| Summary: | 碩士 === 國立政治大學 === 地政研究所 === 91 === A Feasibility Study of Real Estate Securitization
in Taiwai
Abstract
By transforming real assets into securities , real estate securitization is created to solve the liquidity problem of real estate investment. The real estate securitization system in Taiwan is divided into two types - Real Estate Investment Trust and Real Estate Asset Trust. Whether the real estate securitization system succeeds or not is based on the feasibility of the market operation in practice.
On the demand side, this research uses Logit model to analyze the impact of the feasibility of the real estate securitization system on the investors’ behavior of buying beneficiary certificates by sampling from intuitional investors and individual investors. The empirical results show that the individual investors emphasize on liquidity, divergence, and expected return. In addition, the probability of buying real estate beneficiary certificates increases with the degree of their optimistic expectation on both the stock and the real estate markets. However, the institutional investors regard the divergence of portfolios and investment instruments as the main factors of their buying those certificates.
On the supply side, given the financial objective of ROE maximum, the owners of the real estate will review all of impacts of risk on return of investment before their decision to take the way of securitization. In addition to the financial structure and the management ability of the owners, the results of Monte Carlo simulation on the effect of real estate securitization also reveal that:
a. There is little influence on the ROE of the owners’ real assets while taking trust cost risk and land development cost risk into consideration.
b. The influence of operation risk on ROE is more than that of other risks.
c. Lower the proportion of capital, higher the ROE and bigger the variation of the ROE are.
The results of empirical analysis can be a reference of decision making for Government, trust industry, and investors in the real estate security market operation.
Keywords：Real Estate Securitization , Real Estate Investment Trust , Real Estate Asset Trust , Logit Model , Monte Carlo Simulation
|
|---|
