Empirical Research On Real Estate Trust Products,Stocks And Bonds Portfolio

With the rapid development of national economy in China,the distribution system has continued to tilt toward the household sector.So the total financial assets of residents for financial management also increase.Chinese financial market has not been matured and is undergoing continuous reforms.With the development of real estate in China,the real estate market has entered the second half,entered the stock era from the incremental era,and how to revitalize huge amounts of stock assets has become an important issue,facing of reform Chinese economic and the real estate market.At this stage,Chinese real estate investment trust funds have a lot of rooms for development,and stocks and bonds are the preferred choice for most investors.since China's real REITs have not yet been generated.Therefore,this paper studys the empirical research on the portfolio of real estate trust products,stocks and bonds.Firstly,this paper uses DCC-GARCH model to study the dynamic correlation between real estate trust products and bonds,stock returns,and study whether it is suitable for asset allocation;secondly,this paper will use a multi-objective portfolio model.Considering the different types of investors,compare the optimal investment portfolio before and after adding real estate trust products;finally,provide investors with different asset allocation ratios,and propose corresponding policy recommendations based on the current development status of China's real estate trusts.Empirical research shows that the three assets are suitable for asset allocation.That is to say,investors may consider adding real estate trust products to stocks and bond portfolios.At the same time,during periods of high fluctuations in stock returns,investment portfolios that join real estate trust products have a greater rate of increase in earnings than unit stocks.The rate of increase in income under steady income;In the period of large price fluctuations in the real estate market,the increase in the income of the investment portfolio of real estate trust products under the risk of the unit is less than the increase in the income of the real estate price.Moreover,when investors have a high level of risk,they will reduce the proportion of investment in stocks and increase the proportion of real estate trust products;however,when investors are optimistic about the market,they should appropriately increase the proportion of investment in stocks.