不動產投資信託基金與總體經濟因素關聯性之研究

The Relationship between Macroeconomic Factors and the Taiwan Real Estate Investment Trusts (REITs)

陳莛之(Ting-Jr Chen)；莊季錡(Chi-Chi Chuang)

不動產投資信託 ； 總體經濟變數 ； Real Estate Investment Trusts (REITs) ； Macroeconomic Factors

華人經濟研究

13卷1期（2015 / 03 / 01）

189 - 206

繁體中文

總體經濟因素對不動產投資信託報酬影響甚廣，本研究主要探討對不動產投資信託報酬的影響因子有哪些，並且對台灣不動產投資信託做實證研究，實證方式採用多元迴歸分析，探討何種經濟層面對不動產投資信託報酬有最直接的影響。利用多元迴歸分析之實驗結果顯示，影響不動產投資信託市場報酬之顯著因子分別為CPI、M1b、USD與落後指標綜合指數。USD與不動產投資信託報酬成反向變動，CPI、M1b與落後指標綜合指數跟不動產投資信託報酬呈現正向關係。

Macroeconomic factors are widely influence on the return of the Real Estate Investment Trusts (REITs), the study uses the REITs as empirical objects, and intends to understand what variables have impact on the return of the REITs in Taiwan. We used multiple regression analysis to explore what economic level has the most direct impact on REITs. The empirical results show that a significant factor affecting the REITs market remuneration were CPI, M1b, USD index and lagging indicators. USD and REITs returns to reverse changes, CPI, M1b and lagging indicators composite index with the returns of REITs showing a positive relationship.