| Summary: | 碩士 === 國立交通大學 === 管理學院碩士在職專班經營管理組 === 97 === In recent years, innovative investment tools were introduced to Taiwan, such as asset securitization, real estate securitization, derivatives, options, etc. The real estate securitization connects the housing market and the capital market. The objectives of the real estate securitization are to promote the efficiency in capital market, encourage the domestic investment of the real estate market, increase the liquidity and promote the development of housing related industry. Besides, the real estate securitization may increase the variety of investable products, attract the foreign investment, directly or indirectly contribute to the economic growth and economic efficiency, as well as improve the quality of living. Going forward, the goals are to expand Taiwan's capital market scale, increase the efficiency of asset allocation and make the capital market the real estate market and capital complement each another.
The real estate investment trust funds in Taiwan are the objects in this research, using existing enclosed-types and public traded REITs such as “Fubon #1” , ” Fubon #2” , “Cathay #1”, ”Cathay #2”, “Shin-Kong #1”, and “San-din”. We use the monthly mean equity prices obtained from the Market Observation Post System to calculate the return rate. Then we select “the macroeconomic indicator” and “the real estate composite indicator”, which are the two heading targets, to discuss the correlation between the indicators and the REITs returns. And we specifically discuss “the interest rate standard” and “the price index” in the macroeconomic indicator category, and “the REITs rental receipts” in the real estate composite indicator. In sum, we use five indicators as independent variables and run the correlation analysis between these variables and the REITs returns in order to provide more explicit reference indicators to investors.
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