And on the basis of it, discusses the microcosmic and macroscopic effects brought by RES,Third, in the view of Institutional Change, the paper studies the development of RES.

• 随后对不动产证券化的流程加以研究，并分析了不动产证券化各个运行主体在不动产证券化中的职能，讨论了不动产证券化带来的微观和宏观经济效应。