美国房地产投资分析——房地产税收留置权投资实证研究

Analysis on Investment of US Real Estate—Empirical Research and Investment Strategy Analysis of Tax Lien Investment

文章介绍了近期美国投资机构尤其是私募公司关注和青睐的房地产税收留置权投资情况。以美国密斯斯比州Hindscounty从1994年至2008年14573次房地产税收留置权的投资活动作为研究对象,通过实证分析方法,采用Probit和Logit模型,研究房地产所有者在规定时间内未赎回的概率与相关变量之间的关系。研究得出结论:房地产所有者不赎回的概率,即投资成功(Mature)的概率与土地实际价值呈现显著的负相关关系,与建筑物实际价值也呈现显著的负相关关系,与土地使用面积不存在显著的相关性。同时,通过量化分析方法,得出了房地产税收留置权的投资策略,以期对投资美国房地产税收留置权有一定的指导意义。

Introduce investment of real estate tax lien and analyze panel data to analyze the relationship between Mature and related variables through Probit model and Logit model. The data include all tax lien investment activities of Hinds County in Mississippi from year 1994 to year 2008. Totally there are 14573 tax lien investment activities. It shows that the true value of land and Mature are negatively correlated, the true value of buildings and Mature are also negatively correlated. The area of land and Mature don＇ t have significant correlation. Use quantitative analysis method to analyze investment strategy.