影響臺灣不動產投資信託基金規模與報酬的因素之研究

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Title:	影響臺灣不動產投資信託基金規模與報酬的因素之研究
Other Titles:	The Influence Factors on Scale and Returns of Real Estate Investment Trusts Funds in Taiwan
Authors:	黃靖雅 Huang, Ching-ya
Contributors:	財務金融學系財務管理碩士班張瑞真 Jui-chen Chang
Keywords:	基金規模;租金收益率;不動產投資信託 rental yields;real estate investment trust;REITs Scale
Date:	2011
Issue Date:	2015-01-22 17:08:57 (UTC+8)
Abstract:	本研究首先探討不動產區位、不動產屬性對不動產投資基金規模的影響，其次再探討不動產投資信託的基金規模、內部因素和外在環境因素，對台灣REITs受益憑證報酬之影響，最後探討對於租金收益率影響的變數。本研究對象為台灣上市櫃不動產投資信託基金為主；研究期間自2007年5月16日到2009年12月，取其日資料作為樣本。本研究透過模型分析，以台灣不動產投資信託基金日報酬率，探討影響不動產投資信託基金規模報酬的因素，實證結果有四，第一:區位分布於北部對於基金的規模呈現顯著性的正相關，屬性為辦公大樓對於基金規模亦有顯著性影響。第二: 非財務面對於基金規模有很高的顯著效果，顯示出當加入非財務變數房地產景氣指數、利率、消費者物價指數後，區位和屬性兩者皆不受其變數影響。第三: 在受益憑證日報酬率的部分，解釋能力的部分顯示出的數據財務面皆無呈現顯著影響；另外基金規模變數的加入發現無顯著性，故基金規模的大小不會影響日報酬率的波動。第四:房地產景氣指數、利率、物價指數等變數，對於租金收益率有顯著性影響。　　This study explored the influence of location and characteristics of real estate toward the scale of real estate investment fund, and then discussed the impact of real estate investment trust fund scale, the internal factors and external environmental factors toward the return of Taiwan shares of REITs. Finally, the influenced variables on the rental yields were also investigated. The daily data of listed real estate investment trust funds in Taiwan from May 16, 2007 to December 2009 were compiled as study samples. Through OLS model, the daily returns of real estate investment trust funds in Taiwan were used to explore the factors influence the reward of real estate investment trust funds. The empirical results showed that: firstly, the location in the north present significant positive correlation toward the scale of the fund, and the office characteristics also showed significant impact to the fund scale. Secondary, the real estate climate index, interest rates, consumer price index and the financial crisis also showed significant impact toward the fund scale when joined Non-financial surface have significant impact to the fund scale. Thirdly, in TTR the explanatory ability part demonstrated the data finance surface all not presents the remarkable influence; Moreover the fund scale variable joins the discovery not to have the significance, therefore the fund scale's size will not affect the date return rate the fluctuation. Fourth ,the variables of the real estate climate index, interest rates, price indices also affected the rental yields significantly.
Appears in Collections:	[Department of Finance, The M.A. Program of Financial Management] Disserations and Theses

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