| Summary: | 碩士 === 國立彰化師範大學 === 企業管理學系 === 94 === Real Estate Investment Trusts (REITs) appeared on America in 1960, These investment tools provided to financial institutions another way to raise funds and to investors another way to investment. According to the statistic of National Association Real Estate Investment Trusts (NAREIT), until to 2005, REITs on America totally had 198 files and the market capital of REITs had exceeded 300 billion. Because of this, topic caring about in investors and managers is operating efficiency of REITs.
Anderson, Fok, Springer & Webb(2002) analyzed the operating efficiency of REITs and found more REITs were efficiency. Based on this paper, this study uses data envelopment analysis (DEA) to analyze the operating efficiency and focuses on the operating efficiency of REITs class with capital scale, property and season. This study also try to explain how the operating expenses and return of REITS affect the operating efficiency.
In this study we find some results: first, this study finds larger REITs is more operating efficiency than smaller REITs. This result is the same with Anderson et al.(2002). Second, the operating efficiency with different property is significant different. And the operating expenses make this significant difference. Third, the operating efficiency in the first season of a year (January, February, March and April) is more efficiency than another period.
Finally, we try to use the management condition of American REITs to give some advisements to REITs in Taiwan.
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