本文關(guān)鍵詞：商業(yè)地產(chǎn)REITs投資組合績(jī)效研究　出處：《重慶大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

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【摘要】：商業(yè)地產(chǎn)大體量的開發(fā)建設(shè)需要持續(xù)強(qiáng)大的資金鏈作保證，現(xiàn)行的融資渠道和管理機(jī)制對(duì)比快速的城市發(fā)展略顯滯后，借鑒美國(guó)商業(yè)地產(chǎn)發(fā)展成功的“商業(yè)模式+金融模式”的REITs運(yùn)作方式，創(chuàng)造溢價(jià)，營(yíng)造可持續(xù)擴(kuò)張的增長(zhǎng)路徑，放大商業(yè)優(yōu)勢(shì)。然而我國(guó)要引入商業(yè)地產(chǎn)REITs模式還需要解決擇優(yōu)商業(yè)地產(chǎn)資產(chǎn)組合的問題，以實(shí)現(xiàn)REITs投資商業(yè)物業(yè)績(jī)效的提升，即資產(chǎn)投資收益率的增加及風(fēng)險(xiǎn)的分散。 借鑒美國(guó)商業(yè)地產(chǎn)REITs成功運(yùn)作經(jīng)驗(yàn)，結(jié)合國(guó)內(nèi)商業(yè)地產(chǎn)市場(chǎng)環(huán)境及REITs特性，探索中國(guó)商業(yè)地產(chǎn)REITs的運(yùn)營(yíng)模式，并就商業(yè)地產(chǎn)REITs的投資績(jī)效做細(xì)化研究，通過優(yōu)化商業(yè)地產(chǎn)REITs資產(chǎn)組合以提高投資績(jī)效。 本文在綜合考量現(xiàn)代投資組合理論、資產(chǎn)定價(jià)模型等管理方法的基礎(chǔ)上，構(gòu)建商業(yè)地產(chǎn)REITs投資組合績(jī)效評(píng)估模型及投資績(jī)效的量化分析指標(biāo)，提出區(qū)域組合、業(yè)態(tài)組合及區(qū)域、業(yè)態(tài)雙重維度組合這三類投資組合策略，以中國(guó)四大城市北京、上海、深圳及重慶的房地產(chǎn)各類型物業(yè)中房指數(shù)（CREIS）為樣本數(shù)據(jù)作實(shí)證研究，深入探討投資組合變化給商業(yè)地產(chǎn)REITs績(jī)效帶來的影響，以分散投資風(fēng)險(xiǎn)和保證投資績(jī)效的最大化。實(shí)證研究成果檢驗(yàn)了投資組合模型的有效性，對(duì)比研究三大投資組合策略，，發(fā)現(xiàn)區(qū)域投資組合策略對(duì)提升資產(chǎn)組合投資收益率的作用較強(qiáng)，業(yè)態(tài)投資組合策略進(jìn)行資產(chǎn)組合的風(fēng)險(xiǎn)分散作用明顯。研究建議投資商應(yīng)綜合考量自身的專長(zhǎng)、資源、優(yōu)勢(shì)及競(jìng)爭(zhēng)力的基礎(chǔ)上，選擇適宜的資產(chǎn)投資組合策略。
[Abstract]:The development and construction of commercial real estate needs the sustained and powerful capital chain, and the current financing channels and management mechanism are slightly lagging behind the rapid development of the city. Drawing lessons from the successful "business model finance model" of the commercial real estate development of the United States of America, the REITs mode of operation, to create a premium, to create a sustainable expansion of the growth path. However, to introduce commercial real estate REITs model, we still need to solve the problem of optimal portfolio of commercial real estate assets in order to achieve the improvement of the performance of commercial property investment by REITs. That is, the increase in the return on assets investment and the spread of risk. Referring to the successful operation experience of American commercial real estate REITs, combining the domestic commercial real estate market environment and the characteristics of REITs, this paper explores the operation mode of Chinese commercial real estate REITs. The investment performance of commercial real estate REITs is studied in detail, and the investment performance is improved by optimizing the portfolio of commercial real estate REITs. Based on the comprehensive consideration of modern portfolio theory, asset pricing model and other management methods, this paper constructs the commercial real estate REITs portfolio performance evaluation model and quantitative analysis indicators of investment performance. This paper puts forward three kinds of portfolio strategies: regional portfolio, industry combination and dual dimension combination of regional and industrial forms, with four major cities of China, Beijing and Shanghai. Shenzhen and Chongqing real estate types of real estate property index CREIS as a sample data for empirical research, in-depth study of portfolio changes on the commercial real estate REITs performance impact. In order to diversify investment risk and ensure the maximization of investment performance, empirical research results test the effectiveness of portfolio model, and compare the three portfolio strategies. It is found that the regional portfolio strategy has a strong effect on improving the return rate of portfolio investment, and the portfolio strategy has a distinct risk diversification effect. The study suggests that investors should consider their own expertise comprehensively. On the basis of resources, advantages and competitiveness, choose the appropriate portfolio strategy.
【學(xué)位授予單位】：重慶大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F299.233.42

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