| 中国类REITs产品投资属性研究--基于三个典型案例的分析 |
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| 引用本文： | 钟腾,王文湛,易洁菲. 中国类REITs产品投资属性研究--基于三个典型案例的分析[J]. 金融论坛, 2020, 0(3): 38-47 |
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| 作者姓名： | 钟腾 王文湛 易洁菲 |
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| 作者单位： | 对外经济贸易大学金融学院;对外经济贸易大学公共管理学院 |
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| 基金项目： | 国家自然科学基金项目(71703018);国家留学基金资助(201906645010)。 |
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| 摘 要： | 本文通过对中国市场上类REITs典型案例的分析研究发现,与国内近年来房价增速和国外REITs收益率相比,类REITs产品的收益率较低,三个因素可能影响收益率:(1)大部分类REITs产品更接近一种发行人的抵押融资方式,投资人得到的一般是较低的固定利率;(2)类REITs产品内部治理结构的委托-代理关系会产生道德风险的问题;(3)没有类REITs相关的税收优惠政策,过低的租金收入导致类REITs收益率相对偏低。
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| 关 键 词： | 房地产投资信托基金(REITs) 类REITs 收益率 资产支持证券 |
The Research on Investment Attribute of Chinese Quasi-REITs Products--An Analysis of Three Typical Cases |
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| ZHONG Teng,WANG Wen-zhan,YI Jie-fei. The Research on Investment Attribute of Chinese Quasi-REITs Products--An Analysis of Three Typical Cases[J]. Finance Forum, 2020, 0(3): 38-47 |
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| Authors: | ZHONG Teng WANG Wen-zhan YI Jie-fei |
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| Abstract: | The analysis of this paper on the cases of quasi-REITs in China shows that, compared with the recent growth in domestic house price and the yield of foreign REITs, the yield of quasi-REITs products is lower. Three factors may affect the yield:(1) most quasi-REITs products are closer to the issuer’s mortgage financing, and the investors generally get lower fixed interest rates;(2) theprincipal-agentrelationship in the internal governance structure of quasi-REITs products will result in moral hazard;(3) there is no tax-preferential policy related to quasi-REITs, and the low rental income results in relatively low yield of quasi-REITs. |
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| Keywords: | real estate investment trusts(REITs) quasi-REITs yield asset-backed securities |
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