1、外文翻译RISKDIVERSIFICATIONINAREALESTATEPORTFOLIOMATERIALSOURCEJOURNALOFEUROPEANREALESTATEAUTHORCLAUDIOGIANNOTTISINCETHESECONDHALFOFTHE1980S,SEVERALATTEMPTSHAVEBEENMADETOEXTENDTHEFINANCIALPORTFOLIOOPTIMISATIONPRINCIPLEBASEDONTHEMARKOWITZEFFICIENTFRONTIERTHESOCALLEDMEANVARIANCEAPPROACHTODIRECTORINDIRECTR
2、EALESTATEINVESTMENTSSTUDIESHAVEFIRSTCONCENTRATEDONTHERETURNOFREALESTATEINVESTMENTASANASSETCLASSINAMULTIASSETPORTFOLIO,THENTHEYHAVEFOCUSEDONPUREREALESTATEPORTFOLIOSIFONTHEONESIDETHEMARKOWITZMODELSIMPLIFIESTHESELECTIONOFREALESTATEINVESTMENTSFROMAPORTFOLIOPERSPECTIVE,ONTHEOTHERSIDEITSHOWSSOMEWEAKNESSES
3、WHICHAREPARTLYDUETOTHEMODELITSELFANDPARTLYCONNECTEDWITHTHEPECULIARITIESOFTHEREALESTATEMARKETTENANT,EXOGENOUS,ENDOGENOUSANDFINANCIALRISKSCANIMPACTDIFFERENTLYONTHERISKRETURNRATIOOFTHESINGLEINVESTMENTAND/ORTHEPORTFOLIOEACHRISKPROFILECANBEINVESTIGATEDWHENASSESSINGREALESTATEINVESTMENTSBOTHTOOBTAINAFAIRRI
4、SKRETURNTRADEOFFANDTOMAXIMISEDIVERSIFICATIONBENEFITSTHEPURPOSEOFTHISPAPERISTOFINDOUTAREALESTATEINVESTMENTSELECTIONANDAPORTFOLIOCONSTRUCTIONMODELBASEDONTHEMAINRISKFACTORSTHEVALUEOFAREALESTATEINVESTMENTDEPENDSONTHECASHFLOWSTHATANESTATEOWNERRECEIVESFROMTHESUBJECTSWHORENTEDORBOUGHTTHEESTATEINOTHERWORDS,
5、THEPERFORMANCEOFAREALESTATEINVESTMENTDEPENDSONTHETENANTSABILITYTOPAYRENTALACCORDINGTOCONTRACTUALDEADLINESINORDERTOMAXIMISETHEEXPECTEDVALUEOFANINVESTMENTPORTFOLIO,THEINVESTORMUSTSELECTTHOSEREALESTATETHATMINIMISETHERISKOFTENANTINSOLVENCY/NONLIQUIDITY,THEEXPECTEDRETURNSBEINGEQUALANALYSISOFOPTIMALDEBTST
6、RUCTUREISANESTABLISHEDPRACTICEINBUSINESSFINANCEMODIGLIANIANDMILLER,1958ANDSEVERALSTUDIESINTHELITERATUREPOINTEDOUTANUMBEROFBENEFITSTHATCANBEDRAWNFROMRECOURSETOBORROWINGFORREALESTATEINVESTMENTSASINANYOTHERTYPEOFINVESTMENTS,ANANALYSISOFLEVERAGEDEBTMUSTTAKEACCOUNTOFFINANCINGCOSTSNETTEDOFTAXBENEFITS/CHAR
