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對于創(chuàng)業(yè)投資組織形式而言,信托制度的局限性主要表現(xiàn)在以下幾個方面:(1). 投資效率較低。從“委托-代理”的投資角度上來看,基金管理人在投資運作時需要獲得投資人的授權(quán)書等法律文件履行必要確認手續(xù),需要事事委托,效率較低。(2). 雙重課稅。在信托課稅過程中發(fā)生課稅環(huán)節(jié)重復等問題,如信托設立時就信托財產(chǎn)轉(zhuǎn)移產(chǎn)生的納稅義務與信托終止時信托財產(chǎn)真實轉(zhuǎn)移所產(chǎn)生的納稅義務相重復;信托存續(xù)期間信托收益產(chǎn)生的所得稅納稅義務與信托收益分配時產(chǎn)生的所得稅納稅義務相重復等問題時有發(fā)生。(3).按照證監(jiān)會有關規(guī)定,上市企業(yè)必須披露企業(yè)的實際股權(quán)持有人。而以信托公司名義進行投資并持有被投資企業(yè)的股權(quán)時,真正的投資者則難以得到直接的確認。
For the organization form of venture investment, the limitation of trust system lies in the following aspects: (1) low investment productivity. From the investment perspective of “Entrust-Agent”, the fund manager should acquire legal documents, like authorization of investor, and fulfill necessary conformation in everything, which will result in low efficiency. (2) double taxation. It is inevitable for repetition of tax during tax levy processing on the trust products. For example, there is the repetition of tax liability during processing trust properties both in the stage of trust establishment and that of trust termination; it occurs with some frequency concerning the payment of income tax liability during term of trust and in trust income distribution. (3) According to relevant regulation of CSRC, a marketing enterprise should disclose its entire actual equity holders, but it is hard to get immediate confirmation from actual investors when processing the enterprise′s investment and holding its equities in the name of trust company.
房地產(chǎn)投資基金 是指從事房地產(chǎn)的收購、開發(fā)、管理、經(jīng)營和營銷獲取收入的集合投資制度。它可以被看成是為投資者從事其自身的資金和管理能力所不能及的房地產(chǎn)經(jīng)營活動的一種融資形式。房地產(chǎn)投資基金通過發(fā)行基金證券的方式,募集投資者的資金,委托給專業(yè)人員專門從事房地產(chǎn)或房地產(chǎn)抵押貸款的投資,投資期限較長,追求穩(wěn)定連續(xù)性的收益;鹜顿Y者的收益主要是房地產(chǎn)投資基金擁有的投資權(quán)益的收益和服務費用。房地產(chǎn)投資基金的組織形式可以采用以任何一個合法的集合制度形式存在,如股份公司、有限合伙公司或契約型基金。
Real estate investment fund is a collective investment system, which engages in earning income from purchase, development, management, operating and marketing in real estate industry. It can be regarded as a form of financing when the investor is short of funds and operating ability in real estate investment. Real estate investment fund is to collect funds from investors by the form of fund securities, and entrust professionals to make investments in real estate or mortgage for the long-term stable and continuous profits. Profits of fund investor are mainly from investment profits of real estate investment fund and service charges. The organization form of real estate investment fund can exist in any legal collective system, such as stock company, LLP company, or contractual fund.
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