1、 外文翻译 原文 Performance Analysis of Listed Construction and Real Estate Companies in Nigeria Material Source: http:/ Author: Amidu Abdul-Rasheed Aluko B. Tajudeen Executive Summary. The acquisition of shares in investment companies specializing in real estate have become a popular form of indirect prop
2、erty investment. However, the publicly listed real estate and construction companies are only a minute portion of the total commercial real estate market, and the speed o f securitization has been very slow in Nigeria. This paper examines the investment performance of listed property and constructio
3、n companies from 1998 to 2005 with a view to developing their competitive and comparative advantage in attracting investment. The riskadjustment performance of the companies, assessed through Sharpe ratios, show that both property and construction companies do not perform better than stocks, but, ne
4、vertheless, do offer diversication possibilities due to their low correlation with the stock market. Real estate continues to receive widespread attention from both public and corporate bodies as one of the consistent and favorable investment opportunities. There are a number of reasons for this sit
5、uation. But the most commonly promoted intuitive arguments for direct real estate investment are that of real estate acts as an ination hedge, provides diversication benets, and has the potential for superior returns. One of an investors essential aims is to protect their assets against inationtrigg
6、ered depreciation in real terms. In doing so, an investor faces the problem of future changes of the general price level (ination rate) being uncertain from an exante point of view. The real return of investments is uncertain, even for those investments who se nominal cash ows are contractually xed
7、(e.g.zero bonds). Real estate to that effect is traditionally regarded as an investment vehicle with a low ination risk. Intuitively, this case can be justied by the fact that all nominal returns of a real estate investment, such as rents or selling prices, can be negotiated anew. Hence, the investo
8、r has the possibility of adjusting the returns of the investment to increase the general price level, especially in times of drastic ination. The increasing need for high and secure returns, driven by the rising global competition through open markets, also affects the investment in real estate. Gen
9、erally, investment decisions are guided by two attributes: risk and return. The process in theory could be reduced to nding the investment opportunity with the best riskreturn ratio. And, as asserted by Ibbotson and Brinson (1987), the stimuli for the option to invest in real estate is basically eno
10、rmous returns coupled with its income growth and capital appreciation potentials. Also, risks and uncertainties are common attributes of every form of investment and the only way to manage them is by a combination of assets, which would yield maximum returns in a portfolio. It has, for instance, bee
11、n traditionally regarded as a lumpy and illiquid investment. Besides, for an ordinary private investor, a direct acquisition may be problematic due to the large amounts of capital outlay, as well as high transaction costs. An alternative for avoiding these obstacles may be the acquisition of shares
