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    政大典藏 > College of Commerce > International MBA > Theses >  Item 140.119/52615


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    Title: 金融海嘯下的不動產投資機會─以日本2009不動產私募基金為例
    Real estate investment opportunities under the financial crisis - Japan PEREF 2009 case study
    Authors: 白介宇
    Pai, Jack
    Contributors: 林美花
    Lin, Mei Hwa
    白介宇
    Pai, Jack
    Keywords: 日本不動產私募基金
    PEREF
    Date: 2011
    Issue Date: 2012-04-12 14:02:09 (UTC+8)
    Abstract: 近期所發生的全球性金融危機，同樣地也帶給投資者一個全新的投資機會，讓投資者能夠從價格低廉且安全性高的資產中獲得良好報酬；且因如此，投資者對市場的感官逐漸轉為正向。而另一方面，有越來越多的國外投資者，開始將資金移轉至日本市場，特別是對不動產進行相關的投資。因此我們將藉由個案分析來探討金融海嘯下的不動產投資機會。
    對一個投資者，在進行房地產投資前應該清楚知道如何評估不動產的價值，而後才能將其應用在不同的投資類型上。因此，了解如何評價房地產的價值和不同類型的投資方式是關鍵的基礎。故在第二章中，將先介紹幾個不動產估價方法，包括:比較法、成本法和收益法；接下來則簡介幾種不動產投資的類型，例如:直接投資、不動產投資信託基金或私募不動產基金。
    第三章開始簡介日本房地產市場近期的發展，並討論08年金融危機對日本所造成的衝擊。不過，隨著復甦態勢逐漸萌芽，許多投資機會亦開始顯現，因此在此章節裡將會同時探討為何日本的房地產市場開始值得投資。
    第四至第六章將藉由實務與案例說明，國外基金經理人如何幫投資者進入日本不動產投資市場。其中，第四章先解釋如何從眾多物件中挑選投資標的物。由於在檢視日本不動產市場的當下，對於稅制與法規的瞭解也是相當重要的一環；因此除了應用上述的物件估價方式外，本文也同時考慮稅制與法規對投資的影響。
    在各種因素考量下，若國外投資者欲投資於日本不動產市場較適合使用TK結構，因此第五章將進一步解釋在TK結構下如何設立「Polaris Real Estate Japan Fund 1」。本章節也特別針對基金設立時的貸款條件進一步說明。此外，由於基金投資的年收益配息發放主要是來自於與出租率有關的租金收入，第六章中除了說明配息發放之外，同時探討投資標的物的出租率以及租金收入之關係。
    總結來看，日本的銀行在受到金融海嘯衝擊之後，紛紛縮減對中小企業的貸款；以致於在缺乏流動性的因素下，不動產價格紛紛回落。可預見的是，當經濟逐漸步入復甦趨勢，市場的流動性亦會逐漸恢復，被低估的不動產價格也將會迅速恢復至正常水準。此日本私募不動產基金採取部分自有資金，部分由銀行取得融資的方式來進行投資，透過財務槓桿的操作，預期本基金將可從資產本身以及其投資收益率上獲得更高之報酬。
    此論文中所建構的Polaris Real Estate Japan Fund 1, 於2010年及2011年時的年化派息率分別有8%以及5%。此外，雖然全球金融市場仍處於動盪不安的狀態，但本基金於2010年至2011年，兩年間的年化投資報酬率高達80%。根據此個案分析再次證明本論文中所提供的方法是可行的。
    中文摘要 I
    英文摘要 III
    目錄 V
    圖目錄 VII
    1. Introduction 1
    1.1 Motivation and Purpose 1
    1.2 Research Scope 2
    1.3 Framework and Procedure 3
    2. Appraisal Models and Types of Investment in Real Estate 5
    2.1 Real estate appraisal approaches 5
    2.1.1 Comparable sales approach 7
    2.1.2 Cost approach 8
    2.1.3 Income approach 10
    2.2 Real estate investment type 14
    2.2.1 Direct Investment 15
    2.2.2 Real Estate Investment Trusts – REITs 17
    2.2.3 Private Equity Real Estate Funds- PEREF 22
    3. Japan’s Real Estate Market under the Subprime Crisis 25
    3.1 Impact from financial crisis 25
    3.2 Future Opportunity from the Market 29
    3.3 Potential Performance Analysis 33
    4. Japan’s Real Estate Investment Planning 37
    4.1 Investment target case analysis 37
    4.2 Legal and Regulation on Japan real estate investment 47
    4.3 Tax law on Japan real estate investment 49
    4.4 Optimal Investment Type 52
    5. Japan Real Estate Investment Structure 54
    5.1 Investment Structure 54
    5.2 Fund Loan Information 57
    6. Dividend Payout and Capital Gain 60
    6.1 Dividend payout 60
    6.2 Capital Gain 63
    7. Conclusion 67
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    Description: 碩士
    國立政治大學
    國際經營管理英語碩士學位學程(IMBA)
    93933029
    100
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0093933029
    Data Type: thesis
    Appears in Collections:[International MBA] Theses

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