正确认识创新与监管的关系促进金融健康发展

金融是现代市场经济的核心，经济发展离不开金融发展的推动，金融发展的动力在于创新，大力发展金融市场，积极推进金融创新，是促进市场经济发展所不可缺少的重要条件，金融创新是人类物质文明的成果，也是金融机构规避金融管制的产物，正确认识金融创新与金融监管的关系，对进一步促进金融快速健康发展，保证金融稳定具有十分重要的现实意义。     

金融服务业中长期科技发展的十大任务

金融服务业作为知识密集型产业之一，是科技应用程度最高的部门，也是IT业的最大用户之一。金融创新与信息技术密切相关，高科技的应用促进了金融创新，先进的信息技术使金融系统能够向客户提供更多更好的服务。从国家高度制定我国金融服务业中长期科技发展规划，促进我国金融行业信息化建设持续稳定发展、有效协调各方资源、加速金融创新具有重要意义。     

农业银行经营管理创新分析

创新理论的首创——熊彼特认为，所谓“创新”就是企业家引入“新组合”的活动。纵观世界金融发展史，金融创新贯穿于金融业发展的全过程，金融创新的结果又促进了社会经济的发展和金融业自身的繁荣。依据熊彼特创新理论勾勒的创新内容基本框架，以及金融业的共论，农业银行的金融创新分     

贵州省金融创新问题的调研报告

金融创新包括金融制度，金融机构，金融工具以及金融市场的创新，当前我省金融业正面临着我国即将加入WTO，西部大开发和“十五”发展规划的实施形势，一方面，国民的发展对外开放程度的进一步扩大，对金融运行效能的提高和金融创新提出了迫切的客观需要，另一方面，从金融业自身的发展看，金融创新也是金融机构拓展服务领域，提高服务水平，降低经营成本，市场竞争中取得优势，提高信贷资金的效益和质量，在促进国民经济发展的同时获取较多收益的内在要求，因此，促进金融创新，更好地发挥金融作为“现代经济的核心”作用，已成为当前应认真研究的重要课题之一。     

金融创新与金融监管：当前金融危棚下的解读

金融监管作为一种管制手段对金融创新既有促进作用，也有抑制作用。金融创新与金融监管在“博弈”互动过程中，共同促进金融业发展。当前的全球金融风暴并非金融创新被金融异化了，而是没有正确处理好两者的关系：创新泛滥、监管缺乏，二者不能有效匹配。对此，应协调好金融创新与金融监管的关系，在“维稳”的前提下要强化金融监管，同时加快金融创新步伐。未来中国的发展依然要坚持以市场为核心的改革方向。     

基层人民银行业务创新中存在的问题及对策

一、金融信息化业务创新情况 近几年，人民银行各分支行十分重视信息化环境下金融业务创新的发展。在信息化业务创新的实践过程中产生了前所未有的新工具、新技术和新市场，这在很大程度上革新了传统的业务活动和经营方式，改变了金融总量和结构，促进了金融和经济的快速发展。     

科技金融对制造业上市公司持续性创新影响的实证研究——基于中国省级面板数据

文章选取2012-2020年国内30个省市自治区（不含港澳台、西藏）的面板数据，实证检验了科技金融对制造业持续性创新的影响。结果表明：第一，科技金融发展能够有效促进制造业持续创新，增强制造业长期发展活力，对东中西部三个地区分别检验后依然显著；第二，机制检验发现，科技金融对持续性创新的影响部分通过提高数字经济水平来发挥作用；第三，全要素生产率提高强化了科技金融对持续性创新的正向作用。因此，本文建议要继续完善科技金融体系，发展数字经济，提高全要素生产率和推行区域化战略来促进制造业持续性创新。     

以金融制度区域化创新促进区域经济持续增长

二十世纪七十年代以来，金融业在竞争和创新浪潮中的变迁主要体现在金融业务驱动方式的变化、金融机构资本资产比率的降低、金融产权关系的复杂化、金融市场波动的加剧、金融保险的道德风险、金融管制放松、金融自由化与一体化互为因果的关系等等方面。金融市场化和全球化带来的波动加剧、金融产权约束弱化、金融风险凸显、金融管制的放松，都促进了进一步的金融创新，而金融制度的创新却落后于金融工具、业务和组织的创新步伐，由此带来了浪潮式的金融动荡和危机。金融发展与金融危机并存的现实反映了传统金融理论对现实的不适应，反映了金融发展和创新对金融理论创新的现实要求。     

