美國不動產證券化在金融體系中蓬勃發展，以投資的角度而言，不動產投資信託的價格與報酬率是影響投資意願的主要因素，本研究針對美國不動產實際市場的狀況，探討不動產投資信託和實體不動產的績效，包含指數表現、股價和股利等報酬之差異分析，研究設計選取權益型不動產證券、抵押權型不動產證券和實體不動產等商品，分析其績效差異，並探討美國不動產投資信託與實體不動產報酬的相關性，實證結果顯示，美國不動產投資信託權益型、抵押權型與實體不動產績效有顯著差異，此外，美國不動產證券化與實體不動產呈現低度相關，藉由本研究可以提供投資者在投資組合決策之參考點。 The development of America’s real estate securitization is flourishing in the financial system. From the perspective of investment, the REITs’ price and return rate on investment are the biggest factors affecting the desire for investment. This study analyzed REITs and real estate performance on the actual situation of US real estate market. It included index performance, stock prices and dividends and other differences in performance analysis. The study selected types of real estate equity securities, mortgage securities of real estate and real estate and analyzed their performance differences as well as investigated the correlation between US REITs and real estate rewards. The empirical results showed there are significant differences among US equity REITs, mortgage REITs and real estate in performance. In addition, there is low correlation between the US real estate securitization and real estate. This study may provide investors with a reference point in the portfolio decision-making.
