUITSPROVIDINGFUNDSFORCONVENTIONALMORTGAGELENDINGINTHEUNITEDSTATESTHEPURPOSEOFTHESECONDARYMORTGAGEMARKETISTOINCREASEMARKETLIQUIDITYANDATTRACTCAPITALTOFINANCEHOUSINGINTHE“PRIMARY”MORTGAGEMARKET,BORROWERSOBTAINLOANSFR

11、OMMORTGAGEORIGINATORSINTHE“SECONDARY”MORTGAGEMARKET,GSESREPACKAGEMORTGAGESASMORTGAGEBACKEDORDEBTSECURITIESTOSELLTOINSTITUTIONALINVESTORSBOTHFANNIEMAEANDFREDDIEMACBUYHOMEMORTGAGESINBULKFROMTHELENDINGINSTITUTIONSTHAT“ORIGINATE”THEMINTURN,THEYSELLBONDSBASEDONTHEVALUEOFTHEMORTGAGES,ATTRACTINGCAPITALFROM

12、AVARIETYOFINVESTORSOVERTHELASTTWODECADES,SECURITIZATIONHASEXTENDEDTOOTHERDOMAINSTHEREBYTRANSFORMINGTHEINSTITUTIONALSTRUCTURETHROUGHWHICHFUNDSFLOWTOREALESTATESECURITIZATIONSPREADTOCOLLATERALMORTGAGEOBLIGATIONSCMOSIN1983,COMMERCIALMORTGAGEDEBTIN1984,ANDREALESTATEMORTGAGEINVESTMENTCONDUITSREMICSIN1987I

13、NTHE1990S,SECURITIZATIONEXPANDEDTOINCLUDEASSETBACKEDSECURITIESABSSSUCHASCARLOANS,STUDENTLOANS,CREDITCARDDEBT,EQUIPMENTLEASING,ANDMANUFACTUREDHOUSINGONEOFTHEMOSTPROFOUNDCHANGESINTHECOMMERCIALREALESTATESECTORINTHEPASTTWODECADESHASBEENTHEEXPANSIONOFTHEPUBLICDEBTSEGMENT,MAINLYINTHEFORMOFCMBSSCOMMERCIALM

14、ORTGAGEBACKEDSECURITIESCOMMERCIALMORTGAGEBACKEDSECURITIESAREAFORMOFDEBTSECURITY,WHATINVESTORSBUYISASHAREINTHEVALUEOFTHEINCOMEFLOWDUETOTHEBANKFROMTHEPOOLEDSETOFCOMMERCIALMORTGAGESINTHISPROCESS,THEILLIQUIDPROPERTYISPOOLEDWITHMILLIONSOFOTHERSTOBECOMEAMORTGAGEBOND,ITSELFANABSTRACTOBJECTBUTONETHATISCAPAB

15、LEOFREADYCONVERSIONINTOANUNDERSTANDABLEEXCHANGEVALUEDINSMORE1998BRAITHWAITEANDDRAHOS2000,PP14344,154,160,17273IN1991,THERESOLUTIONTRUSTCORPORATIONRTCINITIATEDITSFIRSTRESIDENTIALSECURITIZATIONPROGRAMTOCONVERTMORTGAGELOANSINTOSECURITIESOVERTHENEXTTWOYEARS,THERTCESTABLISHEDANINFRASTRUCTURETOSECURITIZEC

16、OMMERCIALMORTGAGESTHISINFRASTRUCTUREINCLUDEDTHECREATIONOFARISKRATINGSYSTEM,ANDFORMALSTANDARDSANDUNIFORMPROTOCOLSFORLEGALDOCUMENTATION,UNDERWRITING,ANDSERVICINGREQUIREMENTSWITHINTHECOMMERCIALREALESTATEMARKETBYTHEMID1990S,INSTITUTIONALCONDITIONSWEREINPLACETOENHANCETHELIQUIDITYOFCOMMERCIALMORTGAGESTHER

17、EBYPROVIDINGINCENTIVESTODOMESTICANDFOREIGNINVESTORSTOPUTCAPITALINTOCOMMERCIALREALESTATETHEINITIALREGULATORYACTIONSTAKENBYTHERTCSHAPEDTHEDEVELOPMENTOFTHECMBSMARKETBECAUSETHEYPRODUCEDA“CULTURALTEMPLATE”FLIGSTEIN1996,P661THATAFFECTEDINVESTORUNDERSTANDINGSANDPERCEPTIONSOFHOWTHEMARKETWORKSANDHOWTHEYSHOUL

