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題 名 | 臺灣不動產投資以經濟區域分散風險的策略=Economic Diversification in Taiwan Real Estate Portfolios |
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作 者 | 李明龍; | 書刊名 | 臺灣土地金融季刊 |
卷 期 | 35:1=135 1998.03[民87.03] |
頁 次 | 頁37-56 |
分類號 | 554.89 |
關鍵詞 | 投資組合; 不動產投資; 不動產投資組合; Portfolio; Real estate investment; Real estate portfolio; |
語 文 | 中文(Chinese) |
中文摘要 | 現代投資人大都已有透過投資組合分散風險的觀念。同時,也有不少學術力量 投入這方面研究。起初,研究局限於一般金融商品,特別是股票,近來不動產也逐漸到愈 來愈多的注意。然大部份研究為美國市場,後來擴展到歐洲市場以及國際市場,臺灣這方 面的研究甚少。本文利用經濟利基分析,將臺灣地區23個縣市依期各別經濟基礎行業,分 為農業地區、製造業業地區、服務業地區以及平均地區四的經濟區域,然後發展不動產效 率投資組合(efficient realestate portfolio)。經過變異數,發現經濟區域的同質程度 並沒有與整體臺灣地區顯著不同,除可能是研究期間的關係外,也可能是由於行業劃分不 夠精細,或者是臺灣本身幅員狹小,各地互相影響,整合程度較高之故。根據發展出的效 率投資組合,平均地區一直未被納入組合內,而愈往高報酬高風險的投資方面,農業地區 的投資此重愈高,反向則服務業地區的投資加重。在與依地理區域的基準投資組合策略比 較後,發現經濟區域的策略能提供追求高報酬的投資機構較有效率的投資組合。 |
英文摘要 | Real estate has been long accepted as an appropriate institutional inveslment instrument and recently as an important addition to mixed asset portfolios. Although considerable attention has been devoted into applying IMPT to real estate in many countries, including U. S. A. and U. K. and Australia, very few studies concerns real estate investment in a portfolio perspective in Taiwan. Typically the first step of real estate investment in a portfolio context is to allocate real estate to a mixed asset portfolio, and to diversify within the real estate portfolio is the next step. This article extends the research of deversification within the real estate portfolio to tl-ie Taiwan context. Based on economic base analysis, county-level employment characteristics are used here to get an insight into economic diversification possibilities in Taiwan real estate portfolios. 23 counties/ cities are classified into one of four economic base categories herein called economic regions, namely agriculture region, manufacture industry region, service industry region, and diversified region. The homogeneity within each economic region is not significantly different from that within Taiwan as a whole. This might be specific to the study period, 1993-1996, or attributable to the sketchy employment industry classification or the smallness of Taiwan. Real estate efficient portfolios are developed based on the economic diversified strategy. Within no efficient portfolios, real estate is allocated to the diversified district. Toward high return high risk level more real estate is allocated to the agriculture region, while toward low return low risk level more is to the service industry region. Compared with geographic diversified strategy, economic diversified strategy is superior at high return high risk level, and vice versa. |
本系統中英文摘要資訊取自各篇刊載內容。