12、in investment companies specializing in real estate investment. Securitized real estate has, therefore, been identied as the logical answer to the demand for an efcient diversied real estate portfolio. It provides the economic advantage of high liquidity, higher fungibility, and an indirect avenue b
13、y which small investors could ride on the upward property cycle and reap the economic benets. With the resurgence of this nancial innovation in real estate investment nancing, the global real estate markets have undergone an enormous dynamic change that continues to exhibit momentum. Indeed, the pas
14、t fteen years have seen a strong worldwide growth in number and size of the publicly listed real estate companies with the United States, the United Kingdom, Australia, Germany, and France being the favored countries for investment. On the contrary, and notwithstanding the theoretical charm of secur
15、itized real estate coupled with its increasing popularity, most developing countries are yet to fully embrace the new nancial innovation in the property market because of the high level of ignorance amongst investors. Armed with more information and a better understanding of the potential gains, inv
16、estors will be able to make better informed investment decisions. Against this background, this paper presents an analysis of the investment performance of property and construction companies listed on the Nigerian Stock Exchange with a view toward developing their competitive and comparative advant
17、age in attracting investment. Conceptual Framework The indirect real estate market consists largely of shares in listed property vehicles. A distinction must, however, be drawn between distributed earnings vehicles such as Real Estate Investment Trusts (REITs) and more conventional real estate compa
18、nies. The former are vehicles whereby all income after deduction of management charges is distributed to shareholders. They are frequently tax transparent and, hence, subject to restrictions on investment policy and behavior. Property companies, by contrast, are able to retain earnings: return comes
19、 from dividend payments and any share price appreciation. Real estate companies may be further sub-divided into property investment companies and developers and traders. Since REIT vehicles do not exist in most developing countries like Nigeria, investors can only tap into the listed property sector
20、 via investment in shares of companies in that sector. This, it is expected, would allow investors the opportunity to achieve diversication across the spectrum of companies with reduced portfolio risk. However, the questions likely to agitate the minds of potential investors when confronted with the
21、 decision on the choice of investment are whether listed property companies can achieve higher risk-adjusted return than shares and whether they could offer portfolio diversication when included in an investment portfolio. These questions have been the subject of considerable research in other juris
22、dictions, most of which have centered on the investment performance of listed property trusts. For instance, Pearce and Newell (2000) studied the performance of Property Securities Funds (PSFs)in Australia. They found that over the period of 19911996, PSFs generally underperformed the property trust
