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    題名: 不動產投資信託投資決策因素之探討
    其他題名: A study on decision-making for investment in reits
    作者: 丁麗芬;Ting, Li-fen
    貢獻者: 淡江大學財務金融學系碩士在職專班
    林蒼祥;Lin, William. T.
    關鍵詞: 不動產投資信託;投資決策;REITs;Decision-Making for Investment
    日期: 2007
    上傳時間: 2010-01-11 01:06:25 (UTC+8)
    摘要: 自「不動產證券化條例」完成立法後,國內陸續推出不動產投資信託(REITs),還有投信因應投資潮流推出主要以海外REITs為投資標的之REITs基金,但各案例因投資標的不同,結果收益率也不同。投資人面對市場上愈來愈多的REITs產品,實有重新檢討投資策略的必要。
    本文就國內過去相關之文獻中,有關可能影響投資決策之因素加以探討,提出其影響因素為外在、內在及執行面因素。外在因素指總體政經、法治、稅負及市場因素,內在因素有參與機構、投資標的、投資人屬性;其中參與機構指管理機構、受託機構及鑑價機構等;投資標的之售價、租金、類型、位置、承租戶為其內在因素;投資人屬性有分一般投資者及法人投資者;執行面因素則為考量風險、報酬及資產配置。
    從這些因素分析中,發現投資者應先清楚自己的定位,風險的忍受度。保守型或未購置REITs的投資人可從低風險的REITs投資。已持有股票或債券者,可將投資組合加入相關係數低的REITs,增加報酬率,而風險也不會太多。風險忍受度較高、追求高報酬率,作中長期規劃的投資人,可考慮以海外市場高收益率REITs為主要投資標的之REITs基金;全球性REITs基金分散投資,管理成本較高;區域性REITs基金因集中區域性投資,報酬率最高,風險也相對較大。而REITs基金的類型中,股票型基金相對於平衡型基金,其風險波動大。
    投資前仍應先了解基金屬性、基金經理人過去的投資績效、基金規模等,以期在投資時能多方評估,審慎投資決策,獲取最適的投資報酬。
    Ever since legislative procedures for the Real Estate Securitization Act were completed, Taiwan has been seeing an influx of new real estate investment trusts (REITs). Following this market trends, many domestic investment trust companies also offer REIT funds that hold mostly overseas REITs. The returns of these funds vary according to their investment objective. Facing so many REIT related products, investors need to establish appropriate investment strategies.
    This paper reviews related domestic literature to examine factors that influence investment decision and separates them into external, internal, and operational factors. External factors refer to the overall political and economic environment, regulations, tax rules, and market factors. Internal factors include participating organizations, investment targets, and investor types. Among them, participating organizations refer to property management companies, authorized agencies, or appraisal agencies; investment targets are affected by sales price, rental income, property type, location, and tenants; and investor types are divided into individual and institutional investors. Finally, operational factors include risks, returns, and asset allocation.
    After analyzing all of these factors, we conclude that investors should first understand their objective and risk tolerance. Conservative investors or those new to REITs can begin by investing in low-risk REITs. Investors who already own stocks and securities can add low-correlated REITs to their investment portfolio to increase returns without adding too much risk. Long-term investors with greater risk tolerance and those seeking higher returns may consider REIT funds that invest in high-yield overseas REITs. These include global REIT funds which are more diversified but with higher management fees and regional REIT funds which focus on specific locations with both higher returns and higher risks. Among the different types of REIT funds, equity funds have greater risks and rewards compared to balanced funds.
    When investing in a REIT, the investor should understand the fund’s characteristics, the fund manager’s past investment performance, and the size of the fund. With this understanding, investors are able to make wise investment decisions in the investment on REITs.
    顯示於類別:[財務金融學系暨研究所] 學位論文

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