借鉴国际经验发展我国房地产投资信托基金

本文阐述了国际房地产投资信托基金运作的经验,从我国房地产投资信托基金发展现状出发,提出了发展我国房地产投资信托基金的模式设想,以及推进我国房地产投资信托基金发展的政策建议。     

房地产投资信托基金的国际经验比较与借鉴

REITs(Real Estate Investment Trusts,简称RESTs)拓宽了房地产企业的融资渠道,又增加了普通投资者的投资途径,必将对我国的房地产发展带来积极的影响。但我国REITs发展刚起步,法律、监管制度等不完善,投资者也需时间熟悉等,因此有必要分析借鉴国际上发展REITs的成功经验。该文分析比较了美国和亚洲各国发展REITs的成功经验及对我国的启示。     

美国房地产投资信托基金及其借鉴

近年来我国房地产业发展迅猛,但在投融资渠道十分有限的情况下房地产开发企业对银行资金和预售款依赖度过高,迫切需要引入新的投融资方式以缓解风险。本文介绍了美国房地产投资信托基金(REIT)的运作方式,并在此基础上就我国发展REIT提出了若干设想。     

美国房地产投资信托基金及其借鉴

近年来我国房地产业发展迅猛,但在投融资渠道十分有限的情况下房地产开发企业对银行资金和预售款依赖度过高,迫切需要引入新的投融资方式以缓解风险.本文介绍了美国房地产投资信托基金(REIT)的运作方式,并在此基础上就我国发展REIT提出了若干设想.     

我国房地产投资信托基金现状刍议

房地产投资一直是许多国家流行的投资方式。近年来,通过房地产投资信托基金进行间接投资,已成为全球关注的焦点。中国市场带来的巨大潜力也越来越被重视。本文介绍了房地产信托投资基金的概念,类型和优势。还对房地产信托投资基金的发展现状、风险和障碍分别进行了论述,以促进房地产投资信托基金在中国的实践和应用并建立一个合理的框架和结构来避免在实施过程中的风险。     

美国房地产投资信托基金的发展及其借鉴

近年来我国房地产业发展迅猛,但在投融资渠道十分有限的情况下,房地产开发企业对银行资金和预售款等依赖度过高,迫切需要引入新的投融资方式以缓解风险。一、美国房地产投资信托基金(一)美国房地产投资信托基金的发展过程房地产投资信托基金(Real Estate Investment Trusts,简称REITs)是1960年美国国会根据《房地产投资信托法案》的规     

房地产投资信托基金发展前景探析

作为发达国家重要的房地产业直接融资方式的房地产投资信托基金(REITs),近年来受到了我国理论界和实务界的关注。本文介绍了美国和日本REITs的运作模式,通过分析我国REITs发展的障碍所在,提出发展我国REITs的若干对策建议。     

走进美国房地产投资信托基金

2010年注定将成为资本市场的创新年,继融资融券、股指期货获批之后,房地产投资信托基金(RealEstate Investment Trusts,REITs)也呼之欲出,有望成为今年资本市场上又一项重大制度创新。据了解,房地产投     

我国房地产投资信托基金发展问题研究

目前我国初步形成了以房地产信贷为主体,房地产证券、房地产信托、房地产保险为补充的市场体系。房地产信贷一直是我国房地产企业融资的主要渠道,大多数企业50％以上的资金依靠银行贷款。由于成本较高,房地产开发企业很难通过发行股票和债券筹集资金,融资结构失衡致使我国银行系统承受了较大的风险。     

我国房地产投资信托模式及发展对策研究

房地产投资信托作为房地产资本市场的投资工具，对解决房地产公司的外部融资渠道单一问题，以及促进房地产业资金结构和产品结构的优化方面具有重要意义，并为中小投资者投资房地产业提供了现实途径。经过50多年的发展，房地产投资信托在美国和澳大利亚等国取得了巨大的成功，并且形成了基金和信托计划这两种较为完善的模式。在分析以上两种模式的基础之上，提出了适合在我国应用的发展模式和相应的发展对策，以保证房地产投资信托的健康发展。     

Real Estate Risk Exposure of Equity Real Estate Investment Trusts

This study examines the linkage between equity real estate investment trust (REIT) returns and the private real estate factor. The results reveal a tighter connection between REIT and the private real estate market starting from 1993. In addition, large-cap REITs seem to behave more like real estate than do small-cap REITs. Overall, the results are consistent with three notions: (1) that institutional investors provide information-gathering services (Bradrinath et al., Rev. Financ. Stud., 8:401–430, 1995), (2) that a more sophisticated investor base improves information flow, and (3) that a high degree of participation from institutional investors strengthens the linkage between REIT returns and the underlying real estate factor (Ziering et al., The evolution of public and private market investing in the new real estate capital markets, Prudential Real Estate Investors, Parsippany, NJ, 1997).

Real Estate Investment Trusts and Stock Price Reversals

A trigger value of –5% is used to identify a sample of real estate trusts (REITS) that experience substantial one-day price declines. Abnormal returns are then calculated for the subsequent two-day period. The results of this study suggest stock price reversals are associated with extreme stock price declines for REITS. Hence, it appears the market overreacts at the time unfavorable information about REITS is disseminated. The degree of reversal across the sample is assessed according to variables such as the initial price decline (day 0), pre-event leakage (day –1), size (capitalization), the type of real estate investment trust, and relative trading volume.     

从苹果社区信托看中国房地产信托的发展

苹果社区信托产品的面世一方面说明房地产融资并非只有银行贷款一条出路,另一方面说明了基于实体经济的金融创新具有广阔的市场前景。     

Volatilities and Momentum Returns in Real Estate Investment Trusts

We examine the relation of time-varying idiosyncratic risk and momentum returns in REITs using a GARCH-in-mean model and incorporate liquidity risk in the asset pricing model. This is important because illiquidity may be more severe for REITs due to the nature of their underlying assets. We find that momentum returns display asymmetric volatility, i.e., momentum returns are higher when volatility is higher. Additionally, we find evidence that REITs with lowest past returns (losers) have higher idiosyncratic risks than those with highest past returns (winners) and that investors require a lower risk premium for holding losers’ idiosyncratic risks. Therefore, although losers have higher levels of idiosyncratic risks, their low risk premia cause low returns, which contribute to momentum. Lastly, we find a positive relation between REITs’ momentum return and turnover.     

Liquidity and Liquidation: Evidence from Real Estate Investment Trusts

This study provides evidence that highly leveraged owner-managed properties liquidated assets during the commercial real estate decline of the late 1980s, and that this provided buying opportunities for better capitalized buyers. The analysis documents significant financial distress costs for highly leveraged firms during an industry-wide downturn and shows that these costs are particularly large for owner-managed firms.     

Institutional Investors and Firm Efficiency of Real Estate Investment Trusts

This study investigates the effect of institutional ownership on improving firm efficiency of equity Real Estate Investment Trusts (REITs), using a stochastic frontier approach. Firm inefficiency is estimated by comparing a benchmark Tobin??s Q of a hypothetical value-maximizing firm to the firm??s actual Q. We find that the average inefficiency of equity REITs is around 45.5%, and that institutional ownership can improve the firm??s corporate governance, and hence reduce firm inefficiency. Moreover, we highlight the importance of heterogeneity in institutional investors??certain types of institutional investors such as long-term, active, and top-five institutional investors, and investment advisors are more effective institutional investors in reducing firm inefficiency; whereas hedge funds and pension funds seem to aggravate the problem. In sub-sample analysis, we find that these effective institutional investors can reduce inefficiency more effectively for distressed REITs, and for REITs with high information asymmetry, and with longer term lease contracts. Lastly, we find that the negative impact of institutional ownership (except for long-term institutional investors) on firm inefficiency reduces over time, possibly due to strengthened corporate governance and regulatory environment in the REIT industry.     

发展农田房地产投资信托基金F-REITs的思考

乡村振兴的资金需求缺口,不但需要各级政府加大投入,而且需要全社会资本参与,尤其需要结合农村实际情况进行金融创新,为乡村建设提供强有力的资金支持。F-REITs正是基于农田房地产衍生而来的一种金融创新融资工具,F-REITs的低风险、长期稳定收益和较强抗风险能力等特征在多样化投资决策中越来越受到国外投资者的重视。借鉴美国、加拿大等国FREITs的运作经验,结合我国土地“三权”分置政策和当前农地流转存的问题,探讨在我国发展F-REITs的可行性和运作模式,为乡村振兴提供一种新的融资方式,也为农村金融创新做出尝试。     

On the Capital Structure of Real Estate Investment Trusts (REITs)

Much of the literature on capital structure excludes Real Estate Investment Trusts (REITs) due mainly to the unique regulatory environment of these firms. As such, the issue of how REITs choose among different financing options when they raise external capital is largely unexplored. In this paper, we explore two issues on the capital structure of REITs: is there a relationship between market-to-book and leverage ratios, and, is the relationship between market-to-book and leverage ratio temporary or persistent. Our results suggest that REITs with historically high market-to-book ratio tend to have persistently high leverage ratio. In essence, REITs with high growth opportunity and high market valuation raise funds through debt issues. This finding, which is robust to various specifications and econometric tests, is contrary to the financing decisions of non-regulated firms. We attribute it to the special regulatory environment of REITs where, despite no apparent benefits to debt financing, management issues debt. Comments from Robert Edelstein and others at the Maastricht–Cambridge 2005 Symposium, and an anonymous referee are gratefully acknowledged. Any remaining errors are our own.     

Dividend Taxes and Share Prices: Evidence from Real Estate Investment Trusts

Prior empirical evidence regarding the impact of dividend taxes on firm valuation is mixed. This study avoids some of the complications encountered in previous empirical work by exploiting institutional characteristics of REITs, such as their limited discretion over dividend policy and the relative transparency of REIT assets. We regress the market value of equity on the market value of assets and tax basis, which creates tax deductions that lower future dividend taxes without affecting future pretax cash flow. We find that firm value is positively related to tax basis, suggesting that future dividend taxes are capitalized into share prices.     

Insider Ownership and Firm Value: Evidence from Real Estate Investment Trusts

Real estate investment trust (REIT) provides a unique laboratory to study the relation between insider ownership and firm value. One, a REIT has to satisfy special regulations which weaken alternative mechanisms to control agency problems. Empirically, I find a significant and robust nonlinear relation between Tobin's Q and REIT insider ownership that is consistent with the trade-off between the incentive alignment and the entrenchment effect of insider ownership. Two, many REITs are Umbrella Partnership REITs (UPREITs) which have dual ownership structure. They have both common shares and Operating Partnership Units (OP units). Property owners can contribute their properties to the UPREIT in exchange for OP units. Their capital gains taxes remain deferred as long as they hold onto their OP units and the UPREIT does not sell the properties they contributed. OP units owners are locked in with the firm and have incentive to monitor firm management, but their interests diverge from the common shareholders because their tax bases are much lower. Consistent with the trade-off between positive monitoring effect of OP units and tax-induced agency costs, I find that UPREIT's firm value increases with the fraction of OP units, but the effect is significantly weaker for the UPREITs where insiders hold OP units.