商业地产REITs投资组合绩效研究

发布时间：2018-01-12 01:12

本文关键词：商业地产REITs投资组合绩效研究　出处：《重庆大学》2014年硕士论文　论文类型：学位论文

【摘要】：商业地产大体量的开发建设需要持续强大的资金链作保证，现行的融资渠道和管理机制对比快速的城市发展略显滞后，借鉴美国商业地产发展成功的“商业模式+金融模式”的REITs运作方式，创造溢价，营造可持续扩张的增长路径，放大商业优势。然而我国要引入商业地产REITs模式还需要解决择优商业地产资产组合的问题，以实现REITs投资商业物业绩效的提升，即资产投资收益率的增加及风险的分散。借鉴美国商业地产REITs成功运作经验，结合国内商业地产市场环境及REITs特性，探索中国商业地产REITs的运营模式，并就商业地产REITs的投资绩效做细化研究，通过优化商业地产REITs资产组合以提高投资绩效。本文在综合考量现代投资组合理论、资产定价模型等管理方法的基础上，构建商业地产REITs投资组合绩效评估模型及投资绩效的量化分析指标，提出区域组合、业态组合及区域、业态双重维度组合这三类投资组合策略，以中国四大城市北京、上海、深圳及重庆的房地产各类型物业中房指数（CREIS）为样本数据作实证研究，深入探讨投资组合变化给商业地产REITs绩效带来的影响，以分散投资风险和保证投资绩效的最大化。实证研究成果检验了投资组合模型的有效性，对比研究三大投资组合策略，，发现区域投资组合策略对提升资产组合投资收益率的作用较强，业态投资组合策略进行资产组合的风险分散作用明显。研究建议投资商应综合考量自身的专长、资源、优势及竞争力的基础上，选择适宜的资产投资组合策略。
[Abstract]:The development and construction of commercial real estate needs the sustained and powerful capital chain, and the current financing channels and management mechanism are slightly lagging behind the rapid development of the city. Drawing lessons from the successful "business model finance model" of the commercial real estate development of the United States of America, the REITs mode of operation, to create a premium, to create a sustainable expansion of the growth path. However, to introduce commercial real estate REITs model, we still need to solve the problem of optimal portfolio of commercial real estate assets in order to achieve the improvement of the performance of commercial property investment by REITs. That is, the increase in the return on assets investment and the spread of risk. Referring to the successful operation experience of American commercial real estate REITs, combining the domestic commercial real estate market environment and the characteristics of REITs, this paper explores the operation mode of Chinese commercial real estate REITs. The investment performance of commercial real estate REITs is studied in detail, and the investment performance is improved by optimizing the portfolio of commercial real estate REITs. Based on the comprehensive consideration of modern portfolio theory, asset pricing model and other management methods, this paper constructs the commercial real estate REITs portfolio performance evaluation model and quantitative analysis indicators of investment performance. This paper puts forward three kinds of portfolio strategies: regional portfolio, industry combination and dual dimension combination of regional and industrial forms, with four major cities of China, Beijing and Shanghai. Shenzhen and Chongqing real estate types of real estate property index CREIS as a sample data for empirical research, in-depth study of portfolio changes on the commercial real estate REITs performance impact. In order to diversify investment risk and ensure the maximization of investment performance, empirical research results test the effectiveness of portfolio model, and compare the three portfolio strategies. It is found that the regional portfolio strategy has a strong effect on improving the return rate of portfolio investment, and the portfolio strategy has a distinct risk diversification effect. The study suggests that investors should consider their own expertise comprehensively. On the basis of resources, advantages and competitiveness, choose the appropriate portfolio strategy.
【学位授予单位】：重庆大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42

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