Study On The Portfolio Performance Of Pension Real Estate REITs

With the development of China's aging society,the old-age real estate has ushered in a great development opportunity.However,due to the huge amount of investment in old-age real estate,the long payback period and the intensification of the national macro-control policy,the exploration of the old-age real estate financing model has become a hotspot.How to combine the old-age real estate with REITs to promote the financial innovation of the old-age real estate has become a research hotspot.However,the investment preference will not only affect the investors' income but also have a profound impact on the successful operation of the REITs.But the current research of domestic REITs investment portfolio needs to be further strengthened.This paper introduces the portfolio theory and the risk value model.Carefully studying the formation mechanism of REITs portfolio investment risk income and constructing the portfolio optimization performance model from the dynamic perspective are of theoretical significance and practical significance for the development of China's old-age real estate Value.(1)The plight of the old-age real estate operations is analyzed on the basis of the value chain theory and REITs financing model is introduced by three factors such as the source-driven of value,exogenous stimulus of policy environment and the endogenous promotion of financial innovation to break the difficulties of pension real estate financing and operation and achieve a sustainable and stable development of pension industry.(2)Based on the analysis of the development conditions of REITs in the long-term real estate and the REITs design principles of the old-age real estate,the REITs internal framework design includes the establishment mode,the organizational structure,the operation mode and the listing path include the construction of the legal system,risk management and circulation.The market platform set up external security mechanism in two parts designed for China's national conditions of the REITs financing model.(3)Based on the design of REITs financing model,this paper analyzes the risks and benefits of REITs from the perspective of hierarchical structure and cross-border alliance and puts forward the relationship between developers and operators in the form of strategic alliance as an integral one through the construction of developers and investors between the incomplete information dynamic game,the pension real estate REITs risk income formation mechanism analysis.(4)We use the mean value instead of the income and the variance instead of the risk to construct the initial model of the performance of the portfolio.The model is solved by theGrundian multiplier method.Through the shortcomings of the preliminary model,the risk value model is used to replace the variance in the initial model Mean-VAR Portfolio Performance Optimization Model.Through the empirical analysis of the entire model to verify and explain.(5)Through the analysis of the influencing factors of the REITs portfolio of the old-age real estate,the macro environment of REITs portfolio management is clarified.This paper analyzes the portfolio of the REITs,which is the most suitable for the real estate portfolio,and puts forward the dynamic model of REITs portfolio management from the dynamic perspective.