Research On The Influencing Factors Of The Real Estate Investment Trust Fund Income In China

China's real estate industry has always been a leader in the development of the national economy,but in recent years,China's real estate market has faced the problem of"structural imbalances",real estate prices have risen sharply,problems such as unreasonable housing prices and unbalanced supply and demand have gradually been exposed.come out.In 2017,the Central Economic Work Conference proposed"accelerating the establishment of a housing system with multi-agent supply,multi-channel security,and rent-purchase simultaneously." In 2019,the central government once again reiterated that it will not use real estate as a short-term stimulus to the economy.At present,the real estate market is facing transformation under the strict control of multiple policies.While constructing a rent-purchase housing system,Real Estate Investment Trusts(REITs)are used in the field of housing leasing to solve the shortage of housing leasing funds.The problem of long investment payback period.The development of real estate investment trust funds can alleviate the problem of narrow financing channels in the real estate market,effectively reshape the reinvestment capabilities of enterprises,optimize the structure of corporate assets and liabilities,broaden the feasible investment horizon of investors,and effectively maintain the stability of the financial market.As a financial innovation tool,REITs' risk-return level is an important factor that determines whether REITs can be standardized in China's market.Since China is piloting the construction of standard REITs,and most of the standard REITs holding property assets in our country are currently listed in Hong Kong,Singapore and other places,the study of the impact of China's existing standard REITs on overseas earnings will affect future standard REITs.The listing in mainland China has important guiding significance.This article mainly selects REITs listed in Hong Kong and holding domestic assets in China to study the influencing factors.When considering the range of factors affected by REITs,it not only considers the macroeconomic risks,relevant market fluctuations and micro factors of the asset location,but also considers The macroeconomic risks of the location of the issuance,so that the influencing factors of REITs' returns and the specific risk transmission path can be explored from the two transmission mechanisms of the capital market and the real economy.Establish the OLS model for the factors under the two influence mechanisms to explore the factors that have a significant impact on REITs,and then combine these factors to establish a VAR model to explore the actual influencing factors of REITs revenue in China and the impact of each factor on REITs.Duration range.The research results show that the income level of REITs listed in Hong Kong in China is mainly affected by the inflation risk of the real economy as the transmission path,the operation and management risk of REITs basic assets and the risk of asset value fluctuations,and the macroeconomic cycle fluctuations with the capital market as the transmission path Risks,broad market volatility risks in trading venues.Through impulse response and variance decomposition,we can see that these factors have a positive effect on the returns of REITs,but the impact is relatively weak.This shows that China's REITs have a strong ability to resist risks and are a stable investment tool.Therefore,the establishment of a standard REITs market system is an urgent matter for alleviating the narrowing of real estate financing channels and broadening investment channels in capital markets.