7、GESMCDONALD,1999BOYDETAL,1998AND,ASREALESTATEINVESTMENTBORROWINGSAREUSUALLYSECUREDBYTHEESTATEITSELF,OFTHECOMMISSIONTOTHELOANINTERMEDIARYTHATVARIESACCORDINGTOTHETYPEOFREALESTATESMALLERRECOURSETOBORROWINGFORATYPICALREALESTATEMAYDEPENDONTHECHARACTERISTICSOFTHESEASSETSWHICH,INTHEEVENTOFDEBTORINSOLVENCY,
8、DONOTSECUREDEBTSUFFICIENTLY,LACKINGAREFERENCEMARKETWHERETHEASSETSCANBEREPLACEDEASILYGAUANDWANG,1990FINANCIALLEVERAGEPROVIDESANOPPORTUNITYTOMAXIMISETHEEXPECTEDRETURNOFREALESTATEINVESTMENT,BUTITGENERATESASTIFFERCASHFLOWASARESULT,ITCANBEANEFFICIENTSOLUTION,THEOTHERCONDITIONSBEINGEQUAL,FORTHOSEPORTFOLIO
9、SWHOSERETURNSARECHARACTERISEDBYREMARKABLETIMESTABILITYCAPOZZAANDSEGUIN,1999HEDEBATEONTHEPOSSIBLEAPPLICATIONOFPORTFOLIOTHEORIESTOREALESTATEINVESTMENTSISALIVEINTHEINTERNATIONALLITERATURE,SOMUCHSOTHATSOMEAUTHORSSUPPORTTHATREALESTATEINVESTMENTSSHOULDBEMANAGEDFROMASINGLEASSETPERSPECTIVERATHERTHANWITHAPOR
10、TFOLIOAPPROACHHOWEVER,THENEEDFORAFORMALMODELOFPORTFOLIOOPTOIMISATIONANDINVESTMENTSELECTIONISFELTBYALLSECTOROPERATORSNODOUBTTHATTHEINEFFICIENCYOFREALESTATEMARKETSANDTHEPECULIARITIESOFREALESTATEINVESTMENTSHIGHTRANSACTIONCOSTS,HIGHUNITCOST,ASSETUNEVENNESS,ETC,ASWELLASTHESCARCITYOFINDISPENSABLEINFORMATI
11、ONTOCALCULATERISKRETURNRATIOLITTLEDISAGGREGATEDATA,APPRAISALBASEDRATES,ETCRESTRICTTHEAPPLICATIONRANGEOFPORTFOLIOTHEORIESINPARTICULAR,THEUSEOFTHEEFFICIENTFRONTIERUPONTHEINITIALSELECTIONOFINVESTMENTSANDACONTINUALPORTFOLIOREBALANCINGENCOUNTERASETOFCONSTRAINTS,FIRSTOFALLTHEINDIVISIBILITYOFREALESTATEINVE
12、STMENTSANDHIGHTRANSACTIONCOSTSTHELIKELYDEVELOPMENTSOFSCIENTIFICRESEARCHANDPRACTICALAPPLICATIONINCLUDETHEUSEOFRISKMEASURESOTHERTHANSTANDARDDEVIATIONAND/ORTHEINTRODUCTIONOFRESTRICTIONSTOINVESTMENTONTHEEFFICIENTFRONTIERAND/ORTHEREDUCTIONININPUTESTIMATEERRORSASTUDYOFTHERISKPROFILESTHATAREDEEMEDSIGNIFICA
