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研究生:王冠穎
研究生(外文):Kuan-Yin Wang
論文名稱:REITs之投資與舉債
論文名稱(外文):Investment and leverage of REITs
指導教授:盧秋玲盧秋玲引用關係
指導教授(外文):Chiu-Ling Lu
學位類別:碩士
校院名稱:元智大學
系所名稱:財務金融學系
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2007
畢業學年度:95
語文別:英文
論文頁數:54
中文關鍵詞:REITs舉債投資不足現金流量代理成本
外文關鍵詞:REITsleverageunderinvestmentcash flowagency cost
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其中我們發現,雖然將本文的樣本又再細分為現存REITs、Equity REITs、Office REIts、Hotel REITs、等,但是其某些結果,並沒有太大的差異性。
我們發現REITs雖然其資產大多數為固定資產,長期負債居多。但是由本文研究的結果發現,其仍有其因舉債過多,而侵蝕投資的問題或是現金流量帶來過度投資的問題。近年來,房地產市場熱絡,所以REITs在公司進行投資時,仍需注意因為近期資金流入居高,而產生投資過度的問題。
This paper examines the empirical studies to ascertain the relationship between investment and other features such as leverage, maturity, ROA, cash flow, and size of REITs. I find that REITs which have Higher FFO growth ratio associate with greater investment, which means that if management have more cash, they could invest more project. I find that current investment is positively correlated with last-period investment. Finally, the results also show that the estimated coefficient of size is positive. The result means that big firms have greater investment than small firms. I find the relation between investment and ROA is negative in most of REITs, except REOCs. I find the relation between and investment is negative in most of REITs, except Equity REITs. The relation between and investment is negative except REOCs.
Contents
1. Introduction 1
2. Literature 3
3.Hypotheses 5
3.1 Growth options-agency problems 5
3.2 Asset maturity 5
3.3 Agency costs of managerial discretion 5
4. Data 6
4.1 Sample selection 6
4.2 Summary statistics 7
5.Methodology 8
5.1 OLS model 8
5.2 Fixed effects model 9
5.3 Random effect model 10
5.4 Hausman test 10
6. Regression tests 11
6.1 REITs 11
6.1.1 OLS model 11
6.1.2 Fixed-effect model 12
6.1.3 Random-effect model 13
6.1.4 Hausman test 14
6.2 Current Companies 14
6.2.1 OLS model 14
6.2.2 Fixed-effect model 15
6.2.3 Random-effect model 16
6.2.4 Hausman test 16
6.3. Equity REITs 17
6.3.1 OLS model 17
6.3.2 Fixed-effect model 18
6.3.3 Random-effect model 19
6.3.4 Hausman test 19
6.4 REOCs 20
6.4.1 OLS model 20
6.4.2 Fixed-effect model 21
6.4.3 Random-effect model 21
6.4.4 Hausman test 22
6.5 The effect of leverage 22
6.5.1 OLS model 22
6.5.2 Fixed-effect model 24
6.5.3 Random-effect model 25
6.5.4 Hausman test 26
6.6 The effect of investment 27
6.6.1 OLS model 27
6.6.2 Fixed-effect model 28
6.6.3 Random-effect model 29
6.6.4 Hausman test 30
6.7 Office REITs 31
6.7.1 OLS model 31
6.7.2 Fixed-effect model 31
6.7.3 Random-effect model 32
6.7.4 Hausman test 33
6.8. Hotel REITs 33
6.8.1 OLS model 33
6.8.2 Fixed-effect model 34
6.8.3 Random-effect model 35
6.8.4 Hausman test 35
7. Conclusion 35
Reference 37

Tables and Figures

Table 1 REITs Type 39
Table 2 REITs Property Type 40
Table 3 Tolerance Test Results 41
Table 4 Summary Statistics of variable of REITs 42
Table 5 Correlation Matrix 43
Table 6 Regression Results-REITs 44
Table 7 Regression Results-Current Companies 45
Table 8 Regression Results-Equity REITs 46
Table 9 Regression Results- (REOCs) 47
Table 10 Regression Results-The effect of leverage 48
Table 11 Regression Results-The effect of investment 50
Table 12 Regression Results-Office REITs 52
Table 13 Regression Results-Hotel REITs 53
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