房地产投资信托基金的收益影响因素分析——以香港为例

研究房地产投资信托基金(REITs)的收益影响因素,首先针对REITs特点计算其收益水平,并从宏观、中观和微观三个角度出发,建立房地产投资信托基金影响因素的指标体系;再以香港REITs的季度数据为研究对象,利用REITs产品的收益水平与影响因素数据进行数据处理与分析;最终建立VAR模型,并进行方差分解与脉冲响应分析,揭示不同影响因素对REITs收益的影响程度与特点。     

发展房地产投资信托基金的现实意义

房地产投资信托基金（Real Estate Investment Trust s简称REITs）是指以发行收益凭证的方式募集投资资金。然后进行房地产或房地产抵押贷款的投资。投资信托基金具有容易变现、分散投资风险、对抗通货膨胀、增值潜力大、收益稳定的特点。每个REITs根据各自的专长选择投资领域：有的以地理区域为专长，如都市、地区的地产；有的以各种行业地产为专长，如零售业、医院、办公楼、公寓、工业等房地产。     

浅析REITs在我国住房保障建设的运用

房地产投资信托基金作为房地产金融创新的形式,推动投融资制度的发展。为解决我国居民住房问题,我国提出了住房保障建设指标。建立我国的REITs,对我国的住房保障建设具有积极意义。本文通过简述房地产投资信托基金特点,结合我国住房保障现状,提出建立我国住房保障REITs的建议。     

我国房地产投资信托基金的发展现状及前景分析

一、房地产投资信托概况房地产投资信托（Real Estate Investment Trusts，REITs），是从事房地产买卖、开发、管理等经营活动的一种金融方式。具体而言，是由房地产投资信托基金公司公开发行收益凭证（如基金单位、基金股份等），将投资者的不等额出资汇集成一定规模的信托资产，交由专门的投资管理机构加以管理，获得收益由基金券持有人按出资比例分享，风险共担的一种融资模式。REITs实际上是由专业人员管理的房地产类的集合资金投资计划。     

浅议利率波动对房地产投资信托基金的影响

房地产投资信托基金(Real estate investment trusts,REITs)的高分配收益特征使其对利率波动的敏感性较强,而房地产业自身也易受利率变化的影响。1973年和2005年美国联邦局对利率的上调对REITs价格和收益都造成了重大影响,利率上调,REITs经营成本增加,REITs的总体回报率减少,直接影响到其投资价值和回报率。     

亚洲REITs强劲反弹

由于全球资本市场的好转以及银行贷款量的增加,亚洲房地产投资信托基金(REITs)强劲反弹。根据世邦魏理仕的相关评估,亚洲REITs的市场总值在今年上半年上升了14.3%,其中日本房地产投资信托基金(J-REITs)加权平均值增长了14.7%,而新加坡房地产投资信托基金     

房地产投资信托基金交易环节税收分析

REITs 作为房地产行业重要的融资渠道在我国一直发展较为缓慢,其中一个主要的原因是针对 REITs的税收政策不够完善,整体税务成本较高。本文就房地产投资信托基金交易环节税收进行探究,阐述房地产投资信托基金的类型情况,分析其中的税收种类,阐述交易环节中存在的税收问题,尝试给出一些建议。     

房地产投资信托基金的障碍与突破

最近,随着香港证监会修订《房地产投资信托基金守则》,允许包括内地在内的其他地区优质物业在香港发行REITs,关于REITs的话题再一次引起房地产业的广泛关注,同时,《房地产投资信托基金守则》的颁布,也使得内地优质物业在香港发行REITs更具有可操作性。     

我国房地产投资信托基金的风险管理

本文对房地产投资信托基金(REITs)的相关概念进行了详细地论述和分析,并就REITs的基本特征进行了提炼和总结,最后总结出了几点REITs可能存在的风险和不合理之处,并简要地提出了一些解决方法.     

