Markowitz投资组合理论在房地产投资组合决策中的应用

Application of Markowitz Portfolio Theory in Real Estate Portfolio Decision

运用马可威茨(Markowitz)投资组合(Portfolio)思想,讨论不同类型房地产项目的投资组合决策问题.系统介绍和推导了Markowitz投资组合理论,分析了房地产投资所独有的各种特性,并结合这些不同于证券投资的特性,对Markowitz投资组合理论加以改进,提出房地产投资组合分配决策模型,最后给出算例.

This paper discusses portfolio decisions for different types of real estate projects based on Markowitz Portfolio theory. After an introduction and deduction of Markowitz Portfolio theory systematically, features of real estate investment are dealt with. With these unique characters taken into consideration, improvements are made on the theory, distribution decision models in real estate investment is put forward, and a calculation example is given.