房地产投资信托基金风险研究述评与思考

金融危机的爆发使一向收益稳定的房地产投资信托基金（REITs）出现亏损,风险逐渐显现。由于 REITs 具有房地产资产和证券的双重属性,从而使得其风险具有复杂性和特殊性。从 REITs 风险的基础理论溯源、REITs 风险的影响因素辨识、REITs 风险与投资收益相关性、REITs 风险与投资组合策略以及 REITs 风险的传递机制 5 个方面,对该领域的文献进行了梳理,归纳了主要观点。针对当前研究的价值和局限性,结合我国自身特点,提出了关于培养机构及企业、培育成熟物业、建立风险预警体系、完善发展环境等建议,以期丰富我国 REITs 理论研究体系,为我国 REITs 的实践发展提供新的思路

Review of Real Estate Investment Trusts

Due to the financial crisis, the former stable Real Estate Investment Trusts（REITs）becomes deficit and risky. Becauseof the double nature of real estate and securities,REITs risk appears complicated as well as specific. This paper concludes theexisting literatures from five perspectives including financial basic theory of REITs risk ,REITs risk factors identification,correlations between REITs risk and return,REITs risk and investment portfolio strategy and transfer mechanism of REITs risk. Italso summarizes the value and limitations of current research. Some suggestions that cultivate enterprises and organization,fostermature real estate,build early risk warning system, and perfect environment for REITs are put forward in order to provide new ideasfor enriching theoretical system and exploring practical path of China’s REITs.