保险资金投资于房地产投资信托基金的国际经验与风险防范

:2009-04-1532008:(1982-),,,;(1983-),,3,(,300222):REITs,,,RE2ITs,REITs,REITs:;;:F842:A:1005-1007(2009)08-0017-05Abstract:Oneofthemainreformingtrendsofinsurancefundsinvestmentsystemistoencouragetheinsurancefundstoinvestinrealestatemarketintheformofequity.REITs,asawayofequityinvestmentinrealestatemar2ket,arecharacterizedbynon-relevance,highmobilityandhighreturn.AlltheabovecharacteristicsofREITscor2respondingtothoseofinsurancemanagement,whichincludestrongexternality,thehystereticnatureofcost,thea2leatorytransaction,andthelongrunningperiodofcapital,providesanexcellentplatformfortheinvestmentofin2surancefundsinrealestatemarket.ThispapersystematicallyfocusedonthedevelopmentofREITsandtheinves2tingmodesandtheexistingrisksofinsurancefundsinREITs.Moreover,somerelevantpolicysuggestionsontheinvestmentofinsurancefundsinREITswereputforward.KeyWords:InsuranceFunds;theUseofFunds;REITs,20%,20083.3,3.1,,,200812,2009(RealEstateInvestmentTrusts,REITs),,,REITsREITs1960,,,1,REITs,,2000,REITs20019,,,2009829(235)MODERNFINANCE&ECONOMICSNo.8,2009Vo8.29GeneralNo.23512003,6REITs20027,20038,,2003,3,14.6RE2ITs2003730,REITs20051125,,REITs7,IPO400,REITs,REITsREITs,,,,;,RE2ITs,,REITs,,REITsREITs,REITs,,,REITsREITs,,,REITs,90,,REITs20051221REITs20076,,REITSREITs2007817,,REITs,REITs,REITs1.REITsREITs,,,REITs19852005,REITsS&P500NASAEQcomposite(1),REITsREITs(2)REITs,REITs,,,,REITs24,8120098REITsCPI(2)REITs,,1198520052085.12.31-05.12.311095.12.31-05.12.31595.12.31-05.12.31REITs12.3614.519.0810.299.268.2250011.949.070.5411.048.12-1.759.57.367.43:www.nareit.com2RETI(19942004)0.633-0.6715000.445-0.2070.2020.1970.155-0.1850.204-0.285:www.nareit.com2REITs:www.na2reit.com2.REITs,,,REITs,,,REITs,,REITs,REITs,,3.REITsREITs,REITs1960,REITs(90%),,REITsREITs4.REITs,,91298,:20098,3,,,,REITs,,,,,REITs3:REITs1.REITs,,70%80%,,,,,,,REITs2.REITsREITsREITs,3.REITsREITs,200292.6,91.9140Glendale,REITs2004TIAAEquityOfficePropertiesTrustWalnutCreek,4.RE2ITs,,,,,,,,1%,,,,,,,,,,,,REITs,,REITs1.REITs(1)REITs0220098TIAA:TeachersInsuranceandAnnuityAssociation,REIT:,[J],2007,(4)REITs,,REITs(),,,,,,,(2)REITs,,,,REITs,,,REITs,REITs,REITs(3)REITs,REITs20073,,,RE2ITs,2.REITs(1)REITsREITs,-:,,,,;,,;,,,REITs,,,,REITsREITs,,,REITs,(2)REITs,REITs,REITs95%,REITs;,REITs,REITs,,REITs,REITs(3)2006,,,,,2008126,,(27)12298,:20098[6].[J].,2003,(9).[7].[M].:,2000.[8],,.[J].,2002,(4).[9].[J].,2002,(4).[10].[M].:,2001.[11].[J].,2000,(1).[12].[J].,2003,(3).[13].[J].,2002,(4).[14].[J].,1997,(12).[15].[J].,1999,(2).[16],.[M].:,1993.[17].[J].,1996,(5).(21),,,(4)REITsREITs,,,REITsREITs,,,REITs,REITs,,,:[1].REITs[J].,2006,(9).[2].(REITs)[J].,2007,(8).[3].[J].,2006,(6)[4].[J].,2005,(1).[5]S.K.Wong,C.Y.Yiu,M.K.S.Tse,K.W.Chau.DotheForwardSalesofRealEstateStabilizeSpotPrices[J].TheJournalofRealEstateFinanceandEconomics,2006,32(3).[6],.[7],.[J].,2008,(3).72298:20098