13、NTINTHELITERATURETOEXPLAINTHEPERFORMANCEOFREALESTATEINVESTMENTSIDENTIFIEDFOURMAINRISKCATEGORIESAFFECTINGTHEEFFICIENCYOFINVESTMENTCORRECT,COMPLETEMEASURESOFTENANT,EXOGENOUS,ENDOGENOUSANDFINANCIALRISKSARENOTYETAVAILABLEANDSOMERISKDRIVERSCANONLYBEEVALUATEDUSINGQUALITYCRITERIATHEEMPIRICALANALYSISSUGGEST
14、EDTHEPRESENCEOFANUMBEROFPECULIARCHARACTERISTICSTHATREQUIRECONSIDERATIONWHENASSESSINGREALESTATEINVESTMENTBOTHTOOBTAINAFAIRRISKRETURNTRADEOFFANDTOMAXIMISEDIVERSIFICATIONBENEFITSWHENSELECTINGREALESTATEINVESTMENTS,THEINVESTORMUSTFOCUSONALLRISKPROFILES,ANDTHEBESTRISKRETURNTRADEOFFISOBTAINEDFROMINVESTMENT
15、SWHERETENANT,EXOGENOUSANDENDOGENOUSRISKSARELOW译文风险分散化的房地产投资组合资料来源欧洲房地产研究卷作者CLAUDIOGIANNOTTI自20世纪80年代后半期,在几次试图扩大金融投资组合优化的原则基础上,马科维茨有效边界(即所谓的均方差方法)间接的作用在房地产投资上。还有的研究直接的作用在房地产投资上,并且利用多资产组合进行分析。如果在一方的MARKOWITZ模型简化从投资的角度选择投资组合的房地产市场,那么它的另一面显示了一些弱点,部分是由于模型本身和部分地产的实际连接的特性决定的。租客,外源,内源和不同的金融风险可能会影响对单一投资的风险收益
16、比和投资组合。每个风险评估时,可以调查房地产投资获得风险回报是否权衡,并取得最大限度的多样化的好处。本文的目的本是为了找到一个真正的房地产投资组合的选择并且找出建设模式因素的基础上的主要风险。对房地产的投资价值取决于现金流,地产所有者的现金流从出租或买屋科目中回收。换言之,一个房地产投资表现取决于租户的租金支付能力按照合同的最后期限。为了最大限度地提高投资组合的预期值,投资者必须选择那些房地产,能够最大限度地减少对承租人破产的风险并且非流动性强,预期收益相等的地产商。优化债务结构分析是企业债务进行优化处理(莫迪利亚尼和米勒,1958年),该理论在实践中确立了自身的地位,使得很多房地产的债务结构
17、得到优化。正如任何其他类型的投资,一个杠杆债务分析必须考虑到税收优惠;收费拘捕;融资成本帐户等(麦当劳,1999年;博伊德等人,1998年),作为房地产投资贷款通常是由房地产担保本身,向贷款中介机构,根据不同类型的房地产收取佣金。规模较小的非典型房地产借贷可能取决于这些资产的债务,债务人破产的情况下,不保护的债务缺乏市场参考,这些资产可以容易的更换。财务杠杆提供了一个机会,最大限度地提高房地产投资的预期回报,但它会产生一个更严厉的现金流。因此,它可以有效的解决问题,在其他条件不变的情况下,那些投资组合以卓越的时间稳定性(CAPOZZA和塞甘,1999年)为特征的回报。关于投资组合理论应用到房地
18、产投资的是在国际文学上开始的,已经得到一些专家的支持,然而有些专家认为房地产投资应该从单一的角度出发,而不是资产组合方式进行管理。然而,需要对于单一股份和投资,选择一个正式模型。毫无疑问,房地产市场的效率低下和房地产投资的特殊性(高交易成本,单位成本高,资产不匀等),以及不可缺少的信息来计算的风险回报率的稀缺(小分列数据,评价为基础费率等)限制了投资组合理论的应用范围。特别是,在有效前沿后,初始投资选择和投资组合再平衡持续使用会遇到约束。科学研究和实际应用中可能的发展措施,包括风险比标准差和其他用途或限制引进投资的有效边界和在输入估计误差减少。风险分布的研究被认为在文学的重要解释,房地产投资的表现确定了四个主要的风险类别影响投资效率。正确,完整的房客措施,外源,内源和金融风险尚未推出,有风险的企业只能用质量标准进行评估。实证分析表明,一个需要考虑的房地产投资评估,既要获得一个公平的风险与回报的权衡,又要多样化的利益最大化,这之间存在特有的一些特征。在选择房地产投资,投资者必须专注于所有风险状况,而最好的风险回报取舍是从投资的地方,承租人,外源性和内源性风险较低处获得。