Analysis of REITs Project Returns and Their Influencing Factors
Abstract
and analyzes the influencing factors of REITs project returns from the three levels of the micro underlying market, the meso secondary market and the macroeconomic environment and conducts empirical tests, and the results found that the returns of REITs projects in China are
affected by the factors of the three levels, specifically, the market index, the discount-premium rate, turnover rate and long-term loan interest
rate have a positive impact on REITs’ returns, and the interest rate has a negative impact on REITs’ returns, and for every 1% increase in the
yield of the market index, REITs’ returns will increase by 0.09%. The heterogeneity test indicates that REITs products under the franchise are
more affected by the return of the market index. Investors can focus on this type of REITs products when investing in REITs projects, which
may bring higher returns.
Keywords
Full Text:
PDFReferences
[1] WANG Cheng,GO Qiming. Exploration of Taxation Problems of Real Estate Investment Trusts[J]. Tax Research,2015,(07):104-107.
[2] Meng Mingyi. U.S. Experience in Real Estate Trust and Investment Funds[J]. Economic and Management Review,2020,
36(01):124-136.
[3] Yan Yan. Governance Issues of Real Estate Investment Trusts[J]. Tsinghua Financial Review. 2020,(12).49-51.
[4] Wang Wanjun. Research on the Value Growth Mechanism Analysis and Strategy of Real Estate Investment Trusts (REITs) [D].
Wuhan University,2020.
[5] Research on the Development Mode of Domestic Real Estate Investment Trusts (REITs) [D]. Huang Zengqi. Beijing University of
Posts and Telecommunications,2018
[6] Yang Kun. Analysis of the impact of real estate investment trust (REIT) dividend yield on its financing - based on U.S. market data-
[J]. China Price, 2015(09):59-61.
[7] Zhang Weiru.Research on REITs returns:International experience and insights[J]. Times Finance,2014(11):51-52.
[8] Li, F.Y.. Can Investor Sentiment Explain the Discount Premium of ETFs? -Empirical evidence from A-share market[J]. Financial
Research,2014(02):180-192.
[9] Liu Jingjun, Xu Haoping. Institutional investors:Long-term investors or short-term opportunists? [J]. Financial Research,2012(09):141-154.
[10] LU Chiaofei, GE Feng. Analysis of the expected effect of financial deepening in China based on real estate investment trusts[J].
Journal of Systems Management,2011,20(02):244-249.
[11] SONG Fengming,JIANG Qi,GAO Feng. The effect of cash dividends on the correlation between stock return volatility and fundamental information[J]. Financial Research,2010(10):103-116.
[12] Chen Qiong,Yang Shengang.International Experience of REITs Development and China’s Path Choice[J]. Financial Research,2009, No.351(09):192-206.
[13] Betting Against the Sentiment in REIT NAV Premiums[J]. Mariya Letdin; Stace Sirmans; G. Stacy Sirmans.The Journal of Real
Estate Finance and Economics,2021(prep)
[14] REIT Operational Efficiency: Performance, Risk, and Return[J]. Eli Beracha;Zifeng Feng;William G. Hardin.The Journal of Real
Estate Finance and Economics,2019
[15] The other (commercial) real estate boom and bust: the effects of risk premia and regulatory capital arbitrage[J]. John V. Duca;;David C. Ling.Journal of Banking and Finance,2018
[16] European REITs NAV discount: do investors believe in property appraisal?[J]. Giacomo Morri;;Alessandro Baccarin.Journal of
Property Investment & Finance,2016
[15] The Price Behavior of REITs Surrounding Extreme Market-Related Events[J]. John L. Glascock;;Ran Lu-Andrews.The Journal of
Real Estate Finance and Economics,2015
[17] Malaysian Real Estate Investment Trusts: A Performance and Comparative Analysis[J]. Tze San Ong;Boon Heng Teh;Chin Hooi
Soh;Yat Liang Yan.International Journal of Economics and Finance,2012
[18] Extreme Risk Measures for International REIT Markets[J]. Jian Zhou;;Randy I. Anderson.The Journal of Real Estate Finance and
Economics,2012
[19] Analysis of hedge fund strategies using slack-based DEA models[J]. Kumar, U D;Roy, A B;Saranga, H;Singal, K.The Journal of
the Operational Research Society,2010(12)
[20] Investor Sentiment and REIT Returns[J]. Crystal Yan Lin;;Hamid Rahman;;Kenneth Yung.The Journal of Real Estate Finance and
Economics,2009
[21] Real Estate Risk Exposure of Equity Real Estate Investment Trusts[J]. Ming-Long Lee;; Ming-Te Lee;; Kevin C. H. Chiang.The
Journal of Real Estate Finance and Economics,2008
[22] Monetary Shocks and REIT Returns[J]. Don Bredin;; Gerard O’Reilly;; Simon Stevenson.The Journal of Real Estate Finance and
Economics,2007
[23] Dedicated REIT Mutual Fund Flows and REIT Performance[J]. The Journal of Real Estate Finance and Economics, 2006.
DOI: http://dx.doi.org/10.18686/fm.v10i1.13931
Refbacks
- There are currently no refbacks.
