本文關(guān)鍵詞： 房地產(chǎn)投資信托基金 收益 影響因素　出處：《對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué)》2017年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：房地產(chǎn)投資信托基金是不動(dòng)產(chǎn)證券化的典型形式,是房地產(chǎn)行業(yè)和金融市場(chǎng)發(fā)展到成熟階段現(xiàn)代金融創(chuàng)新的產(chǎn)物。由于房地產(chǎn)投資信托基金具有流動(dòng)性高、收益穩(wěn)定、現(xiàn)金分紅比例較高、低稅收的優(yōu)勢(shì),在國(guó)際市場(chǎng)蓬勃發(fā)展。在當(dāng)前我國(guó)經(jīng)濟(jì)發(fā)展平穩(wěn)、經(jīng)濟(jì)結(jié)構(gòu)調(diào)整的大背景下,房地產(chǎn)投資信托基金的出現(xiàn)可以將存量資產(chǎn)證券化并盤(pán)活存量資產(chǎn);拓展房地產(chǎn)開(kāi)發(fā)商的融資渠道、降低融資成本;豐富投資種類(lèi)、降低投資房地產(chǎn)的門(mén)檻;豐富投資品種,從而對(duì)我國(guó)房地產(chǎn)市場(chǎng)和資本市場(chǎng)起到雙重推動(dòng)的作用。本文以房地產(chǎn)投資信托基金為研究對(duì)象,闡述了房地產(chǎn)信托基金在國(guó)際和國(guó)內(nèi)市場(chǎng)發(fā)展現(xiàn)狀。以投資者最關(guān)心的投資回報(bào)率為出發(fā)點(diǎn),以凱德商用中國(guó)信托為案例,通過(guò)收集凱德商用中國(guó)信托自2007年成立之初至2015年共九年的年報(bào)數(shù)據(jù),以旗下基礎(chǔ)資產(chǎn)為著眼點(diǎn)研究房地產(chǎn)信托基金收益的影響因素。研究結(jié)果表明:基礎(chǔ)資產(chǎn)的經(jīng)營(yíng)收入、經(jīng)營(yíng)利潤(rùn)、投資回報(bào)率、出租率與房地產(chǎn)投資信托基金收益呈正向相關(guān)關(guān)系�？偨Y(jié)提出提高房地產(chǎn)投資信托基金的收益率的方法是收購(gòu)優(yōu)質(zhì)資產(chǎn)、提高基礎(chǔ)資產(chǎn)的財(cái)務(wù)表現(xiàn)和運(yùn)營(yíng)水平、提高資產(chǎn)管理團(tuán)隊(duì)的專(zhuān)業(yè)管理水平。
[Abstract]:Real estate investment trust fund is a typical form of real estate securitization and the product of modern financial innovation in the development of real estate industry and financial market. The income is stable, the cash dividend ratio is high, the advantage of low tax is booming in the international market. Under the background of stable economic development and economic structure adjustment in our country at present. The emergence of the real estate investment trust fund can securitize the stock assets and activate the stock assets; To expand the financing channels of real estate developers and reduce the financing costs; Enrich the types of investment, reduce the threshold of investment in real estate; Rich investment varieties, thus playing a dual role in the real estate market and the capital market. This paper takes the real estate investment trust fund as the research object. The development of real estate trust funds in the international and domestic markets is described. Taking the return on investment that investors are most concerned about as the starting point, the case of Cade Commercial China Trust is discussed. Through collecting the annual report data of nine years from the inception of Kai de Commercial China Trust in 2007 to 2015. This paper studies the factors influencing the income of the real estate trust fund based on the underlying assets. The results show that the operating income, operating profit and return on investment of the underlying assets. There is a positive correlation between the rental rate and the income of real estate investment trust fund. It is concluded that the method to increase the return rate of real estate investment trust fund is to acquire high-quality assets and improve the financial performance and operation level of the basic assets. Improve the professional management of asset management team.
【學(xué)位授予單位】：對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F299.23;F832.51
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本文編號(hào)：1474204