Abstract:
The phenomenon of discount or premium in the issuance and trading of Real Estate Investment Trusts (REITs) widely
exists in overseas markets, revealing the unique risk characteristics of REITs. The theoretical part of this paper shows that the
risks arising from the multi-layer principal-agent structure, the linkage between the underlying assets and the macroeconomy,
and speculative behaviors can help to understand such a phenomenon. Based on the above analysis, this paper selects the REITs
markets in China's Hong Kong and Singapore as the main samples and constructs a multiple regression model to empirically analyze the
potential risk effect factors which affect discount or premium of the primary and secondary REITs markets. Finally, this paper also
analyzes novel characteristics of the current Chinese REITs market and compares them with overseas markets. In terms of the
above risks, this paper provides corresponding policy suggestions for the booming Chinese REITs market.
下载:
