Research On Influencing Factors Of Yield Of Real Estate Trust Products In China

In this paper,first of all,on the basis of analysis of research status at home and abroad,the concept of this paper involved the concept of real estate trust,real estate trusts yields is defined,and the theoretical basis of this article:asset income theory,asset securitization theory,contract theory and so on are introduced,laid a theoretical foundation for the paper writing.Secondly,the influencing factors are divided into two aspects:product characteristic factors and macroeconomic factors,and specific research hypotheses are proposed,and the research model is constructed.The single factor characteristic regression analysis and multiple regression analysis are conducted,and the following conclusions are drawn:1.Conclusion of empirical analysis of product characteristic factorsThere is a positive correlation between the yield of real estate products and the scale of trust.The yield of real estate products is positively correlated with the trust term;Trust products are issued in different places,and the yields of trust products are different.The yields in developed areas are higher than those in underdeveloped areas.There is a significant negative correlation between product strength and real estate trust income.Trust income is positively related to the comprehensive strength of real estate enterprises.2.Conclusions on the impact of macroeconomic factors on REIT yields:The yield of real estate trust products is negatively correlated with the year-on-year growth rate of broad money(M2),and positively correlated with the scale of social financing and the interbank pledge d repo rate.Three macroeconomic variables overall contribution is gradually increasing with the increase of lag,three macroeconomic variables overall contribution increases with the increase of lag period gradually,to 12,the contribution rate of 10.49%,the sum of the period of 24 to achieve 1 2.72%.Among them,the interbank pledged repo rate contributed the most,the social financing scale contributed the second,and the year-on-year growth rate of broad money contributed the least.In vestors’ suggestions in this article:Investors need to pay attention to product feature information when choosing real estate trust products,including product term,risk situation,strength of the entrusting party,risk response measures,etc.;Investors need to actively pay attention to changes in macroeconomic factors,Carry out rational investment;actively pay attention to the hematopoietic ability of the real estate trust project itself to prevent investment risks;pay attention to the comprehensive strength of the trustee and the place of issuance of the product.Suggestions for trust companies:rationally design real estate trust products and the yield of trust products based on various factors,actively strengthen the ability to manage and control project risks,and protect the interests of investors;actively pay attention to changes in macroeconomic policies,and do a good job in asset management.