中国房地产信托产品风险溢价的影响因素——基于CAPM的分析  

Influencing Factor of Risk Premium of Real Estate Trust Product:Analysis Based on CAPM

作　　者：朱佳俊 覃朝勇[2] 

机构地区：[1]江南大学商学院,江苏无锡214122 [2]广西大学数学与信息学院,南宁530004

出　　处：《技术经济》2015年第8期102-106,共5页Journal of Technology Economics

基　　金：国家自然科学基金项目"关键词广告中的最优广告策略研究"(71462002)资助

摘　　要：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(M2)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。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.

关 键 词：房地产 信托投资 风险溢价 资产定价模型 

分 类 号：F832.49[经济管理—金融学] F299.23F224