房地产投资信托，作为房地产金融的一种模式创新，在世界多个国家已经进行了实施，并且表现良好。我国也在进行相关的实施论证工作。我国已有较多从法律制度、公司治理等对发展REITs进行探讨的研究，本课题在现有成熟的研究基础上，侧重于从经济学的视角对我国发展REITs的可行性进行探讨，以期对现有的研究成果构成更为完整的补充。本文首先回顾了建国以来我国房地产金融的演变和发展历程，总结归纳出我国房地产金融目前的发展态势及其存在的主要问题。然后针对以上问题，结合房地产信托投资的特点所能为我国目前房地产金融所带来的改善，进行了理论和实证的分析，以得出我国发展房地产投资信托的必要性结论。通过结合我国房地产金融的现状从宏观的市场状况、法律法规和微观的企业现有实践出发，对开展REITs的可行性进行分析，并提出发展方案建议。在具体分析过程中，本文首先全面地梳理房地产投资信托的发展历程，着重介绍房地产投资信托的起源及其历史背景。通过总结归纳房地产投资信托的主要发展阶段，对其不同发展阶段的社会经济状况、管理制度的演变进行了总结提炼，为我国发展房地产投资信托提供历史经验借鉴。然后通过运用相关系数法分析美国房地产投资信托的收益与其CPI和股市波动的相关性，对其经济特征进行定量的分析，用实证分析的方法论证我国引入房地产投资信托的可行性。最后结合我国国情与国际较为通行的房地产投资信托管理制度进行比较分析，适度探讨我国房地产投资信托的管理制度建设问题，较为全面对我国开展房地产投资信托的可行性进行分析，对我国实施房地产投资信托提供有借鉴意义的参考。

Real Estate Investment Trusts (REITs), a real estate financing innovation, has been carried out in many countries around the world with good performance, the introduction of REITs into China has also attracted many studies recently. These studies mainly focus on legal system and corporate governance about the introduction of REITs into China. This paper bases on these studies and does further researches on the economic field on REITs. In this way this paper could contribute to these exists studies and enable the studies about the introduction of REITs into China more completed.This paper first reviews the real estate financing’s evolution and the development process since the founding of China. Thronging this process we can conclude that the main problems about China’s real estate financing system and then we discuss how to solve these problems by REITs’ in theory. In this way we can concluded that the necessary about introduction of REITs into China. Furthermore we analyze the feasibility of introduction of REITs into China based on the China’s real estate financing’ situation and making recommendations about how to carry out REITs in China.In the feasibility analyzes we introduces the whole history of real estate investment trusts, and put emphasis on the origin and historical background of REITs. We summarized the difference of the macroeconomic situations, and the management system of different stages of RETIs, so that we can provide the experience for China’s carry out the REITs. We use correlation coefficient to measure the relationship between the U.S. REITs returns and CPI, and stock markets, and use empirical analysis to show that it’s necessary and feasible to carry out REITs in China. We also explore the REITs management system by comparing with other countries and provide suggestions for China’s government to carry out the REITs.