REITs之投資與舉債

Investment and leverage of REITs

王冠穎(Kuan-Yin Wang)

指導教授 ： 盧秋玲

元智大學/管理學院/財務金融學系/碩士(2007年)

摘要

其中我們發現，雖然將本文的樣本又再細分為現存REITs、Equity REITs、Office REIts、Hotel REITs、等，但是其某些結果，並沒有太大的差異性。
我們發現REITs雖然其資產大多數為固定資產，長期負債居多。但是由本文研究的結果發現，其仍有其因舉債過多，而侵蝕投資的問題或是現金流量帶來過度投資的問題。近年來，房地產市場熱絡，所以REITs在公司進行投資時，仍需注意因為近期資金流入居高，而產生投資過度的問題。

關鍵字

REITs ； 舉債 ； 投資不足 ； 現金流量 ； 代理成本

並列摘要

This paper examines the empirical studies to ascertain the relationship between investment and other features such as leverage, maturity, ROA, cash flow, and size of REITs. I find that REITs which have Higher FFO growth ratio associate with greater investment, which means that if management have more cash, they could invest more project. I find that current investment is positively correlated with last-period investment. Finally, the results also show that the estimated coefficient of size is positive. The result means that big firms have greater investment than small firms. I find the relation between investment and ROA is negative in most of REITs, except REOCs. I find the relation between and investment is negative in most of REITs, except Equity REITs. The relation between and investment is negative except REOCs.

並列關鍵字

REITs ； leverage ； underinvestment ； cash flow ； agency cost

參考文獻

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