An Empirical Study On The Factors Influencing The Return Of REITs Products In The Asian Market

Under the current situation,some major economies in the world are even at low interest rates,so investors need to seek assets with certain income potential for investment.From a national perspective,countries hope to find more economic growth points to promote national development,while controlling inflation at a reasonable level;In this case,stimulating economic growth potential by revitalizing a large number of stock assets is safer and more controllable than directly releasing money and expanding the scale of credit.Turning to the domestic perspective,China has carried out several rounds of regulation and control on the real estate market,and transformed the requirements of "no speculation in real estate,stable land price,stable house price and stable expectation" into the country’s long-term policy goal.At present,domestic real estate enterprises are facing a series of problems such as difficult financing,high financing cost and high debt ratio.At the same time,China’s real estate has experienced the transformation from the era of incremental housing to the era of stock housing.In the process of gradually entering the era of stock,revitalizing a large number of domestic stock assets requires enterprises and investors to focus on improving the level of asset management and promoting the transformation and upgrading of economic structure.The successful experience of REITs abroad shows that this is an effective operation mode of revitalizing stock assets.Chinese mainland has chosen more suitable Asian market as the research topic.It is more similar to the Chinese mainland from the economic development level or regional economic conditions and investor preference.Especially,the organizational structure of the public offering REITs fund in Chinese mainland is very similar to that in Singapore and Chinese Hong Kong.Therefore,the study of two markets in Singapore and Chinese Hong Kong will provide more experience and help for Chinese mainland to develop its own REITs market.Based on the above discussion,this paper takes the mature markets of Asian contractual REITs-Singapore,Chinese Hong Kong REITs market and its portfolio market as the research subject,analyzes the extent to which the return of REITs is affected by macroeconomic factors and relevant market factors,and provides some modest suggestions for the public fund REITs market that has just been piloted in China,It also provides some suggestions for more international investors to introduce an excellent investment variety.Firstly,this paper selects the research indicators according to the important macroeconomic components and relevant market factors through the macroeconomic indicators in the existing market and the benefits and research results of relevant mature markets and REITs,and theoretically analyzes the financial market hypothesis and economic transmission mechanism proposed by domestic and foreign scholars.According to the empirical research results,there is a cointegration relationship between the interest rate,exchange rate,consumer price index representing the degree of inflation,the impact relationship between unemployment rate and the return of REITs,and the impact relationship between real estate market and stock market on the return of REITs in relevant market indicators;Among them,exchange rate,consumer price index,real estate price and stock index can show a positive relationship with the return of REITs,while interest rate and unemployment rate show a negative relationship with the return of REITs;At the same time,interest rate,unemployment rate and exchange rate will have a certain time lag,that is,when these factors change,the yield of REITs does not change directly.