18、DACTTOCONTROLINVESTMENTTHEAGENCYSACTIONSPROMOTEDASTANDARDIZEDFRAMEWORKFORUNDERSTANDINGCOMMERCIALMORTGAGESASUNITSOFALARGECLASSOFCOMPARABLEASSETS,ANDPROMULGATEDAFORMALIZEDUNDERSTANDINGANDCATEGORYSYSTEMTHROUGHWHICHCOMMERCIALMORTGAGESBECAMEMOREEASILYTRANSPARENT,MOREHOMOGENEOUS,ANDLESSIDIOSYNCRATICINTHEC

19、OMMERCIALREALESTATEMARKET,NOCENTRALLYPLANNEDANDGOVERNMENTSPONSOREDENTERPRISEENGINEERSTHECREATIONOFLIQUIDITYOVERTHELASTDECADE,THECMBSMARKETHASDEVELOPEDFROMATEMPORARYMEASURETORESOLVETHEINSOLVENTTHRIFTSTOANACTIVEMEANSOFACCESSINGCAPITALMARKETSASASOURCEOFFUNDINGCOMMERCIALPROPERTYDEVELOPMENTIN2002,CMBSINS

20、URERSREPRESENTED167OFTHE18TRILLIONCOMMERCIALMORTGAGEDEBTMARKETINTHEUNITEDSTATES,AMARKETSHARESURPASSINGTHATOFINSURANCECOMPANIESANDSECONDONLYTOTHATOFCOMMERCIALBANKSLENDLEASEREALESTATEINVESTMENTSANDPRICEWATERHOUSECOOPERS2003UNTILRECENTLY,SECURITIZATIONWASNOTCOMMONINTHECOMMERCIALMORTGAGEMARKETBECAUSEOFL

21、EGISLATIVEANDREGULATORYBARRIERSIMPOSEDATTHESTATELEVELTHERECENTENACTMENTOFTHEFINALRECOURSEANDRESIDUALINTERESTSCAPITALMARKETSRULEREMOVESSTATEGOVERNMENTRESTRICTIONSAGAINSTTHESECURITIZATIONOFCOMMERCIALMORTGAGESANDNOWALLOWSBANKSTOINVESTINTHECMBSMARKETMOREBROADLY,SECURITIZATIONOFCOMMERCIALMORTGAGESHASQUIC

22、KLYDEVELOPEDTOBECOMEONEOFTHEMOSTIMPORTANTFINANCIALMECHANISMSLINKINGLOCAL,NATIONAL,ANDGLOBALCAPITALMARKETSTHECONCEPTOFPACKAGINGCASHFLOWSAND/ORRISKSANDSPLITTINGTHEMINTOMARKETABLESECURITIESEG,TRANSFORMINGRISKINTOACOMMODITYHASFOUNDAWIDEVARIETYOFAPPLICATIONSANDUSERSINTHEUNITEDSTATESANDISSPREADINGINEUROPE

23、,ASIA,ANDOTHERPARTSOFTHEWORLDTHELIQUIDATIONOFREALESTATECAPITALTHROUGHSECURITIZATIONHASRECEIVEDADDEDIMPETUSINTHE1990SWITHTHEGROWTHOFREITSAREITISASHAREHOLDINGCOMPANYTHATINVESTSINDIFFERENTTYPESOFREALESTATEINCLUDINGSHOPPINGCENTERS,OFFICEBUILDINGS,APARTMENTS,ANDHOTELSBLOCKANDMCDAVID1998SINCETHEEARLY1990S

24、,REITSHAVETRANSFORMEDTHECOMMERCIALREALESTATEMARKETINSEVERALWAYSFIRST,REITSSPREADINVESTORRISKOVERAPORTFOLIOOFDIFFERENTANDDIVERSEPROPERTYINVESTMENTSTHROUGHSECURITIZATIONINVESTORSCANDIVERSIFYTHEIRASSETSBYALLOCATINGINVESTMENTSINMIXEDPORTFOLIOSOFPROPERTIESANDGEOGRAPHICAREASSECOND,LIKEMUTUALFUNDS,REITSPOO

