| The real estate industry has gained more opportunities for development.With the continuous improvement of China’s economic level,the people’s demand for architecture not only presents a diversified trend,but also requires more and more building quality.However,in the development of real estate enterprises,the whole industry structure is out of balance,mainly in the real estate price continues to rise,house pricing and local economy do not match,and the real estate market supply and demand imbalance.In order to solve these problems,the government has issued relevant policies before and after,but the effect is not good in the process of implementation,which leads to the difficulties in the development of real estate enterprises.Based on the background,the real estate industry has carried out golden times.The real estate investment trust fund(Real Estate Investment Trust,REITs)is introduced to solve the problem of shortage of housing rental funds and long payback period.Development REITs can not only make real estate obtain more financing channels under strict control,but also optimize the structure of assets and liabilities of enterprises,thus attract more financing.Firstly,this paper expounds the related concepts and documents of the influence of exchange rate on REITs rate of return,and constructs the flow-oriented model and stock-oriented model of exchange rate decision through combing the literature to study the influence of exchange rate on REITs rate of return.Then,through the analysis of the present situation and incoming of China’s REIIs development,the development of real estate investment trust fund(REITs)in China is explained.Then it analyzes the necessity of China’s development REITs and the mechanism of the influence of exchange rate on REITs rate of return.After that,based on the determination of data and indicators,the influence of exchange rate change on China’s REITs rate of return is analyzed by empirical research.The optimization suggestions from three aspects are put forward: establishing perfect exchange rate formation mechanism,establishing foreign exchange risk prevention mechanism in REITs market,and strengthening enterprises’ ability to deal with exchange rate risk.The main conclusion of this paper is to find out the negative effect between the one-year bank loan interest rate and the Shanghai real estate index,and the positive effect between the one-year bank loan interest rate and the total real estate investment.The empirical results show that the real effective exchange rate of RMB and the Shanghai real estate index are causality,mutual influence and interaction,and the real effective exchange rate of RMB is insensitive to the positive impact of Shanghai real estate index in the short term. |