应对金融创新风险的政府审计思路

金融创新既是金融发展的动力，也是产生金融风险的重要诱因。文章在分析金融创新风险成因的基础上，指出作为金融监管体制的扩展和延伸功能的政府审计在应对金融创新风险具有独立性和综合性的特点，通过建立联动审计机制、构建动态信息系统、建立有效的救济援助机制等手段来提高金融信息质量，完善有利于金融创新的监管体制，促进金融创新有序适度地发展。     

金融创新与对外贸易发展

只有把握好对外经贸发展的实质要求，才能更好地提供服务经贸发展的金融创新产品，同时只有做好金融创新，才能更好地促进对外经济贸易发展的国际化进程     

Concentrated Ownership, No Dividend Payout Requirement and Capital Structure of REITs: Evidence from Turkey

This paper studies empirically the capital structure of Turkish REITs as they offer unique and so far untested angles. They do not have to pay out dividends, yet enjoy the exemption from paying corporate taxes since their legal foundation in 1998. Several financial meltdowns occurred in the last three decades, keeping investors with a doubt about Turkey??s financial and political stability. The last meltdown in 2001 is part of the sample period. Findings show that Turkish REITs employ little long-term debt in their capital structure. The legal requirement that a leader entrepreneur be present with a minimum equity position of 25% introduces the agency problem between the majority and minority owners. The leader entrepreneurs, as non-taxable institutional investors, appear to dictate Turkish REITs?? dividend and debt policies and deplete REITs?? dividends, causing them to go to the long-term debt market. The financial meltdown of 2001 exerts negative short-term and positive long-term influence on the debt ratios while inflation??s effect is negative. Firm size, REITs?? engagement in development and stock market development influence debt ratios positively; tangibility and a few firm, ownership, and country-specific determinants appear to have either mixed or no influence on Turkish REITs?? debt policies.     

公募REITs支持新型城镇化:机理、问题与对策

基础设施公募RE I Ts是改善城镇化投融资机制、盘活基础设施存量资金、防范化解城镇化债务风险的重要创新。但是,现行制度安排对REITs的税收中性、法律框架、市场流动性等中长期发展因素的考虑存在不足,这可能带来摊薄REITs产品投资收益、加大治理与监管成本、制约市场可持续发展等问题,亦对城镇化区域均衡发展产生不确定影响。建议在结合国外经验和中国国情的基础上,加快推动REITs税收优惠政策落地,研究制定“REITs管理条例”等法律体系,完善二级市场建设和流动性培育,优化基础设施公募REITs支持新型城镇化的空间布局。     

Demystifying the Management Structure Puzzle: an Empirical Investigation into the Drivers of REIT Internalization

Real estate investment trusts (REITs) have grown to become an important financial product in Asia, which today stands as the second largest REIT market in the world. Although existing literature has shown that externally managed REITs have underperformed their internally managed counterparts, the Asian REITs market has a strong preference for the external management model. This paper investigates the factors that drive REITs to internalize or deter them from internalizing their manager by studying the characteristics of 26 internalization subjects in Australia at their point of internalization. We compare their financial, corporate governance and portfolio characteristics to a control group. We find the MBR, the parent of the REIT manager, the asset size, and the geographic diversity of assets to be significant determinants of the probability of these REITs internalizing their manager. The low growth prospect faced by large Australian REITs that had a domestic investment focus motivates them to internalize their manager.     

基础设施REITs发展的国际经验及借鉴

REITs包括基础设施REITs都是在经济亟需刺激政策的背景下,各国政府为了实现经济政策目标而推出的,部分市场甚至由政府直接推动首批REITs上市。从国际市场发展现状看,主要的基础设施REITs市场都实现了良性循环,资本市场为基础设施融资和发展提供了强有力支持。从国际经验看,REITs立法的逻辑起点可以分为两大类,一类是将REITs定位成传递工具,一类是将REITs定位成集合投资工具,对应的免税政策也分别有两种不同逻辑。为促进基础设施REITs有序发展,兼顾投融资双方利益,本文提出了相应的法规政策原则和具体建议,包括如何处理好R E I T s法规与其他法规的关系,金融监管部门和其他政府部门的关系,发行人和投资者的关系,如何充分利用现有的金融市场法规和金融市场结构,以及会计准则调整和投资者保护等。本文还分析了资本弱化结构,建议在公募REITs中予以细化规定。     

A multivariate analysis of REIT performance by financial and real asset portfolio characteristics

This paper examines the risk-adjusted performance of real estate investment trusts (REITs) from 1986 through 1990 in relation to financial and property characteristics of their portfolios. The Sharpe measure of risk-adjusted rate of return was regressed against financial ratios and property investment ratios for a sample of equity and mortgage REITs. The results show that, in general, financial ratios (gross cash flow, leverage, asset size), regional location of properties, and types of real estate investments determine the risk-adjusted performance. More specifically, location of properties in the western United States, ownership of health care properties, and investment in securitized mortgages positively affect the risk-adjusted return. The individual financial variables were not found to be statistically significant in influencing REIT returns.     

