扩容畅流:从日本REITs-FOF到我国REITs市场新动能  

Expanding Capacityand Facilitating Flow:Japan's REITs-FOF and NewMomentum inChina's REITs Market

作　　者：曹雨婷 王开 CAO Yuting;WANG Kai(China Asset Management;Guosen Securities)

机构地区：[1]华夏基金研究发展部 [2]国信证券经济研究所

出　　处：《金融市场研究》2025年第2期122-130,共9页Financial Market Research

摘　　要：本文通过梳理J-REITs发展历程,结合政策变迁、产品种类扩容,从管理模式、市场规模、底层资产丰富程度、流动性和分红特征等方面,对我国REITs市场进行横向对比,表明我国开发REITs-FOF产品具有可行性。根据目前我国REITs市场现状与居民投资需求,文章探讨REITsFOF在分散配置风险、完善REITs产品线和定价效率、降低投资者参与门槛与多元化投资者结构等方面的意义。This study summarizes the development history of REITs in Japan and makes a horizontal comparison with the China market.It assesses policy changes and the expansion of product types,while evaluating management modes,market scale,the strength and variety of underlying assets,as well as liquidity and dividend distribution characteristics.The study concludes that it is feasible to develop REITs-FOF products in China.The article discusses the significance of the launch of REITs-FOF in terms of diversifying allocation risk,perfecting REIT product lines and pricing efficiency,lowering the threshold for investor participation and diversifying investor structure.

关 键 词：REITS FOF 普惠金融 资产配置 

分 类 号：F29[经济管理—国民经济]