25、LDIFFERENTINVESTMENTSANDDISTRIBUTETAXABLEINCOMEASDIVIDENDSTOSHAREHOLDERSINVESTORSAREABLETOINVESTINREALESTATEPROPERTIESWITHOUTTHEMAJORCOMMITMENTOFTIMEANDMONEYNEEDEDFORDIRECTOWNERSHIPOFREALESTATETHEFACTTHATREITSHARESARETRADEDONMAJORSTOCKEXCHANGESSETSREITSAPARTFROMTRADITIONALREALESTATE,MOSTOFWHICHISPRI

26、VATELYOWNEDTHIRD,REITSCONTRIBUTETOTHEFINANCIALFLUIDITYOFPROPERTYFIXEDCAPITALBYDISEMBEDDINGTHEPROCESSOFINVESTMENTFROMTHEPROCURINGOFLOCALKNOWLEDGENECESSARYTOASSESSRISKCLARKANDLUND2000,P469INDOINGSO,REITSHELPTOTRANSFORMREALESTATEINTOALIQUIDCOMMODITYBYENABLINGINVESTORSTOBUYANDSELLINTERESTSINDIVERSIFIEDP

27、ORTFOLIOSOFPROPERTIESONANINSTANTANEOUSBASISRECENTDECADESHAVEWITNESSEDMUCHGROWTHINTHENUMBEROFREITSANDCAPITALINVESTEDINREITINSTITUTIONSTHETOTALNUMBEROFREITSINCREASEDBYMORETHANFOURTIMESFROM1972TO2003,REACHINGAPEAKOF226IN1994INTHELATE1990S,THETOTALNUMBEROFREITSDECLINEDWHILETHEANNUALMARKETCAPITALIZATIONO

28、UTSTANDINGATYEARSENDINCREASEDINTHE1972,THEMARKETCAPITALIZATIONOFTHEENTIREREITINDUSTRYWASONLY15BILLIONIN2003,ITWASALMOST195BILLIONSINCE1990,THEMARKETCAPITALIZATIONOFREITSHASINCREASEDBYMORETHAN16TIMESINCREASINGMARKETCAPITALIZATIONANDDECLININGNUMBERSOFREITSREPRESENTAMOVEMENTTOWARDINDUSTRYCONSOLIDATIONT

29、HROUGHMERGERSANDACQUISITIONS,ANDGLOBALEXPANSIONASOFJANUARY2004,19COUNTRIESHADENACTEDORPROPOSEDLEGISLATIONTOCREATEREITINSTITUTIONSERNSTANDYOUNG2003LARGEREITSARETODAYAMAJORFACTORINCONVERTINGHISTORICANDDILAPIDATEDHOTELSINTOLUXURYAPARTMENTSCURRENTLY,REITSOPERATEINNEARLYEVERYUSMETROPOLITANAREAANDINSEVERA

30、LINTERNATIONALCOUNTRIES,INCLUDINGGREATBRITAIN,FRANCE,BELGIUM,ANDJAPANZHU2002THUS,GECAPITALREALESTATE,AUNITOFGENERALELECTRIC,HASEXPANDEDINTOEUROPEANDASIAINTHE1980SAND1990SWHATISIMPORTANTISTHATLARGEREITSLIKEGEREALESTATECANTAPARANGEOFNATIONALANDINTERNATIONALCAPITALMARKETSTOFINANCETHEIRACTIVITIESANDFUND

31、CROSSBORDERREALESTATETRANSACTIONSMOREOVER,THEFINANCIALINTERMEDIARIESOFLARGEREITSCANRAISEFUNDSANDMANAGERISKBYACCESSINGMARKETSANDDIVERSEPOOLSOFCAPITALININTERNATIONALFINANCIALCENTERSTHEGROWTHOFREITSHAVEHELPEDGUIDEANDHARMONIZEINVESTORPERCEPTIONSSOTHATTHEYKNOWENOUGHABOUTMORTGAGESTOBEABLETOVIEWTHEMASTRANS

