我国REITs收益率及影响因素研究

发布时间：2018-01-29 19:45

  本文关键词： 房地产投资信托基金 收益 影响因素　出处：《对外经济贸易大学》2017年硕士论文　论文类型：学位论文

【摘要】：房地产投资信托基金是不动产证券化的典型形式,是房地产行业和金融市场发展到成熟阶段现代金融创新的产物。由于房地产投资信托基金具有流动性高、收益稳定、现金分红比例较高、低税收的优势,在国际市场蓬勃发展。在当前我国经济发展平稳、经济结构调整的大背景下,房地产投资信托基金的出现可以将存量资产证券化并盘活存量资产;拓展房地产开发商的融资渠道、降低融资成本;丰富投资种类、降低投资房地产的门槛;丰富投资品种,从而对我国房地产市场和资本市场起到双重推动的作用。本文以房地产投资信托基金为研究对象,阐述了房地产信托基金在国际和国内市场发展现状。以投资者最关心的投资回报率为出发点,以凯德商用中国信托为案例,通过收集凯德商用中国信托自2007年成立之初至2015年共九年的年报数据,以旗下基础资产为着眼点研究房地产信托基金收益的影响因素。研究结果表明:基础资产的经营收入、经营利润、投资回报率、出租率与房地产投资信托基金收益呈正向相关关系。总结提出提高房地产投资信托基金的收益率的方法是收购优质资产、提高基础资产的财务表现和运营水平、提高资产管理团队的专业管理水平。
[Abstract]:Real estate investment trust fund is a typical form of real estate securitization and the product of modern financial innovation in the development of real estate industry and financial market. The income is stable, the cash dividend ratio is high, the advantage of low tax is booming in the international market. Under the background of stable economic development and economic structure adjustment in our country at present. The emergence of the real estate investment trust fund can securitize the stock assets and activate the stock assets; To expand the financing channels of real estate developers and reduce the financing costs; Enrich the types of investment, reduce the threshold of investment in real estate; Rich investment varieties, thus playing a dual role in the real estate market and the capital market. This paper takes the real estate investment trust fund as the research object. The development of real estate trust funds in the international and domestic markets is described. Taking the return on investment that investors are most concerned about as the starting point, the case of Cade Commercial China Trust is discussed. Through collecting the annual report data of nine years from the inception of Kai de Commercial China Trust in 2007 to 2015. This paper studies the factors influencing the income of the real estate trust fund based on the underlying assets. The results show that the operating income, operating profit and return on investment of the underlying assets. There is a positive correlation between the rental rate and the income of real estate investment trust fund. It is concluded that the method to increase the return rate of real estate investment trust fund is to acquire high-quality assets and improve the financial performance and operation level of the basic assets. Improve the professional management of asset management team.
【学位授予单位】：对外经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.23;F832.51
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本文编号：1474204