国外房地产投资组合风险分散化文献综述

Literatures Reviews on Foreign Real Estate Portfolios Diversification

20世纪70年代起,房地产开始成为许多大型基金(如美国养老基金)投资领域。自此,许多研究者开始尝试评价房地产在投资组合分散中的作用。这些研究主要集中在两个方面:一是房地产在跨类投资组合中的分散化作用,二是房地产内部的分散化策略。本文试图对房地产投资组合的相关文献进行综述,希望能为国内学者在房地产投资组合分散化方面的研究提供线索和框架,对我国机构投资者和房地产开发商房地产投资组合实践提供理论指导和借鉴。

In the 1970s, American pension funds and other large funds started to invest in real estate. From that time, many researchers have begun to evaluate real estate portfolio diversification. These studies mainly concentrate from two as- pects: Firstly, real estate plays a role in the cross-category portfolios, and secondly it is the internal diversification strategy of real estate portfolios. This paper attempts to review the literatures related to the real estate portfolios, hopes to provide clues and framework for domestic scholars on study of the real estate portfolio theory, and offers theoretical guide for China’s in- stitutional investors and real estate developers on practice of the real estate portfolios.