32、PARENTANDLIQUIDINVESTMENTSSOCIALTRANSPARENCYANDLIQUIDITYISCONTINGENTONGENERALIZEDKNOWLEDGEANDINFORMATIONBEINGTRADEDAMONGPARTICIPANTSCETINAANDBRUEGGER2002,P915THEFACTTHATREALESTATEASSETSARELOCALIZEDANDHETEROGENEOUSUNDERCUTSLIQUIDITYSPECIFICORGANIZATIONALACTIVITIES,LEGALREGULATIONS,ANDINSTITUTIONALCON

33、DITIONSPROVIDEAREPERTOIREOFPOSSIBLECOURSESOFACTIONTOCREATELIQUIDCOMMODITIESTHUS,LIQUIDITYISTHEOUTCOMEOFANINSTITUTIONALIZATIONPROJECTTHATISTHEEQUIVALENTOFDEVELOPINGACONCEPTIONOFCONTROLTHATALLOWSACTORSTOUNDERSTANDTHEORGANIZATIONOFAMARKETANDINTERPRETTHEACTIONSOFOTHERSINTHISWAY,MARKETLIQUIDITYISASOCIALC

34、ONSTRUCTIONMAKINGLEGALANDINSTITUTIONALPROJECTSSUCCESSFULISAPOLITICALPROJECTREITSSEEKTOTRANSFORMLOCALIZEDANDOPAQUEKNOWLEDGEABOUTSPECIFICREALESTATEMARKETSANDTYPESOFPROPERTYINTOGENERALIZEDANDTRANSPARENTKNOWLEDGEPOOLINGLARGENUMBERSOFHETEROGENEOUSMORTGAGESISAPROCESSOFSTANDARDIZATIONANDHOMOGENIZATIONTHATE

35、STABLISHESPREDICTABILITYINTHEBUYINGANDSELLINGOFREALESTATE,THEREBYENHANCINGEXCHANGEABILITYIF,ASKARLMARX18671977,P163ARGUED,ACOMMODITYISA“VERYSTRANGETHING,ABOUNDINGINMETAPHYSICALSUBTLETIESANDTHEOLOGICALNICETIES,”THENREITSCANBESEENASINSTITUTIONALAGENTSTHATINTERPRETANDCLARIFYTHAT“STRANGENESS,”MOTIVATEAN

36、DSHAPECOURSESOFACTIONFORINVESTORS,ANDPROVIDEARATIONALEFORTHEACTIONTAKENTHESIGNIFICANCEOFREITSISTHATTHEYAREAFINANCIALVEHICLETHATLINKSDIVERSEACTORSANDORGANIZEDINTERESTSWITHINREALESTATETOONEANOTHEREVENTHOUGHTHESEACTORSANDINTERESTSMAYBEGEOGRAPHICALLYDISTANTAND,ATTHESAMETIME,DISENGAGEDFROMLOCALSETTINGSIN

37、SHORT,WECANNOTEXPLAINGLOBALIZATIONINTERMSOFMARKETFORCESANDTECHNOLOGICALCHANGEALONEWITHOUTADDRESSINGQUESTIONSABOUTTHEDEEPERINSTITUTIONALCONDITIONSTHATYIELDTHOSECIRCUMSTANCESMUCHOFTHEDISCUSSIONOFREALESTATEANDGLOBALIZATIONTHATIHAVEADDRESSEDISSPECIFICTOTHEUSCASEWENEEDCOMPARATIVERESEARCHONHOWDIFFERENTPOL

38、ITICALINFRASTRUCTURES,INSTITUTIONALFORMS,REGULATORYMECHANISMS,ANDNATIONALCULTURESFACILITATEANDIMPEDETHEDEVELOPMENTOFSECURITIZATION,REITS,ANDSECONDARYMORTGAGEMARKETSOUTSIDETHEUNITEDSTATESTHEISSUANCEOFMBSSANDMORTGAGEBONDSHASEXPANDEDINRECENTYEARS,FACILITATINGACCESSTOFUNDSFORHOUSINGANDPROVIDINGAMECHANIS

39、MFORCROSSBORDERINVESTMENTINHOUSINGLEA1999LEGISLATIONEXPANDINGTHEROLEANDFUNCTIONOFREITSHASFURTHERCONTRIBUTEDTOTHESECURITIZATIONOFRESIDENTIALANDCOMMERCIALREALESTATEMARKETSANDTHEREBYENHANCEDTHEPERMEABILITYOFREALESTATEFORDIFFERENTTYPESOFDOMESTICANDFOREIGNINVESTORSSOURCEKEVINFOXGOTHAM,2006”THESECONDARYCI

