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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/37342


    Title: 台灣REITs個人與法人投資需求之研究─過去、現在與未來
    Authors: 吳怡蕙
    Contributors: 張金鶚
    吳怡蕙
    Keywords: 不動產證券化
    不動產投資信託
    投資需求
    Logit模型
    Date: 2006
    Issue Date: 2009-09-19 13:13:30 (UTC+8)
    Abstract: 國內發行REITs已逾一段時間，但卻缺乏發行後實際投資需求研究，然而為了促進REITs產業的穩定發展，有必要了解投資人的投資意願及考量因素為何，故本文延續翁偉翔、張金鶚、陳明吉(2003)之潛在需求研究，再次利用問卷調查方式，並建立二項式Logit模型進行實證，研究投資人對REITs的投資意願及投資考量因素。
    實證結果發現，發行REITs後，一般投資者對REITs的相關資訊愈充分，且認為「分散風險」愈重要，及投資人屬性中投資金額愈大，投資工具數愈多，及投資經驗年期愈長，購買REITs機率愈大；法人投資者則認為「流動性」愈重要，及資金規模愈大與投資工具數愈多者，購買REITs機率愈大。在預期未來購買REITs與否，一般投資者預期未來對房地產景氣預期愈樂觀時，愈肯定REITs「小額投資不動產」特性，且具有投資REITs經驗的投資人，預期未來購買REITs機率愈高，但投資經驗年期愈長的投資人，則預期未來購買REITs機率愈低；法人投資者預期未來購買REITs與否，則將「分散風險」與「流動性」兩者皆視為主要投資考量因素。
    Reference: 【中文部分】
    1. 何宗益(2003)，「我國不動產投資信託規模經濟之研究」，朝陽科技大學財務金融系碩士論文
    2. 吳明哲(2004)，「不動產證券化市場潛在投資需求因素之研究」，國立中興大學應用經濟學研究所博士論文
    3. 花敬群、張金鶚(1997)，「住宅市場價量波動之研究」，『住宅學報』，5：1-15
    4. 姜堯民(2002)，「Taiwan-REITs成功的關鍵在流動性」，『台灣金融財務季刊』，3(2)：23-35
    5. 翁偉翔、張金鶚、陳明吉(2003)，「台灣不動產證券化產品市場需求之初探」，『住宅學報』，12：1-29
    6. 張金鶚、徐驊彬、廖仲仁、江穎慧(2004)，「他山之石，可否攻錯？--從美國不動產證券化經驗探討國內相關課題」，『律師雜誌』，295：36-53
    7. 楊秀鳳(2000)，「投資人於現有稅負下運用不同投資管道投資不動產證券化商品之最適策略研究」，逢甲大學土地管理研究所碩士論文
    8. 鄭佩宜、張金鶚(2006)，「台灣不動產投資信託之表現與投資組合」，『2007年中華民國住宅學會第十六屆年會學術研討會論文集』
    9. 劉春性(1994)，「股市投資者之人口統計變數和生活型態與其投資行為之研究」，東吳大學管理科學研究所碩士論文
    10. 鮑聖玟(1997)，「股市投資人對共同基金之投資行為及市場區隔之研究」，東海大學管理研究所碩士論文
    【英文部分】
    1. Adrangi B., Chartrath A. and Raffiee, (2004), “REIT Investments and Hedging Against Inflation”, Journal of Real Estate Portfolio Management. 10 (2):97-112
    2. Anderson R., Fok R., Springer T., and Webb J., (2002). “Technical Efficiency and Economies of Scale: A Non-Parametric Test of REIT Operating Efficiency” European Journal of Operational Research; 139 (3): 598-612.
    3. Ambrose B. W., Highfield M. J.and Linneman P. D,(2005),” Real Estate and Economies of Scale: The Case of REITs”, Real Estate Economics; 33(2):323-350
    4. Below S. D., Stansell S. R. and Coffin M., (2000), “Institutional investment in REIT common stock: An examination of the prudent man investment hypothesis”, Journal of Real Estate Portfolio Management; 6 (2): 113-130
    5. Chan K. C., Hendershott P. and Sanders A. B., (1990), “Risk and Return on Real Estate：Evidence from Equity REITs”, AREUEA Journal. 18 (4): 431-452
    6. Chan S. H., Leung W. K. and Wang K., (1998), “Institutional investment in REITs: Evidence and implications”, The Journal of Real Estate Research. 16 (3): 357-374
    7. Chan S. H., Erickson J. and Wang, K., (2003), Real Estate Investment Trusts, Oxford Press.
    8. Chen K. and Tzang, (1988), “Interest Rate Sensitivity of Real Estate Investment Trusts”, The Journal of Real Estate Research. 3: 13-22
    9. Ciochetti B. A., Craft T. M. and Shilling J. D., (2002), “Institutional Investors` Preferences for REIT Stocks” Real Estate Economics. 30 (4): 567-593
    10. Downs D., (1998),”The Value in Targeting Institutional Investors: Evidence from the Five-or-Fewer Rule Change” Real Estate Economics. 26: 613-649
    11. Downs D. and Z.(2000),”Investment Analysis, Price formation and Neglected Firms: Does Real Estat Make a Difference?” Real Estate Economics. 28: 549-579
    12. Glascock J. L., Lu C. and So R. W., (2002),” REIT Returns and Inflation: Perverse or Reverse Causality Effect?” , Journal of Real Estate Finance and Economics. 24 (3): 301-317
    13. Lee S., Stevenson S., (2005),” The Case for REITs in the Mixed-Asset Portfolio in the Short and Long Run”, Journal of Real Estate Portfolio Management. 11 (1): 55-80
    14. Li, Y. and Wang K., (1995), “The Predictability of REIT Returns and Market Segmentation”, The Journal of Estate Research. 10 (4): 471-481
    15. Markowitz H., (1952). “Portfolio Selection.” Journal of Finance 7, 77-91
    16. Rosen, K., (2001)”Real Estate Investment Trusts (REIT): A Safe Haven in Volatile Financial Market” Lend Lease Rosen. Research Report, April. Berkeley, CA.
    17. Scherrer P. S., (2004), “Financing and Investing Considerations for REITs”, Corporate Governance. 4 (4): 78-82
    18. Sowden W. and Young M. S., (2004). “REITs in the Mixed-Asset Portfolio: Some Current Concerns.” Institute for Fiduciary Education
    19. Waggle D. and Johnson D.T., (2004), “Home Ownership and the Decision to Invest in REITs”, Journal of Real Estate Portfolio Management. 10 (2):129-144
    Description: 碩士
    國立政治大學
    地政研究所
    94257014
    95
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0094257014
    Data Type: thesis
    Appears in Collections:[Department of Land Economics] Theses

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