23、 benchmark. However, over shorter time periods, some PSFs have outperformed the benchmark. In a subsequent study by Keng (2003)using high R-squared value in a style analysis of twenty-three property securities funds over a ve-year period to June 2002, concludes that more than 80% of variations in PS
24、F performance can be explained by the funds implied allocation. Thus, the superior performance of fund managers, according to the author, can be attributed to their skill in selecting the right property type. Similar studies on property/real estate funds performance carried out in the U.K. (Lee, 199
25、9; and Lee and Stevenson, 2002) and the U.S. (Webb and Myer, 1996; Liang and McIntosh, 1998; Myer and Webb, 2000; ONeal and Page, 2000; and Gallo, Lockwood, and Rutherford, 2000) but with mixed ndings. The study of Lee and Stevenson (2002) provides strong evidence that U.K. property fund managers, o
26、ver the period of 1991 to 2001, showed superior risk-adjusted performance over and above the benchmark. This outstanding performance can be attributed to managers superior selection ability as discovered in Lee (1997). However, evidence of superior market timing, in contrast to the study of Irish pr
27、operty fund managers by Kinsella, Stevenson, and OHealai (1997), was very weak in the study of Lee and Stevenson (2002). Also, in another study carried out in the U.S., Gallo, Lockwood, and Rutherford (2000) found that on average, property mutual funds outperformed the Wilshire Real Estate Securitie
28、s Index, a superior performance attributed by the authors to asset allocation decisions made by the fund managers. These studies, though they have made signicant contribution to the eld of investment analysis and portfolio management, are not conceptually relevant to developing countries like Nigeri
29、a where property securities funds are an unpopular and virtually non existent form of indirect property investment. Furthermore, a few studies have examined the investment performance of listed property companies, which appear to be the dominant form of indirect real estate investment in most emergi
30、ng economies like Nigeria. Liow (1997), for example, examined Singapore property share returns for 19751995 and concluded that property shares that while performing better than the stock market, perform poorer on a risk-adjusted basis. A more recent study by Liow (2000), however, concluded that dire
31、ct properties in Singapore outperformed property stock and the stock market on a risk-adjusted basis. Likewise, Neoh (1990) examined the performance of ve property stocks in Malaysia for the 1981 to 1990 period and found that the average return on shareholders equity of these companies was only 6.9%
32、 with an average return of 1% to 4% per annum. The author attributed the poor performance to a declining prot margin due to a maturing housing industry and a more competitive business environment coupled with low asset turnover ratios due to the large banks owned by the property companies. Hwa (2002
33、), in extending the Neoh (1990) study from 1991 to 2000, found that selected property development and investment companies shares do perform better than shares on a risk-adjusted basis, although overall property shares did not perform better than shares. Also, the listed property shares do not appea
