English  |  正體中文  |  简体中文  |  Items with full text/Total items : 43312/67235
Visitors : 2167114      Online Users : 18
RC Version 5.0 © Powered By DSPACE, MIT. Enhanced by NTU/NCHU Library IR team.
National Chung Hsing University Institutional Repository - NCHUIR > 管理學院 > 高階經理人碩士在職專班 > 依資料類型分類 > 碩博士論文 >  不動產投資信託商品加入投資資產組合之時機選擇實證研究

Please use this identifier to cite or link to this item: http://nchuir.lib.nchu.edu.tw/handle/309270000/107665

標題: 不動產投資信託商品加入投資資產組合之時機選擇實證研究
An Empirical Analysis of REITs Investment and Portfolio Choice
作者: 莊開旭
Contributors: 楊聲勇
關鍵字: REITs;Real Estate Securitization;co-integration test;VAR
日期: 2005
Issue Date: 2012-09-04 15:09:35 (UTC+8)
Publisher: 高階經理人碩士在職專班
摘要: 摘 要
美國「不動產證券化」的著名專家Michael Oliver指出:「『不動產證券化』對於長期低迷的不動產市場之復甦有很大的幫助,在未來五年內,國際不動產市場將會更全球化,許多國家,特別是南美及亞洲國家,必然會放寬投資限制,讓更多外資進入不動產市場,以恢復不動產業及經濟不景氣問題」,臺灣在92年7月23日不動產證券化條例經總統公佈施行後,不動產投資信託這項工具,顯然將成為重燃起原本對不動產投資依然鍾情的資金回流的希望,我們可以從首檔正式問世的「REITs」產品—富邦一號上市造成大量的超額認購盛況來感受此一強烈需求。
The ongoing trend of securitization for real estate would help a lot for recovering the long depressed real estate market. As mentioned by Michael Oliver, a famous expert of real estate securitization in the US, "The international real estate market will be more globalized with the coming years. In order to attract more foreign funds into the real estate market to recover the real estate industry and to resolve the economic depression, many countries especially in South American and Asian countries will for sure untie the limitation of investment". After the regulation of Real Estate Securitization was scrutinized and published by the government of Taiwan on July 23, 2003, real estate investment trusts (REITs) will obviously refill the hope that funds used to be in favor of real estate investment would inflow again. The market experienced a huge demanded for the Fubon No. 1, the first local REIT in Taiwan, since it was initiated.
Due to the over demand for the Fubon NO. 1, many potential real estate investors and financial media are encouraging people to participate this market in the hope of increasing the size dramatically. However, even though REITs belong to the fixed income products, it is traded at the stock market in the form of closed-end funds. It would be worthy to explore which timing is the best to participate the market and how it will affect the returns of fixed income securities.
There are a lot of factors that would affect the returns on REITs, and at the moment only one single REITs product is launched in Taiwan. It would be very difficult to monitor its performance statistically, since the trading record is less than two quarters. On the other hand, the US and Australia are two of the well-developed areas and have long history in REITs market. Especially for the US, REITs market is more sophisticated than any other area. Therefore, we could use this market as a benchmark to precede the statistical analysis. We use the co-integration test and VAR to sort out the factors would affect the performance of REITs, and we do hope by doing so would provide valuable information to this newborn local investment market.
Appears in Collections:[依資料類型分類] 碩博士論文

Files in This Item:

There are no files associated with this item.






聯絡網站維護人員:wyhuang@nchu.edu.tw,04-22840290 # 412。

DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU/NCHU Library IR team Copyright ©   - Feedback