产业园REITs收益的关键风险分析  

Critical Risk Analysis of the Return of Industrial Park REITs

作　　者：杜妍慧 伍迪 王守清[1] 吴璟[1] DU Yanhui;WU Di;WANG Shouqing;WU Jing(Department of Construction Management&Hang Lung Center for Real Estate,Tsinghua University,Beijing 100084,China;Research Center,China International Engineering Consulting Corporation,Beijing 100048,China)

机构地区：[1]清华大学建设管理系/恒隆房地产研究中心,北京100084 [2]中国国际工程咨询有限公司研究中心,北京100048

出　　处：《建筑经济》2022年第1期32-38,共7页Construction Economy

基　　金：国家自然科学基金资助项目“PPP项目股权结构的优化研究”(71772098)。

摘　　要：开展产业园REITs有利于盘活存量资产。分析产业园REITs收益的关键风险因素,梳理相应的关键风险指标,关键风险指标分两级。然后采用定量方法分析其对产业园REITs未来收益的影响情况,指出应持十分审慎的态度对预期未来出租率进行估计、长期投资的方式可帮助投资者控制价格回报方面的波动。Building REITs(real estate investment trusts)can help enterprises which have many industrial park assets to revitalize the existing assets.This paper analyzes the key risk factors of the return of industrial park REITs and the key risk indicators that can reflect the level of key risk factors.There are two levels of key risk indicators.Then,applies quantitative methods to analyze their impact on the future earnings of industrial park REITs.Ultimately,points out that investors and regulators should estimate the expected future rental rate with a very cautious attitude,and adopt long-term investment strategies can help investors control fluctuations in price returns.

关 键 词：产业园 REITs(不动产投资信托) 收益 风险 

分 类 号：F426.92[经济管理—产业经济]