Research On The International Management Model Of Real Estate Investment Trust Funds

Real estate investment trust fund is an important means of real estate asset securitization.It was born in the United States in the 1950 s and and entered the stage of rapid development in the 1990 s.Under the macro background of China's current capital market reform and real estate industry transformation,the timely implementation of REITs in China can improve the financing structure of real estate enterprises,promote the development of multi-level capital market,improve the operation efficiency of real estate enterprises,and establish a long-term real estate mechanism.As the most important financial innovation in China,the healthy development of REITs requires in-depth research at the institutional design level.Based on this,this paper starts from the analysis of the current situation of REITs,combined with the development experience of the international market,theoretically analyzes the performance of REITs under different management modes,and combines quantitative models to empirically study the sample data of the US market in the past few decades.Finally,the paper comprehensively analyzes the current situation of China's REITs management mode,discusses the improvement direction of China's REITs management mode.The introduction to this article first introduces the background of REITs.The second chapter is a review of domestic and foreign literature.The third chapter is the analysis of the development status of REITs,including the connotation,development history,characteristics and risks of REITs,as well as the development of REITs in various countries and regions.Finally,it also focuses on the analysis of the connotation and development process of the internal and external management modes of REITs.The fourth chapter is a quantitative analysis model of the difference in market returns between REITs' internal and external management models.By selecting data indicators from 1985 to 2005 in the United States,a regression model was constructed for empirical analysis,and the Fama-French three-factor model was used to analyze the market performance of REITs under different management modes.Combined with the empirical results and the problems still existing in the development of REITs in China,the paper analyzes the path and improvement direction of REITs in China.Through the analysis and research of this paper,it can be seen that there is no unified optimal solution for the selection of management mode,but the most suitable mode is adopted based on the market development stage and environment.In addition,the choice of management mode is not static,and can be reformed and improved according to the development of the REITs market.Regardless of the model adopted,the core issue is to build and leverage asset management capabilities and reduce agency costs,increase the transparency of REITs management,and improve principal-agent issues.