| 三种房地产投资信托基金经营收益分析 |
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| 引用本文： | 尚天成,高俊卿,郭俊雄,李鼎. 三种房地产投资信托基金经营收益分析[J]. 北京理工大学学报(社会科学版), 2012, 14(4): 43-46,66 |
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| 作者姓名： | 尚天成 高俊卿 郭俊雄 李鼎 |
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| 作者单位： | 天津大学 管理与经济学部,天津,300072;天津大学 管理与经济学部,天津,300072;天津大学 管理与经济学部,天津,300072;天津大学 管理与经济学部,天津,300072 |
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| 摘 要： | 房地产投资信托基金是一种重要的投资和融资工具,对房地产市场的持续发展和金融市场的稳定发挥着积极作用.我国房地产投资信托基金市场尚未形成.为研究不同类型房地产投资信托基金的经营收益,从而为我国选择适当的经营模式提供参考,在讨论房地产投资信托基金经营收益的影响因素的基础上,对权益型、抵押型以及混合型房地产投资信托基金的收益率进行了比较分析;针对其收益率在时间上体现的非平稳性,运用协整理论和误差修正模型,对房地产投资信托基金的类型与其收益率之间的关系进行分析,得出权益型房地产投资信托基金的收益率和股市收益率之间存在协整关系.
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| 关 键 词： | 房地产投资信托基金 权益型 抵押型 混合型 总收益率 协整分析 |
| 收稿时间： | 2011-02-03 |
Analysis of Operating Profit of Three Real Estate Investment Trusts |
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| SHANG Tiancheng,GAO Junqing,GUO Junxiong and LI Ding. Analysis of Operating Profit of Three Real Estate Investment Trusts[J]. Journal of Beijing Institute of Technology(Social Sciences Edition), 2012, 14(4): 43-46,66 |
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| Authors: | SHANG Tiancheng GAO Junqing GUO Junxiong LI Ding |
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| Affiliation: | 1.School of Management,Tianjin University,Tianjin 300072,China |
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| Abstract: | Real Estate Investment Trusts is an important investment and financing tool, which plays an active role for the sustainable development of the real estate market and the stability of financial market. China's real estate investment trusts market has not yet formed. In order to study the operating profits of different types of real estate investment trusts, and provide a reference for the selection of the appropriate business model, the paper did a comparative profit analysis of Equity-type, Mortgage-type, and Hybrid-type Real Estate Investment Trusts, based on the affecting factors of operating profits of the real estate investment trusts. In view of the non-stability of return rate which manifests in the time, it applies the co-integration theory and error correction model to analyze the relationship between the types of Real Estate Investment Trusts and its return rate. It concludes that there exists a co-integration relationship between equity real estate investment trusts and stock market returns. |
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| Keywords: | real estate investment trust equity-type mortgage-type Hybrid-type the total rate of return co-integration analysis |
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