40、RCUITOFCAPITALRECONSIDEREDGLOBALIZATIONANDTHEUSREALESTATE”AJS,VOL112,NO1,JULY,PP234235PP248249译文重新考虑资本的二次回路全球化与美国房地产房地产是一种独特的商品，是不动产,相对耐用、昂贵,同时,它有它自己的市场。因为商业和住宅房地产业涉及相对高风险,有时也属长期投资，其本身就是一个“紧缩性的商品”。这与“高周转、高回报的理想市场”形成鲜明对比巴特尔特，1997，P126，P128。霍默尔2000和韦伯2002注意到房地产有一个顽固的品性，就是抵制频繁的价格变动，因此与机械和其他形式的固定资产相比，它对

41、贬值敏感得多。它不像现金那样,是流动且同质的,房地产业流动性差、形式多样化、在销售时需高交易成本并且缺乏透明度。若干个不同来源的资料用“非流动性”定义房地产这一商品。首先,房地产拥有各种各样的住宅使用价值。不同的人在房地产行业扮演不同的角色，如房地产代理人、开发商和建筑师、户主和消费者，可以根据社会背景以各种不同的方式使用相同的一块土地或房子。而有些人对价差收益和营业额感兴趣例如，投机者和建设者），他们投资房地产和住房，几年后可以获得收益。在房地产市场，相关的复合财务风险存在于不同类型的房地产买卖中,包括融资取得的有效资金的波动、当地房地产市场的竞争、有限的债务保护、税法的改变一个概况，见杰特

42、尼麦格雷戈，雪旺，2003房地产被认为是一种优越的保值手段，房地产资产是企业除了股票和债券以外的多样化的投资机会,并且相比较于其他投资而言提供更优惠的税收政策。海拉1991,1998，唐斯1986，派克1994，凯克里1994。在美国,抵押贷款市场和全球证券市场将信用风险从本地借款人那里转移，为买房者和国际金融连接融资渠道。次级抵押贷款市场发展以前,投资在房屋贷款低的原因是缺乏统一规范化的认购、评估、承销及传统抵押贷款的法律文件。1984年,国会通过了第二按揭市场增强法案SMMEA，撤销了被联邦储蓄所禁止的在私人MBS投资的法定限制，提供了稳定的次级抵押贷款市场,提高了抵押投资的流动性,优化了

43、可用于住宅抵押贷款资本的空间分布，协助中低收入家庭完成住宅抵押贷款。使美国经济活动的主体利用其他资本市场的杠杆进行房地产融资。房利美及房地美两家公司在全球金融市场和房地产金融网络化的发展中都起到了催化作用。自20世纪60年代开始,这两家政府出资的公司成为美国次级市场中为普通抵押贷款提供资金的管道。次级抵押市场的目标是增加市场的流动性，吸引资金投入到住房融资。在初级抵押市场，借款人从抵押贷款发起人那里获得借款。在次级抵押贷款市场,政府出资型公司重新分配抵押贷款，如抵押贷款支持证券或债券给机构投资者。房利美及房地美两家公司从借款发起者手中大量购入住宅抵押贷款，转而，在抵押贷款价值的基础上，他们出售

44、债券，吸引各种各样的投资者投入资本。在过去的二十年里,资产证券化已经拓展到其它领域，因此通过资金流向房地产的方式，从而改变制度结构。证券化于1983年向抵押贷款CMOS发展，1984年向商业抵押债务发展，1987年成为房地产抵押贷款投资导管REMICS。资产证券化在20世纪90年代,扩展到资产支持债券（ABS），如汽车贷款、助学贷款、信用卡、设备租赁、自建房产。其中商业房地产部门在过去20年最深刻的变化是公共债务的扩展，主要是以CMBS商业抵押贷款支持证券的形式。商业抵押贷款支持证券是债券的一种形式,投资者买的是一份银行集中商用的贷款收入的现金价值。在这个过程中,非流动性财产成为数以万计人的抵