The Effects of Industry Specific and Local Economic Factors on Credit Default Swap Spreads: Evidence from REITs

Credit Default Swap (CDS) spreads on Real Estate Investment Trust (REITs) have been extremely volatile since the onset of 2008 financial crisis. To have a better understanding of it, we examine the CDS spreads on REITs for both pre- and post-crisis with a particular focus on the effects of geographic concentration and local economic conditions on CDS spreads on REITs. We document that, above and beyond the factors of commonality suggested in the literature, a REIT’s geographic concentration has strong explanatory power for the behaviors of CDS spreads on REITs and the magnitude of this impact depends on the state of the local economy. Our findings suggest there is a potential local-to-private risk transfer through which market participants incorporate their expectations about the future economic health of the region into asset prices. This channel leads to significant co-movement between CDS spreads on REITs and the performance of local economy.     

Dependence dynamics of US REITs

The US real estate market presents itself as a highly capital intensive business and therefore an important part of the US economy. We examine the presence of dependence between 50 US financial REITs from 1st January 2006 to 20th July 2020 categorized into small, medium and large REITs. We apply normal and threshold dependence measures as main tests and centrality networking based on the minimum spanning tree as a robustness approach. We report strong dependence between large and medium US REITs, whereas small REITs provide more diversification and act as net transmitters of information. In comparison to the GFC and ESDC crises, COVID-19 affects all sizes of REIT. Our results suggest that size could be an important factor in REIT pricing, specifically a higher premium should be assigned to large REITs because of their risk receiving behaviour during crisis periods and high connectedness with other large and medium sized REITs.     

REIT Characteristics and the Sensitivity of REIT Returns

Previous research on the returns to real estate investment trusts (REITs) has considered whether REITs are systematically exposed to general stock-market risk and interest-rate risk. This study examines how the sensitivity of REIT returns to these factors may be influenced by various REIT characteristics. Using a sample of publicly traded REITs, we estimate the sensitivity of REIT returns to stock market and interest-rate changes. We then propose and implement a model for testing whether differences in asset structure, financial leverage, management strategy, and degree of specialization in the REIT portfolios are related to their sensitivity to interest rate and market risk. Our results permit us to offer some inferences about how REITs can alter their risk exposure by managing these characteristics.     

Are REITs inflation hedges?

This study investigates the relationship between returns on Real Estate Investment Trusts (REITs) and anticipated inflation. It was motivated by the contradictory findings in the literature concerning the inflation-hedging characteristics of financial and real assets. We employ the methodology developed by Fama and Schwert, which represents a generalization of the Fisher equation. Two different measures of anticipated inflation were used to estimate the regression equations. The results show that REITs generally tend to behave like equities with respect to their hedging characteristics, regardless of how inflation expectations are measured. When we used a survey measure of anticipated inflation, however, we found some evidence that REITs are partial hedges against anticipated inflation.     

Asymmetric Correlation and Volatility Dynamics among Stock, Bond, and Securitized Real Estate Markets

We apply a multivariate asymmetric generalized dynamic conditional correlation GARCH model to daily index returns of S&P500, US corporate bonds, and their real estate counterparts (REITs and CMBS) from 1999 to 2008. We document, for the first time, evidence for asymmetric volatilities and correlations in CMBS and REITs. Due to their high levels of leverage, REIT returns exhibit stronger asymmetric volatilities. Also, both REIT and stock returns show strong evidence of asymmetries in their conditional correlation, suggesting reduced hedging potential of REITs against the stock market downturn during the sample period. There is also evidence that corporate bonds and CMBS may provide diversification benefits for stocks and REITs. Furthermore, we demonstrate that default spread and stock market volatility play a significant role in driving dynamics of these conditional correlations and that there is a significant structural break in the correlations caused by the recent financial crisis.