34、r to offer portfolio diversication when included in an equity investment portfolio due to their high correlation with shares. No study has, however, been carried out in the Nigerian context. This paper bridges the gap by analyzing the performance of listed property and construction companies in Nige
35、ria to see whether the low popularity of property stocks among small investors can be connected with the investment performance of companies in the industry. 译文 奈及利亚的房地产上市公司绩效分析 资料来源 ： http:/ 作者： Amidu Abdul-Rasheed Aluko B. Tajudeen 摘要：收购投资公司的以经营房地产开发为主的房地产股票 ， 已成为一个流行的间接财产投资时尚 。 然而 ， 上市房地产和建筑企业只是在
36、资产证券化速度非常缓慢的奈及 利亚总商业地产市场中的一部分 。 本文从上市房地产公司和建筑企业 1998 年至 2005 年的投资绩效出发 ， 为他们的发展竞争力和吸引投资能力做了比较 。 通过评估夏普比率表明在 公司的风险调整性能 方面 物业和建筑公司的表现都不如股票 ， 然而 ， 由于他们与整个股票市场相关性较低 ， 所以有多样化 收益 的 可能性 。 房地产继续得到了广泛的公众关注和法定团体的一致投资是有许多原因造成 的 。 但是最普遍的原因是房地产投资能直接对冲通货膨胀 ， 提供多样化的收益 ， 并有潜在的超常的回报 。 投资者的一种重要目的是保护自己的资产 ， 防止贬值 ， 对抗通货
37、膨胀 。 在这一过程中 ,投资者面临的问题是价格总水平的未来变化 (通货膨胀率 )不确定的这一点 ， 甚至 对 于 那些固定收益的投资 (比如 zero 约定债券 )， 真正投资回报都是不确定的 。 通常 ， 房地产投资被当作一种抵御 通货膨胀风险 的投资工具 。 所有的名义上的房地产投资回报 ， 比如租金或销售价格 ，可以重新协商 。 因此 ， 投资者可以根据价格总水平的增长而调整房地产投资收益 ， 尤其是在严重通货膨胀的情况下 。 对安全回报的需求日益增长 ， 以及经济全球化 ， 也影响到整个房地产投资 。一般来说 ， 投资决策被投资的两个特性 所 引导：风险和回报 。 在理论上可以把这个
38、过程简化为寻找具有最好风险回报比例的投资机会 。 Ibbotson 和Brinson(1987)称 ， 选择刺激投资房地产基本上是巨大的回报同时收益增长及资本增值潜力 。 同时 ,风险和不确定因素是每一个形式的投资 的常见的属 性 ， 投资管理的唯一途径是通过几项资产的组合 ,这将会产生最大的回报一个 组合 。 根据Ratcliffe 和 Stubbs(1996)的研究 , 房地产 作为直接投资 手段 可以 有效分散风险 。 由于大量的资本支出 ,以及高交易成本所以 对于普通的私人投资者 ,直接 投资 是成问题的 。 为了 避免这些障碍 ， 以收购投资公司的股票以经营房地产开发为主的房地产投资
39、 是一种 很好的 投资选择 。 房地产证券制度提供了经济的优势 ,可替代性、 高流动性 ,更好的切合 小投资者的财产周期 。 事实上 ,在 过去 15 年 美国、英国、澳大利亚、德国和法国 等 富裕国家 已经 在 上市房地产公司 中 进 行投资 。 尽管房地产证券制度日益普及 ,但 大多数发展中国家还没有完全 适应 新房地产市场的金融创新 。 如果有更多的信息并更加了解 潜在收益 ,投资者将能够做出更好的投资决策 。 在这样的背景下 ,本文提出了一种分析 投资业绩 的方法 ， 促使上市公司 发展他们的竞争和比较优势 来 吸引投资 。 间接房地产市场是由大量的房地产上市公司工具组成 。 但是必须
40、 区别于 房地产投资托拉斯 。 前者是传播媒介 ,所有的收入扣除管理费用 后 分配给股东 。 他们 的 税务 是 透明的 ， 因此限制了投资政策和行为 。 物业公司则相反 ,是可以保留收入 的 。 房地产公司可进一步分为投资公司、房地产开 发商和商人 。 由于 在大多数发展中国家如尼日利亚 ， REIT 工具 是 不存在 的 ,投资者只能通过投资房地产行业的 上市 股份公司 进入该领域 ， 使投资者有机会实现多元化的 投资 ， 减少投资组合的风险 。 然而 , 通过在 其他地区大量的研究 ,这 些 问题可能 困惑 潜在的投资者作出选择 ， 其中多数 是 围绕上市公司资产的投资绩效信赖 。 皮尔
41、斯和纽尼尔 (2000),研究 在澳大利亚 的性能证券基金 (PSFs 财产 )。 他们发现 ,在 1991-1996 年间 这家公司的财产 ,一些 PSFs 已超越基准 。 随后的康恩(2003)采用高 R-squared值的风格的分析 23财产证 券基金 2002年 6月 的资产 ,得出结论： 性能优越的基金经理的技巧可以归因于在挑选的财产的权利类型 。 类似的研究在房产基金绩效进行的 。 (李学杂志 ,2003； 和李和史蒂文森 ,2002)和美国 (韦伯以及有实际操泵经验 ,1996； 梁和麦金托什杂志 ,2002； 有实际操泵经验和韦布 ,2000； 奥尼尔和页 ,2000,洛克加仑
42、 ,卢瑟福 ,2000),都有 。李和史蒂文森的研究 (2002)提供了有力的证据表明英国地产基金经理 ,经过一段时期 1991 年至 2001 年 ,表现出优越性能的因素 ,高于基准 。 这些杰出的表现可以归因于管理者的优越的 选择能力 。 然而 ,事实证明了优越的市场时机 ,与此相对照的研究 Kinsella爱尔兰地产基金经理 ,史蒂文森 ,Healai阿 (1997),是很软弱 ,李和史蒂文森的研究 (2002)。 在另一项研究也进行了在美国 ,折合 ,卢瑟福 ,洛克 (2000)发现平均起来、财产共同基金比威尔逊的房地产证券指数、一种高性能的基础上 ,被归结于资产配置决策基金经理 。
43、这些研究 ,虽然它们已经做出了重大贡献的领域的证券投资管理投资分析和相关概念 ,在发展中国家如尼日利亚财产证券基金是一个不受欢迎的 ,却不存在形式的间接财产投资上面 。 此外 ,很少有研究 调查了上市地产公司的投资绩效 ,这种市场似乎的主要方式间接房地产投资如尼日利亚绝大部份的新兴经济体 。 Liow(1997),例如 ,检查新加坡财产份额的回报房地产类股哲学比较 ,并得出结论说 ,虽然比股市表现更好 ,执行差在风险调整后的基础 。 一个更最近的研究 Liow(2000),然而 ,提出了直接的性能表现在新加坡股票和证券市场财产在风险调整后的基础 。 同样地 ,Neoh(1990)检查五房地产股
44、票的性能在马来西亚进行 1981 年到1990 年 ,发现时期的平均回报率股东权益这样的公司只是 6.9%和平均收益每年 1%至 4%。作者认为 递减表现不佳的利润由于成熟的住宅产业和一个更有竞争力的商业环境 ,外加由于低资产周转率比大银行物业公司所有 。 本篇 (2002),延长了 Neoh(1990)的研究 ,从 1991 年到 2000 年 ,发现选定的房地产开发投资公司的股票表现得比做股票风险的基础上 ,尽管总体表现的房地产类股比股票 。 同时 ,上市房地产类股不似乎可以提供投资组合多样化当包含在一个股票投资组合由于与股票相关性高 。 然而 ,没有研究进行了尼日利亚上下文 。 本文通过分析的沟通桥梁的性能差距上市地产及施工公司尼日利亚要看低流行的房地产股票之间的小型投资者可以与投资 效益的公司 ,在整个产业的发展 。
