摘要
近年来,房地产投资信托(Real Estate Investment Trusts,REITs)在全球房地产领域发展迅速,它为产权所有者带来便利的融资管道并增加资产流动性,使众多商业房地产证券化成为一种趋势。而在内地,碍于市场体制及法规的原因,REITs的公开发行仍在推行当中,只有少数类REITs发行,主要仅以中国香港作为试点。通过介绍香港REITs市场情况,从微观角度建立GARCHVAR模型测算香港REITs市场的风险水平。结果显示,持有期间中预测效果良好,表明REITs交易市场中的风险基本可控。在此基础上,建议中国房地产信托基金行业统一市场风险计量工具,建立相关制度控制内外部风险,为中国REITs健康快速发展提供参考。
Real Estate Investment Trusts develop rapidly in global real estate market recently. It provides property owner a new financial channels to increase the liquidity. Thus, commercial real estate securitization become a tendency. In China, the market system and regulations are not matured yet, as a result, REITs are still not able to go public. Only few pre-REITs appear on the market, taking Hong Kong as a pilot. This paper will analyze the Hong Kong REITs market, measuring the market risk level by Garch-VhR model. The results show that the predictive effect is well, which means the risk in REITs market is under control. On the basis of this result, we are going to suggest China real estate trust fund institution to unify the market risk measurement model and establish risk control system. As such, it can provide references for future REITs development in China.
出处
《中国房地产》
2016年第12期3-12,共10页
China Real Estate
