REITs——文献综述

Foreign research review on real estate investment trust (REITs)

始于20世纪60年代的房地产投资信托基金(REITs),对促进房地产的融资与发展起到了重要作用。自2002年以来,相关研究进展较为缓慢。为了推动我国REITs研究进一步发展,本文对国外REITs研究进行了系统梳理,并展望了其未来的发展方向。近几十年来,国外对于REITs的研究主要集中在其融资模式、收益与分红、风险控制、委托代理等方面,但REITs与股市、债市之间的关联性并未形成共识,REITs收益评估的方法与技术也较为缺乏,尤其是REITs的非系统性风险影响因素及其风险控制方式尚无定论。据此,今后需要动态地研究REITs与金融市场之间的关系;引入汇率、货币政策等外部宏观因素和投资者特征、投资者情绪等内部影响因素来研究REITs的收益;关注REITs的系统性风险的同时关注其非系统性风险;在技术与方法上创新,专门研究针对REITs收益和风险评估的方法和技术;开展具有中国特色的REITs定性与定量研究。

The real estate investment trust(REITs),which began in 1960s,played an important role in promoting the financing and development of real estate.Since 2002,China has attached great importance to the development of REITs,but the related research progress has been slow.In order to promote the further development of REITs research in China,this paper systematically reviews REITs research abroad and looks forward to its future development.In recent years,the foreign studies of REITs mainly focus on the financing mode,earnings and dividends,risk control,agency and other aspects,but the relationship between REITs and the stock market,the bond market has not reached a consensus,and the technical method of REITs revenue assessment is lack,especially the impact factors of non-systemic risk REITs and the risk control is inconclusive.Therefore,the researchers should study the relationship between REITs and financial market dynamically in the future;also,they should introduce external macro factors such as exchange rate,monetary policy and other micro factors such as characteristics and sentiment of investors to study REITs’earnings;also they should focus on non-systematic risk as well as systemic risk of REITs;innovation in technology and methods,mainly focus on methods and techniques for REITs revenue and risk assessment;in the end,carry out qualitative and quantitative research on REITs with Chinese characteristics.