The Research On Patterns Of REITs

As the recent adoption of REITs (Real Estate Investment Trusts) in Tianjin City, REITs has become a hot topic in both academic and business fields. Based on the research on mode of REITs and the volatility of the listed REITs yields, the essay tries to offer policy advices for REITs operation in China and also provides reference basis for residents and institutional investors through comprehensive theoretical research and empirical analysis of REITs.As a promising innovation type of financial investment tools, REITs which may not only expand the financing channels for huge social capital throws, also alleviate to a certain extent many development bottlenecks of real estate financial industry,has important theoretical significance and application value.This article synthesis utilization Finance study, New System Economic, Information Economics, Econometrics and Statistics related knowledge, with quantitative and qualitative investigation in primarily, dynamic analysis and static analysisfor auxiliary. In the theory stratification plane, we elaborated the REITs pattern arrangement from the property system angle, and analyse the American REITs pattern's evolution way according to the logical framework of the system cost and "the Principal-Agent" question.Simultaneously we carried on the comparison with Hong Kong REITs pattern, recombined our country domestic present environment foundation to obtain three feasible kind of RETIs patterns for our country. In the Operates stratification plane, we used the US REITs monthly returns index ratio ranged from 1971 to 2011 to carry on the GARCH model analysis, and planned using the game model to analyse the management structures of REITs to be listed in our country. The author tried to construct the REITs pattern for our country from ten aspects..Finally, the author summarized conclusions and put forward the corresponding policy proposal for our country REITs development.