臺灣博碩士論文加值系統

在民國九十二年七月二十三日那一天，不動產證券化條例公佈，這使得投資人對於投資標的的選擇又多了一種，投資人投資的目的不外乎是賺取報酬或抵抗通貨膨脹的侵蝕，而REITs是否有這樣的能力呢？這是我們想要關注的焦點，且因REITs的性質有著股票的特性，因此我們也想要去探究一下，REITs是否也跟股票一樣也擁有反應資訊的能力。

During 1993, the law of negotiable securities of real estate was advertised. The Investors have a new choice of investment. Whatever, our investors only care their return or anti-inflation. Does REITs have this advantage? This focus that we want to care, beside it has some properties that like the stocks. Because of this reason, it push us to research the REITs.

第一章 序論 …………………………………………………………………….…1
第一節 研究動機與目的 ………………………………………………….…1
第二節 研究架構 ………………………………………………………….....1
第二章 文獻回顧 ………………………………………………………………… 2
第一節 股票 ………………………………………………………………….2
第二節 REITs …………………………………………………………………3
第三章 研究方法 ………………………………………………………………….4
第一節 VAR理論模型 ………………………………………………………4
第二節 VAR系統優點 ………………………………………………………7
第四章 實證結果與討論 ………………………………………………………….9
第一節 實證目的 …………………………………………………………….9
第二節 資料來源 …………………………………………………………….9
第三節 Phillips-Perron單根檢定 …………………………………………..10
第四節 實證結果討論 ……………………………………………………...11
（i） 模型一：股票報酬率、利率、工業成長率及通貨膨脹率 ….11
（ii） 模型二：REITs報酬率、利率’工業成長率及通貨膨脹率 ….22
（iii） 模型三：REITs報酬率、股票報酬率、利率’工業成長率及通貨
膨脹率 ……………………………………………...31
第五章 結論 ……………………………………………………………………...39
附錄 參考文獻 …………………………………………………………………...40

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