| Summary: | 碩士 === 淡江大學 === 會計學系碩士班 === 96 === There are many kinds of financial instruments in Taiwan, not only under information complication, but also investor lacks on specialized knowledge situation, the REITs is a better tool for investor in investment. Generally speaking, the long-term returns of REITs are higher than those of bonds. Through this empirical results hopefully can assist the REITs authorities in providing improvement directions and effective utilization resources and let investors know what the actual REITs performances are during our research period.
This research focuses on measuring the efficiency of open-ended REITs in Taiwan. First, the CCR and BCC models of DEA are employed to measure the relative efficiency of REITs, and then we explain whether any input variable has the input excessive situation through slack variable analysis. Moreover, we also investigate whether there are possible impact factors on the efficiency of the REITs in terms of Tobit regression model.
Overall speaking, the technology efficiency, pure technical efficiency and scale efficiency of REITs are inefficient. The ratio of direct cost is the top one input variable which is needed to be reduced to certain level for efficiency improvement through our slack variable analysis. In addition, through non-parametric analysis method results indicate that there is no significantly difference between with and without interest distribution of the REITs performance in terms of relative efficiency. Finally, the Tobit regression results show that the fund size of the REITs has positive impact on the REITs efficiency; the management fee has negative impact on the other hand; and with or without interest distribution of the REITs has no impact on the REITs efficiency.
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