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长租公寓REITs投资意愿研究_MBA毕业论文DOC

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文本描述
长租公寓REITs投资意愿研究
摘要
随着城市化的快速发展与人口流动,居民对住房租赁的需求不断上升,长租
公寓市场得到迅猛发展。但在实际运行中,长租公寓投资回收期长、融资渠道窄、
融资难的问题日益突显。为解决长租公寓发展遇到的融资难题,发行 REITs产品
成为诸多长租公寓经营企业的最优选择,长租公寓 REITs正是在此背景下迅速崛
起,并逐步形成竞争激烈的市场环境。毫无疑问,发展长租公寓 REITs的目的是
为了吸引投资者的投资,从而缓解资金周转压力。因此,探讨并研究投资者对长
租公寓REITs投资意愿的影响因素,对长租公寓REITs的健康发展具有重要意义。
本文以计划行为理论为理论基础,以长租公寓市场发达的杭州为研究区域,
针对潜在投资者展开了影响其投资长租公寓 REITs投资意愿的实地调查。首先,
本文回顾了长租公寓 REITs相关的研究,然后从人口统计因素与计划行为理论视
角对投资者投资长租公寓 REITs意愿展开了理论分析,并在此基础上提出研究假
设,建构实证分析模型。最终通过 Logistic回归得出影响投资者投资长租公寓
REITs的显著性因素。研究结果显示,首先在人口统计因素中,显著影响投资意
愿的有性别、年龄、税后年收入受教育程度、风险偏好等几个因素;其次投资态
度因素中,显著影响投资意愿的包括认为长租公寓REITs市场潜力、认为REITs
是一项良好投资、认为长租公寓REITs投资可满足需求等几个因素;再者投资主
观规范因素中,显著影响投资意愿主要为接触了不少与长租公寓REITs相关的宣
传;最后投资知觉行为控制因素中,显著影响的分别为具备投资长租公寓REITs
的经济能力、具备承担长租公寓REITs投资风险的能力、能够接受长租公寓REITs
盈亏、了解长租公寓REITs的投资流程与规范的程度也将影响其投资意愿。基于
回归分析结果,本文提出加快长租公寓 REITs相关政策法律体系的完善、构建以
投资者为导向的创新营销与宣传策略的策建议,以期促进租公寓 REITs的发展。
关键词:长租公寓 REITs;投资意愿;影响因素;回归分析
I

长租公寓REITs投资意愿研究
Abstract
With the rapid development of urbanization and population mobility, more and
more residents show their demand for housing rental, which has stimulated the rapid
development of the long-term rental apartment market. However, in practice, the
problems of long payback period, narrow financing channels and difficult financing of
long-term rental apartments are becoming increasingly prominent. In order to solve
the financing problems encountered in the development of long-term rental
apartments, issuing REITs products has become the best choice for many long-term
rental apartment business enterprises. Under this background, long-term rental
apartment REITs has risen rapidly and gradually formed a highly competitive market
environment. There is no doubt that the development of long rent apartment REITs is
to attract investors' investment, so as to alleviate the pressure of capital turnover. It is
found that the factors affecting investors' willingness to invest in long-term apartment
REITs can help the healthy development of long-term apartment REITs.
Based on the theory of planned behavior, this paper takes Hangzhou, which has a
developed long-term rental apartment market, as the research area, and carries out a
field investigation on the investment willingness of potential investors to invest in
long-term rental apartment REITs. Firstly, this paper reviews the research related to
long rent apartment REITs, and then makes a theoretical analysis of investors'
willingness to invest in long rent apartment REITs from the perspective of
demographic factors and planned behavior theory. On this basis, this paper puts
forward research hypotheses and constructs an empirical analysis model. Finally, the
significant factors affecting investors' investment in long rent apartment REITs are
obtained by logistic regression. The results show that the demographic factors that
significantly affect investment intention include gender, age, annual income after tax,
education level, risk preference and so on; The factors that significantly affect the
investment attitude include the market potential of REITs of long-term rental
apartments, that REITs is a good investment, and that REITs investment of long-term
rental apartments can meet the demand; The main factors that significantly affect the
subjective norms of investment are exposure to a lot of publicity related to REITs of
II

长租公寓REITs投资意愿研究
long-term rental apartments; Finally, the factors that significantly affect the control of
investment perceived behavior are the economic ability to invest in long-term
apartment REITs, the ability to bear the investment risk of long-term apartment REITs,
the ability to accept the profit and loss of long-term apartment REITs, and the
understanding of the investment process and norms of long-term apartment REITs
will also affect their investment intention. Based on the results of regression analysis,
this paper puts forward some suggestions to speed up the improvement of the relevant
policy and legal system of long-term rental apartment REITs and build an
investor-oriented innovative marketing and publicity strategy, in order to promote the
development of rental apartment REITs.
Keywords: long term apartment REITs; willingness to invest; influence factors;
regression analysis
III
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