摘要
以苏宁易购为例,从财务绩效和市场反应二个角度,采用财务指标法和事件研究法分析中国REITs的财富效应。结果表明,REITs对证券化产品的投资者有益,市场认同度较高,但资金成本较高,对股东和无担保债权人的财富造成损害。分析认为,目前的税收制度阻碍了REITs财富效应的实现,需要通过加强资本市场的基础建设,构建REITs税制,提高原始权益人再投资收益率等方法加以解决。
Taking Suningyigou as an example, from two perspectives of financial performance and market reaction, it uses financial index method and event method to analyze the wealth effect of REITs in China.The results show that REITs are beneficial to investors of securitized products, and the market is also in favor of this new type of financing, but higher capital costs have caused damage to the wealth of shareholders and unsecured creditors.According to the analysis, the current system, especially the taxation system, hinders the realization of the wealth effect of REITs, and needs to be solved by strengthening the capital market infrastructure, constructing a REITs tax system, and increasing the reinvested yield of the original equity holders.
作者
徐珊
XU Shan(Department of Accounting, Fujian Business University, Fuzhou 350012, China)
出处
《沈阳大学学报(社会科学版)》
2019年第3期274-279,共6页
Journal of Shenyang University:Social Science
基金
福建省社会科学规划基金资助项目(FJ2017B108)