房地产投资信托治理模式对收益的影响分析

The Analysis of the Impact of Management Mode to the Gains of Real Estate Investment Trust

房地产投资信托是指把有关房地产的投资经营管理交给专业的机构,并且建立信托基金把房地产投资所得按比例分配收益给投资者。而房地产信托公司是否有合理的治理结构,是否能够科学、成功、高效的运作极为关键。为阐明治理模式对其收益的影响,本文借助Holmstrom和Tirole的道德风险模型进行分析。通过分析可以看出,REITs治理模式对投资者的投资意愿及投资者收益获取能力具有显著影响。改善公司治理模式可使投资者收益预期提高,并且可提升外部投资者对项目融资的积极性。

Real estate investment trust which originated in the 1860s is a trust funds form which will distribute comprehensive income to investors proportionally and managed by specialized real estate investment institutions.Whether the governance structure of REITs Company is reasonable,science will determine the successful and efficient operation of the REITs.To illustrate the influence of the governance mode to the benefits of REITs,based on the analysis model by Tirole and Holmstrom,through the analysis,we can see that governance mode has the significant influence on its proceeds to investors.Improvement of corporate governance can increase the expected return of the investors and improve the enthusiasm of more investors to finance project investment.