| 房地产投资信托基金的收益影响因素分析——以香港为例 |
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| 引用本文： | 张红,孙煦. 房地产投资信托基金的收益影响因素分析——以香港为例[J]. 中国房地产, 2014, 0(11): 33-40 |
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| 作者姓名： | 张红 孙煦 |
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| 作者单位： | 清华大学建设管理系,北京100084 |
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| 基金项目： | 本文得到国家自然科学基金项目“基于实验经济学的住房信息搜寻效率研究”（71373143）的支持. |
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| 摘 要： | 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。
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| 关 键 词： | 房地产投资信托基金(REITs) 收益 影响因素 VAR模型 |
Study on Yield-affecting Factors of Real Estate Investment Trusts -- taking Hong Kong as an example |
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| Zhang Hong,Sun Xu. Study on Yield-affecting Factors of Real Estate Investment Trusts -- taking Hong Kong as an example[J]. China Real Estate, 2014, 0(11): 33-40 |
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| Authors: | Zhang Hong Sun Xu |
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| Affiliation: | Zhang Hong, Sun Xu |
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| Abstract: | The yield-affecting factors of real estate investment trusts are focused on in this study. Firstly, the yield calculation method of REITs is proposed according to its features; the yield-affecting factor index system is established from three directions including macro, meso and micro prospective; Secondly, the REITs market of Hong Kong is taken as an example and data collected from the market are processed and analysised. Thirdly, VAR model is set up with further variance decomposition and impulse response function; The influences and features of different yield-affecting factors are revealed at last |
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| Keywords: | REITs Rate of return Yield-affecting factor VhR model |
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