摘要
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.
作者
秦颖
孙丽梅
Qin Ying;Sun Limei
出处
《金融理论与实践》
北大核心
2021年第9期80-88,共9页
Financial Theory and Practice
基金
国家自然科学基金项目“基于网络理论的城市物流供应链协同调控研究”(61772062)
北京未来城市设计高精尖创新项目“工程建设标准在一带一路沿线应用”(UDC2019021424)
北京市社科基金项目“京津冀协同发展背景下的流域水环境治理PPP项目绩效评价研究”(16GLB011)
北京市教育委员会科研计划项目“京津冀地区装配式混凝土构件需求动态预测及构件厂布局研究”(KM202110016006)的阶段性成果
北京建筑大学研究生创新项目资助(2020)。