不動產證券化影響投資行為之研究

A Study for the Influence of Real Estate Securitization on Investment Behavior

謝長城(Chang-Cheng Hsieh) ； 謝祖光(Tsu-Kuang Hsieh) ； 許敏之(Min-Chih Hsu)

《華岡農科學報》 33期 (2014/06) Pp. 47-73

摘要

當今，許多的投資者視不動產為投資的標的物。不動產證券化的公佈與實施，儼然對於不動產市場之景氣有著提振之作用。然而，不動產已被一般投資者視為較低風險且保值之投資管道。此研究將藉由不動產的可行性來作分析與探討。從不動產證券化因素的需求面考量，將影響到投資者的投資意願。相對的，對於供給面的不動產投資開發者，倘若運用證券化之模式需考量將面臨到的風險。因此，此研究的動機在於將探討不動產證券化影響投資者的投資行為。期望藉此研究之探討來進而有效的分析與了解投資者對證券化之投資行為。此外，此研究將選定之研究方法為迴歸模型與相關分析。首先，將透過問卷之方式來調查投資者對於不動產證券化之投資行為。再者，藉由運用SPSS統計分析軟體之迴歸模型與相關分析、路徑分析演算而得的數據來加以討論分析。鑑往於此，由於為了振興不動產市場景氣，於是不動產證券化逐步實施；對此，將帶來前景的效果。所以，此研究將探討不動產證券化影響投資者的投資行為。最後，期望能夠藉由此研究的分析與討論來作為未來提供予有關政府機關決策之參考。

關鍵字

不動產證券化 ； 投資行為 ； 相關分析 ； 路徑分析

並列摘要

Nowadays, many investors target real estate as invest subject. The promulgation and implementation of real estate securitization, it has boosted the role of the economic cycle of real estate market. Real estate, however, has been viewed as a lower risk and value maintain of investment way for normal investors. This study is going to analysis and discuss by the feasibility of real estate. It will affect investors’ invest willingness from the consideration of demand aspect for real estate securitization. In contrast, if applying the model of securitization needs to consider the facing risk for the supply aspect of real estate investment developers. The motivation of this study, therefore, is going to discuss the influence of real estate securitization on investment behavior. Hopefully, it could be further explore through effective analysis and understanding of investor behavior on securitization by the discussions of this study. This study, in addition, is going to select regression model and correlation analysis as research methods. First, the study investigates investors in investment behavior for real estate securitization by questionnaire survey method. Furthermore, the study gets data to discuss and analysis by using regression model and correlation analysis of SPSS statistical analysis software. In view of this, it makes the gradual implementation of real estate securitization in order to revitalize the real estate market boom; it will bring the prospects of effectiveness for doing the above describes. This study, therefore, will discuss the influence of real estate securitization on investment behavior. It expects, finally, to take analysis and discussions of this study to provide decision making for the government authorities in the future.

並列關鍵字

real estate securitization ； investment behavior ； regression model ； correlation analysis