REITs融资模式应用分析 ——以绿地康养为例

2020年中央经济工作会议首次明确提及解决好大城市住宅问题,鉴于养老地产投资回报效率相对较低的缺点,在"康养地产"中引入房地产投资信托基金(REITs),是推动建立房地产长效机制的必然选择.文章基于REITs模式参涉方复杂性导致的风险不定因素,结合REITs相关理论对康养地产项目不同业态的REITs融资方案进行分析,提出康养小镇REITs融资模式的优化建议,旨在推动我国康养地产行业的可持续发展,助力我国房地产企业融资模式的转型升级.     

REITs与类似概念比较分析

房地产业是资金密集型行业,根据国外发展经验,房地产市场发展到一定阶段必将启动投资市场和资产证券化市场.尤其近几年,政府对房地产宏观调控更是加快了我国房地产行业和金融行业的全面结合,而REITs作为目前最能够有效融合房地产、投资、资产证券化这三个市场工具,无疑成为备受关注和青睐的房地产金融产产品.但目前RE-ITS在国内还是一个新生事物,处于起步和探索阶段,对REITs定义比较混乱,尤其普遍存在房地产信托、房地产产业投资基金、上市房地产公司和REITs概念的混淆问题.因此笔者在阐述REITs概念及特点的基础上,对此进行了比较分析.     

Volatility smiles when information is lagged in prices

This study explores volatility smiles when stock market information is lagged, specifically in the REIT industry. A usual requirement is that REITs can only disseminate information relating to their property valuations once per year; therefore, this leads to the lagging effect. Within the context of exchange options (i.e. mergers), it seems that no study has researched on this theme. This article uses the Black & Scholes model to calculate implied volatilities and their corresponding implied options to illustrate arbitrage opportunities when exchange options emerge. The results illustrate that implied volatilities are different from non-implied volatilities. Further, arbitrage is still higher among REITs as opposed to other capital market instruments. Finally, just like other capital market instruments, REIT acquisitions generate alpha.     

Contagion between real estate and financial markets: A Bayesian quantile-on-quantile approach

We study contagion between Real Estate Investment Trusts (REITs) and the equity market in the U.S. over four sub-samples covering January, 2003 to December, 2017, by using Bayesian nonparametric quantile-on-quantile (QQ) regressions with heteroskedasticity. We find that the spillovers from the REITs on to the equity market has varied over time and quantiles defining the states of these two markets across the four sub-samples, thus providing evidence of shift-contagion. Further, contagion from REITs upon the stock market went up during the global financial crisis particularly, and also over the period corresponding to the European sovereign debt crisis, relative to the pre-crisis period. Our main findings are robust to alternative model specifications of the benchmark Bayesian QQ model, especially when we control for omitted variable bias using the heteroskedastic error structure. Our results have important implications for various agents in the economy namely, academics, investors and policymakers.     

房地产投资信托基金的产品优势及其在我国推行的必要性

作为结合房地产与证券市场的投融资工具,房地产投资信托基金相对于股票、债券等具有长期收益率高、风险较低的特征,对机构投资者具有资产配置作用。与直接投资不动产和房地产公司相比也具有独特的产品优势。房地产投资信托基金的引入具有重要的现实意义:有利于我国房地产业的持续健康发展;促进我国房地产业产业模式升级;满足大众投资需求,实现居民储蓄分流;分散降低系统性风险,提高金融安全;实现房地产金融业的"帕累托改进"。我国应尽快推行本土化房地产投资信托基金。     

Idiosyncratic risk,market risk and correlation dynamics in the US real estate investment trusts

This study examines total, market and idiosyncratic risk and correlation dynamics using weekly return data on two US REIT firm samples from 1988 to 2008. We find that both market and idiosyncratic variance are time-varying and that idiosyncratic variance represents a dominant component of a REIT firm’s total variance. We find a decline in idiosyncratic risk as well as a rise in average REIT correlation during the new REIT era, from 1993 to 2008. This recent downward trend of idiosyncratic risk among REITs is different to the stylized upward trend of idiosyncratic risk among stocks. There is bi-lateral Granger causality between the market and idiosyncratic risks. Finally, we detect a positive relationship between the idiosyncratic risk and expected returns, implying that the risk premium of REITs is positively related to the idiosyncratic risk during the period new REIT era, 1993–2008. Our results have important asset-pricing implications for under-diversified investors.     

