基于投资组合理论的房地产投资组合决策模型

Optimizing Real Estate Investment Portfolio Decision Model Based on Modern Investment Portfolio Theory

现代投资组合理论具有分散风险、稳定收益的作用,被广泛地应用于房地产投资实践中。本文引入风险系数γp,以单位收益下风险最小为目标建立房地产投资组合决策模型,并用不可分散度量系数β将单项房地产投资的总风险分解为系统风险和非系统风险,进一步完善该模型,克服了传统决策方法的缺陷和不足,从理论角度解决了投资者的资金分配问题,以实现风险和收益的最佳组合。

Modern Investment Portfolio Theory, having been applied in real estate abroad,can disperse risks and stabilize returns.An objective decision model of real estate investment portfolio by introducing risk coefficient is established. Furthermore,the total risks are divided into systemic risk and non-systemic risk,thus perfecting the model by using the non-dispersible coefficient β.Contrasted with traditional decision-methods, the model overcomes the defects of lacking quantitative analysis,solves the problem of allocation of funds from the theoretical point of view and realizes the optimal combination of risk and return eventually.