技术经济
技術經濟
기술경제
Technical economy
2015年
8期
102-106
,共5页
房地产%信托投资%风险溢价%资产定价模型
房地產%信託投資%風險溢價%資產定價模型
방지산%신탁투자%풍험일개%자산정개모형
real estate%trust investment%risk premium%capital asset pricing model
以2009—2013年中国境内发行的房地产信托产品为研究样本，基于CAPM进行风险分类，系统研究了中国房地产信托产品风险溢价与其影响因素的关系。结果表明：房地产信托产品风险与信托发行期限和发行地区显著正相关，与广义货币供应量（M 2）的年增长率和投资领域负相关；与保守型房地产信托产品相比，冒险型房地产信托产品的风险特征更为明显；受发行条件和预期收益的影响，房地产信托产品风险与信托规模的关系不明显。
以2009—2013年中國境內髮行的房地產信託產品為研究樣本，基于CAPM進行風險分類，繫統研究瞭中國房地產信託產品風險溢價與其影響因素的關繫。結果錶明：房地產信託產品風險與信託髮行期限和髮行地區顯著正相關，與廣義貨幣供應量（M 2）的年增長率和投資領域負相關；與保守型房地產信託產品相比，冒險型房地產信託產品的風險特徵更為明顯；受髮行條件和預期收益的影響，房地產信託產品風險與信託規模的關繫不明顯。
이2009—2013년중국경내발행적방지산신탁산품위연구양본，기우CAPM진행풍험분류，계통연구료중국방지산신탁산품풍험일개여기영향인소적관계。결과표명：방지산신탁산품풍험여신탁발행기한화발행지구현저정상관，여엄의화폐공응량（M 2）적년증장솔화투자영역부상관；여보수형방지산신탁산품상비，모험형방지산신탁산품적풍험특정경위명현；수발행조건화예기수익적영향，방지산신탁산품풍험여신탁규모적관계불명현。
Using the domestic real estate trust products during 2009 -2013 as the sample ,this paper studies systematically the relationship be‐tween the risk premium level of real estate trust product and its influencing factors based on CAPM.The result shows as follows :trust risk has significant positive correlations with issue duration and issue area of trust product ,and is related inversely to annual growth of broad money sup‐ply(M2) and investment field ;the risk characteristics of aggressive trust products are more obvious than those of conservative trust products ;the relationship between investment volume of real estate trust product and risk premium is not obvious under the impact of issue condition and ex‐pected return .
