| Summary: | 碩士 === 國立臺北大學 === 不動產與城鄉環境學系 === 95 === This study contrasts the backgrounds and statuses of REITs in Asia (included Taiwan). Then We propose some appropriate adjustments while implementing the operating efficiency approach to evaluate Asian REITs performance. In addition, We use DEA as a tool to evaluate the operating efficiency of REITs. Because REITs possess characteristics of both equity securities and real estates, financial structure and real estate status will also affect REITs’ performance. Thus, if we want to evaluate REITs’ performance thoroughly, we have to consider other factors at the same time. Based on our research, we find that the performances of Asian REITs show some difference if we take the interest expense into account or not. Nevertheless, we consider the ability of using financial leverage or not, Japanese REITs has the higher performance efficiency than Singerpore and Hong-Kong. Moreover, we also discover that the operating efficiency was good indicator of REITs price. REITs with longer life have also been proved more efficient in operation. Different property categories of Asian REITs don’t have much impact of the operating efficiency.
This study shows Taiwanse REITs has higher efficiency comparing to other Asian REITs(included Japan, Singapore, Hong Kong). Furthermore, we evaluate each REIT’s efficiency in Taiwan and find that T-REIT have technical efficiencies beside FunBund 1 and Shing-Kung 1.However, due to the management fundamental of Taiwanese REITs is different from that in other Asian countries, investors consider merely the image and size of their parent companies. The meaning of operating efficiency in Taiwan, consequently, is hardly to be observed. Besides, we use Tobit model to examine the factors of operating efficiency. In the end, we conclude that duration and financial leverage are significantly related to operating efficiency, whereas the property amount and categories are not.
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