组态视角下公募REITs底层资产选择研究——以美国样本进行实证研究

Research on the Selection of the Underlying Assets of Public REITs from the Perspective of Configuration:An Empirical Study Based on US Samples

REITs作为资产证券化的一种工具,底层资产是REITs项目的基石。REITs在我国刚刚起步,通过选取已经很成熟的美国REITs市场作为研究对象,运用模糊集定性比较分析(fsQCA)方法,基于资产质量的成熟理论框架进行归类识别,确定了资产规模、资产盈利性、资产周转率、资产可持续性、资产风险性5个条件,最终得出四种组态,分别是规模价值型、成长型、平衡型、常规价值型四大类,四种资产类型各有侧重,但四种资产组态具有等效性和发展性。研究表明企业可根据自身实际情况,选择适用于项目自身发展的不同组态,为我国刚刚开启的公募REITs上市选择底层资产提供理论与方法支持。

REITs are a tool for asset securitization,and the underlying assets are the cornerstone of REITs projects.REITs have just started in our country.Select the already mature US REITs market as the research object,use the fuzzy set qualitative comparative analysis(fsQCA)method to classify and identify based on the mature theoretical framework of asset quality,and determine 5 conditions:asset size,Asset profitability,asset turnover,asset sustainability,and asset risk.Finally,four configurations are obtained,namely,scale value type,growth type,balance type,and conventional value type.Each of the four asset types has Focus on,but the four asset configurations are equivalent and developmental.Research shows that enterprises can choose different configurations suitable for the development of the project according to their actual conditions,and provide theoretical and methodological support for the selection of underlying assets for the listing of public REITs in my country.