Determinants of the Performance Analysis for Taiwan REITs

• Main Authors: Jui-Fu Sung, 宋瑞夫
• Other Authors: Der-Tzon Hsieh
• Format: Others
• Language: zh-TW
• Published: 2014
• Online Access: http://ndltd.ncl.edu.tw/handle/45359454778191858324

碩士 === 國立臺灣大學 === 經濟學研究所 === 102 === This study provides an analysis of determinants of the performance for Real Estate Investment Trusts issued in Taiwan by utilizing multiple regression analysis, vector autoregression analysis and panel data analysis. The variables examined in the analysis include Sinyi Index, the percentage of shares held by foreign capital, the inflation rate, the exchange rate between USD and TWD, the rate of return of TAIEX Total Return Index, and the dividend yield. The research results suggest that investing in REITs can be a substitution of investing in real estate while focusing on rate of return. However, it is found that REITs issued in Taiwan cannot play the same role as traditional real estate investments while hedging against inflation. Besides that, only two of the REITs are affected significantly by foreign capital investment. This shows that the foreign capital tends to get the return by investing in real estate rather than REITs. Last but not least, the correlation between the rate of return of TAIEX Total Return Index and the rate of return of REITs implies that investing in REITs can be useful in diversifying the portfolio in Taiwan.