Structural changes,market growth and productivity gains of the US real estate investment trusts in the 1990s

The 1990s were tumultuous times for the US Real Estate Investment Trusts (REITs) industry. Significant structural changes occurred during the decade, especially after the 1993 Revenue Reconciliation Act, which tremendously boosted the flow of funds into the system by allowing the participation of institutional investors in REITs. As a result, the industry experienced remarkable asset growth during the decade, with a large number of initial public offerings and substantial increases in market capitalization. Employing the Data Envelopment Analysis-type Malmquist index approach, this paper explores the impact of such environmental changes on productivity growth, efficiency change, and technological progress of REITs. Our results indicate that while efficiency of the REITs significantly increased, their average productivity declined and technology regressed during this decade. It appears that the typical REIT has failed to improve technically, but exerted substantial effort to catch up with the best practice ones relying mainly on aggressive growth strategies. However, our empirical results indicate that they might have overextended themselves as most began to suffer from diseconomies of scale.

Why do reits engage in open-market repurchases?

We investigate why real estate investment trusts (REITs) still engage in open-market repurchases given the unique 95 percent payout requirement. We provide evidence that the motivations for REITs to repurchase stocks are different from those of unregulated firms found by the existing literature. Instead of using funds from operations, REITs appear to finance stock repurchases by issuing new debt and/or selling assets and investments. Unlike ordinary corporations, REITs stock repurchases are not motivated by cash distribution, capital structure, and undervalued equity. However, REITs are more likely to buy back stocks when employees own a higher level of stock options. Also, we find that REITs are more likely to buy back stocks when they have a higher institutional ownership and/or inside ownership.     

基础设施REITs:中国REITs的新突破

中国的REITs仍然处于探索阶段,基础设施公募REITs试点的展开可视为一个重要的突破,必将对中国REITs的发展产生极为深远的影响。那么此次基础设施REITs有何特点?将会给中国经济发展带来哪些影响?对以后的基础设施建设特别是"新基建"又将产生怎样的影响?本期文章将从多个角度、多个层面分析和解答以上问题,以飨读者。     

Financial crisis,REIT short-sell restrictions and event induced volatility

From September 19 through October 8, 2008 the SEC issued a short sale moratorium on approximately 800 financial stocks. The emergency order justified the ban based on concerns “that short selling in the securities of a wide range of financial institutions may be causing sudden and excessive fluctuations in the prices of such securities” (see Securities and Exchange Commission, 2008). Although Real Estate Investment Trusts (REITs) were initially excluded, the management of fourteen REITs requested that they be added to the restricted list. Diamond and Verrecchia (1987) develop a model in which short sale constraints decrease trading and increase the time required to adjust to new information resulting in greater price reaction. This research employs a GARCH version of the market model to test the impact of the SEC policy on the risk/return of the fourteen restricted REITs and a sample of fifty REITs not on the list. Rather than mitigate volatility it was determined that fifty of the sixty-four REITS in the combined samples exhibited significant event induced risk as a consequence of the ban with a significantly larger increase occurring among restricted REITs. A cross-sectional test failed to identify significant negative or positive abnormal returns as a consequence of the short sell ban.     

我国保障房融资模式中引入REITs的障碍因素分析

为了更好地借鉴和引入国外比较流行的房地产融资方式REITs,识别出我国在保障房融资模式中引入REITs的障碍因素,并用层次分析法对这些障碍因素进行分析,确定影响我国保障房融资模式中引入REITs的关键障碍因素,进而根据分析结果提出相应的对策建议,以利于REITs在我国保障房融资模式中顺利实施。