REITs投资收益率影响因素的实证分析

doi:10.16716/j.cnki.65-1030/f.2015.06.001

新疆财经 ›› 2015,Issue (6): 5-14.doi: 10.16716/j.cnki.65-1030/f.2015.06.001

• 经济理论与实践 • 下一篇

REITs投资收益率影响因素的实证分析

黄世达

东北财经大学金融学院,辽宁大连 116025

收稿日期:2015-09-20 出版日期:2015-12-25 发布日期:2020-12-14
作者简介:黄世达(1961-),男,博士研究生,研究方向:房地产金融。

An Empirical Analysis of Factors Affecting REITs Investment Returns

Huang Shida

Dongbei University of Finance &Economics, Dalian 116025, China

Received:2015-09-20 Online:2015-12-25 Published:2020-12-14

摘要/Abstract

摘要： 前海万科REITs的推出正式开启了我国公募型REITs的破冰之旅,考虑到房地产业在国民经济结构中的重要地位,我国的REITs市场未来必有广阔的发展前景。然而,由于之前我国一直未曾推出REITs产品,使得投资者对影响REITs投资收益率的因素可能比较陌生,基于此,本文选取部分微观因素和宏观因素实证检验了这些因素对REITs收益率的影响。结果发现,我国REITs的投资收益率主要受到宏观经济因素的影响,微观因素中只有规模因子对REITs的投资收益率产生影响。

关键词: REITs, 资产定价, 房地产金融

Abstract: Qianhai-Vanke launched the first public REITs in China opening the China's ice-breaking trip in public REITs, taking the importance of the real estate industry in the national economy structure into account, the future of REITs market must have broad prospects. However, because China has never launched REITs for a long time, investors may be unfamiliar with the factors that affect the investment return of REITs. Based on this, this paper selects part of the micro and macro factors and tests empirically how these factors affect the REITs investment returns. It was found that the return of REITs are mainly influenced by macro-economic factors, and only size factor affecting the return of REITs in micro-economic factors.

Key words: REITs, Asset Pricing, Real Estate Finance

中图分类号:

F832.5

黄世达. REITs投资收益率影响因素的实证分析[J]. 新疆财经, 2015, (6): 5-14.

Huang Shida. An Empirical Analysis of Factors Affecting REITs Investment Returns[J]. Finance & Economics of Xinjiang, 2015, (6): 5-14.

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REITs投资收益率影响因素的实证分析

An Empirical Analysis of Factors Affecting REITs Investment Returns

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