| REITs风险收益特征及其资产配置作用 |
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| 引用本文： | 王庆仁,高春涛.REITs风险收益特征及其资产配置作用[J].证券市场导报,2006(3):40-43. |
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| 作者姓名： | 王庆仁 高春涛 |
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| 作者单位： | 1. 上海金融学院,上海,200433
2. 平安保险资产管理有限责任公司,四川,成都,200040 |
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| 摘 要： | REITs具有“长期收益率高于股票、波动性低于股票”的风险／收益特征，更为重要的是REITs与股票、债券的相关系数低。机构投资者的传统组合中通常只包括债券、股票类证券，加AREITs可使组合优化，即组合有效边界向左上方移动，意味着在相同风险水平下，增加REITs后的组合可获得更高收益，或是为取得相同收益水平，增加REITs后的组合只承担更低风险。
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| 关 键 词： | 房地产投资信托基金 资产配置 投资组合 |
The Adverse Selection Component of the Bid-ask Spread in Shenzhen Market: Estimation and Analyses |
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| Wang Qingren,Gao Chuntao.The Adverse Selection Component of the Bid-ask Spread in Shenzhen Market: Estimation and Analyses[J].Securities Market Herald,2006(3):40-43. |
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| Authors: | Wang Qingren Gao Chuntao |
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| Abstract: | REITs possesses the character of higher long-termearnings and lower volatility as compared with equities and, above all, a weak correlation with equities and bonds. Portfolio of institutional investors usually contains bonds and equities. Inclusion of REITs improves portfolio and therefore enhances investment returns. Even at parallel return level, portfolio with REITs lowers investment risks. |
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| Keywords: | REITs asset allocation investment portfolio |
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