风险分散化的房地产投资组合[外文翻译]

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1、外文翻译RiskdiversificationinarealestateportfolioMaterialSource:JournalofEuropeanRealEstateAuthor:ClaudioGiannottiSincethesecondhalfofthe1980s,severalattemptshavebeenmadetoextendthefinancialportfoliooptimisationprinciplebasedontheMarkowitzefficientfrontier(theso-calle

2、dmean-varianceapproach)todirectorindirectrealestateinvestments.Studieshavefirstconcentratedonthereturnofrealestateinvestmentasanassetclassinamulti-assetportfolio,thentheyhavefocusedonpurerealestateportfolios.IfontheonesidetheMarkowitzmodelsimplifiestheselectionofr

3、ealestateinvestmentsfromaportfolioperspective,ontheothersideitshowssomeweaknesseswhicharepartlyduetothemodelitselfandpartlyconnectedwiththepeculiaritiesoftherealestatemarket.Tenant,exogenous,endogenousandfinancialriskscanimpactdifferentlyontherisk-returnratioofthe

4、singleinvestmentand/ortheportfolio.Eachriskprofilecanbeinvestigatedwhenassessingrealestateinvestmentsbothtoobtainafairrisk-returntrade-offandtomaximisediversificationbenefits.Thepurposeofthispaperistofindoutarealestateinvestmentselectionandaportfolioconstructionmo

5、delbasedonthemainriskfactors.Thevalueofarealestateinvestmentdependsonthecashflowsthatanestateownerreceivesfromthesubjectswhorentedorboughttheestate.Inotherwords,theperformanceofarealestateinvestmentdependsonthetenant'sabilitytopayrentalaccordingtocontractualdeadli

6、nes.Inordertomaximisetheexpectedvalueofaninvestmentportfolio,theinvestormustselectthoserealestatethatminimisetheriskoftenantinsolvency/non-liquidity,theexpectedreturnsbeingequal.Analysisofoptimaldebtstructureisanestablishedpracticeinbusinessfinance(ModiglianiandMi

7、ller,1958)andseveralstudiesintheliteraturepointedoutanumberofbenefitsthatcanbedrawnfromrecoursetoborrowingforrealestateinvestments.Asinanyothertypeofinvestments,ananalysisofleveragedebtmusttakeaccountoffinancingcostsnettedoftaxbenefits/charges(McDonald,1999;Boydet

8、al.,1998)and,asrealestateinvestmentborrowingsareusuallysecuredbytheestateitself,ofthecommissiontotheloanintermediarythatvariesaccordingtothetypeofreales