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。     

Real estate sentiment as information for REIT bond pricing

For corporate bond investors, credit ratings have been found to be informationally insufficient due to their limited timeliness and accuracy. This paper investigates the information content of forward-looking commercial real estate investor sentiment for pricing decisions of US REIT bond investors. Using an unbalanced panel data-set for the post-crisis period (2010–2013) and Prais–Winsten regression correcting for contemporaneous and serial correlation, sentiment is found to have a negative effect on REIT bond yields irrespective of S&P index inclusion or credit rating. The effect of sentiment, however, is larger for REITs that are not included in S&P indices than for S&P REITs. Explanations for this finding include institutional investor and REIT characteristics.     

The Variation of Economic Risk Premiums in Real Estate Returns

We examine the predictable components of returns on stocks, bonds, and real estate investment trusts (REITs). We employ a multiple-beta asset pricing model and find that there are varying degrees of predictability among stocks, bonds, and REITs. Furthermore, we find that most of the predictability of returns is associated with the economic variables employed in the asset pricing model. The stock market risk premium is highly important in capturing the predictable variation in stock portfolios, and the bond market risk premiums (term and risk structure of interest rates) are important in capturing the predictable variation in bond portfolios. For REITs, however, both the stock and bond market risk premiums capture the predictable variation in returns. REITs have comparable return predictability to stock portfolios. We conclude that there is an important economic risk premium for REITs that are not captured by traditional multiple-beta asset pricing models.     

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。     

关于推行廉租房REITs融资模式的SWOT分析

文章利用SWOT模型对廉租房REITs融资模式的优缺点、面临的机遇和威胁进行了系统分析,提出推行廉租房REITs融资将对目前廉租房建设资金短缺、商品住宅价格非理性上涨等问题起到缓解作用.最后建议应该及时地推出相关的法律和配套政策,加快人才培养以及提高资产池收益率等.     

发展REITs,完善房地产金融体系

房地产业是典型的资金密集型行业，对金融有很强的依赖性，因而建立房地产金融支持体系就显得至关重要。目前，房地产业任何一个环节都离不开银行信贷的支持。仅靠银行信贷支持房地产业一方面会增加银行体系的脆弱性，并且极有可能成为银行业危机爆发的源头，另一方面也会导致房地产业发展的不可持续，呈现一种间断性发展势头。完善房地产金融体系，引入REITs房地产基金可以说是上乘的选择。文章以美国为例分析国外REITs的发展状况及特点和我国发展PEITs的重要意义，并针对我国PEITs发展现状提出对策。     

论不动产投资信托的消极属性

不动产投资信托的消极属性是指一个国家或地区的不动产投资信托立法将不动产投资信托的主要收入限于消极来源以及为实现这一目的而对其交易行为或业务范围进行一定的限制。我国未来的不动产投资信托立法也应当坚持这一属性,并且要明确界定不动产投资信托的收入来源,也要对不动产投资信托能否买卖、开发和运营不动产以及能否向不动产承租人提供服务和获得收入等问题做出回答。     

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。     

Asset-light strategy and real estate risk of lodging C−corps and REITs

The asset-light strategy has been gaining popularity among practitioners for its virtues in lowering capital investment burden and allowing efficient expansion. Meanwhile, arguably the greatest advantage of the strategy—a mitigating effect on the real estate risk exposure—has yet to be validated. To empirically test this effect, this study adopts a comparative approach, utilizing data on both lodging C-corporations and real estate investment trusts (REITs). Yearly firm-level real estate betas are estimated through an augmented Fama-French asset-pricing model for all lodging firms and REITs between the years 2002–2016, and further used for a second-stage analysis on their relationship with real estate ownership and liquidity. Findings reveal that 1) lodging firms are significantly less exposed to real estate risk than REITs, 2) lodging firms may still be conditionally exposed to real estate risk under liquidity constraints, and 3) certain unique characteristics of REITs render differences in the effects of liquidity.     

房地产投资信托制度(REITs)风险之法律规制与运营控制

房地产投资信托制度(REITs)中的风险问题,是任何一个研究REITs的理论界或实务界人士都必须回答的问题。在规制REITs风险的方法中,主要分为两种:最直接的处理风险问题的方法是由美国《投资公司法案》控制债务杠杆;而其它法规对REITs风险的规制,则是较为间接的控制风险的方法。伞型合伙(UPREITs)结构的风险,美国财政部和国家税务局IRS的相关法规可对此进行规制。下属合伙(DOWNREITs)结构的风险则可以采用三种运营方式予以控制。