45、押债券,它本身就是一种抽象物,但是可以转换成可被理解的交换价值丁斯莫，1998，布雷斯威特，查豪斯，2000，P143144，P154，P160，P172173）。在1991年,重组信托公司RTC启动的第一个住宅证券化项目，将抵押贷款转化为有价证券。在未来的两年内RTC建立基础设施以证券化商业抵押贷款。此基础设施为法律文件，为证券包销和商业房地产市场的服务需求创建一个风险率系统、正式标准和统一协议。90年代中期的制度环境,适当增强了商业抵押贷款的流动性，为国内外投资者将资金投入商业房地产提供激励机制。RTC最初的调整促成了CMBS市场的发展,因为他们创立了“文化板“弗利格斯顿1996，P661

46、，它影响投资者对市场的工作原理和如何控制投资的认识和看法。该机构的行为,为理解商业抵押贷款是许多可比资产中的一个提升了标准化的架构,颁布了一个正式的理解和范畴体系，通过该体系,商业抵押贷款变得更容易理解,更均匀、具有较少的异质性。在商业房地产地产市场,没有中央计划和政府资助的企业创造的流动资产。在过去的20年间,CMBS市场已经经历了从临时措施来解决破产的方法到进入资本市场的有效方式，成为商业房地产发展的资金来源。在2002年,CMBS保险公司的商业抵押债务占美国市场总计18万亿美元的167,拥有市场份额超过保险公司，仅次于商业银行借租赁房地产投资和普华永道会计师事务所，2003。目前为止,资

47、产证券化在商业抵押市场并不常见，原因是受限于国家法律规范的实施。近期颁布的最后追索权和剩余利益资本市场的法规，消除了州政府对商业抵押贷款证券化的限制,并且现在允许银行投资CMBS市场。更广泛地,商业抵押贷款证券化迅速发展成为最重要的金融机制，它连接了地区、国家和全球资本市场。在美国，聚集现金流或风险，并将它们分散到可市场化的证券中例如,将风险转移到商品这一理念已经被广泛地应用，并且正蔓延到欧洲,亚洲和世界上的其他地方。20世纪90年代，证券化的房地产资本的清算由于房地产投资信托公司（REIT）的发展新增了动力。房地产投资信托公司是股份制公司,它投资于不同类型的房地产，包括商场、办公楼、公寓、宾

48、馆布拉克和迈克戴维1998。20世纪90年代初期以来,房地产投资信托已经从多个方面改变了商业地产市场。首先,房地产投资信托公司通过多种资产证券化的投资组合分散投资者的风险。投资者可以将投资分配到混合的投资组合和各种地理区域，使资产多样化。第二,就像共同基金，房地产投资信托与不同投资公司联营，股票持有者的分红为应纳税所得额。投资者可以在没有房地产所有者的期限和资金保证下投资房地产。房地产投资信托公司上市交易股票这一事实将其与传统的房地产公司区分开来，传统的通常是私有的企业。第三,通过获得当地的必备知识进行风险评价，使投资过程抽离化，房地产投资信托有助于财产（固定资产）的金融流动性克拉克和隆德20

49、00，P469。这样,房地产投资信托公司将房地产变成流动商品，使投资者可以随时购买和出售多样化投资组合的收益。近几十年见证了REIT数量和房地产投资基金的快速增长。1972年到2003年，REIT总数量增加了四倍多,1994年数量达到了226这一颠峰。在20世纪90年代末期,REIT总数下降而年度市值总额在年末显著增加。在1972年,REIT行业市值总额只有15亿美元；在2003年，达到将近195亿美元。1990年以来,REIT市值总额增长了超过16倍。随着REIT市值的增加和REIT数量的减少表明事态正朝着通过兼并和收购方式进行产业联合，向全球扩张发展。在2004年1月,19个国家颁布法律或提出立法创造REIT机构恩斯特和杨2003。大型的房地产投资信托公司在现在看来是将破旧荒废的宾馆变成奢华公寓的主要因素。目前,REIT几乎在美国每个大都市区域和许多国家运营,包括英国、法国、比利时以及日本朱2002。因此,GE财团房地产美国通用电气公司的一个单位,已经在20世纪80年代和90年代扩展到欧洲和亚洲。重要的是,像GE房地产这种大型房地产投资信托公司可以在一定范围内开发国内与国际资本市场，为他们的经营活动融资，资助跨境房地产交易。此外,大型房地产投资基金的金融中间人的可以通过评价资本市场和多样化的国际金融中心池为信托公司筹集资金、管理风险。房地产投资信托基金的发展帮助引导和协