2007 Fiscal Year Final Research Report Summary
Empirical Analysis of Project-Based Securitization to Promote Urban Regeneration
| Project/Area Number |
18530172
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Applied economics
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| Research Institution | Osaka University |
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Principal Investigator |
KUTSUZAWA Ryuji Osaka University, Institute of Social and Economic Research, Associate Professor (90418773)
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| Co-Investigator(Kenkyū-buntansha) |
OHTAKE Fumio Osaka University, Institute of Social and Economic Research, Professor (50176913)
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| Project Period (FY) |
2006 – 2007
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| Keywords | Securitization of Real Estate / REIT (Real Estate Investment Trust) / Probit Analysis / Tobit Analysis / Panel Analysis by using IV / ROE (Return on Equity) / Tbbins q / External Control |
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| Research Abstract |
The study covers the analysis of project-based securitization to promote urban regeneration. Especially I analyze the investors' activities and the profitability of REIT (Real Estate Investment Trust).
1. Investors' activity
I utilized the survey about the investors' activities and probit and tobit analysis to find what kind of attributes to influence the investors' choice to own Asset (real estate) Backed Securities or REIT. In case of individual investors, their degree of rick aversiveness influences the investment on REIT and ABS. The more risk aversive investors tend to own bond or deposit rather than ABS or REIT. The less risk aversive investors tend to own stocks rather than ABS or REIT. In case of institutional investors, less risk aversive investors tend to own ABS or REIT rather than bonds.
2. Profitability of REIT
I examines the profitability of REIT stocks. IV analysis for panel data of the profitability, types, scales and location of the real estate investment trusts (REITs) and Tobin's Q ratio analysis of REITs show that large scale REITs and high ratio of debt can contribute to high profit, and that the office type REITs can lead to high profitability rather than the residential type.
From the above-mentioned analysis, ABS or REIT is favored by risk tolerate investors and the profitability of REIT is influenced by the external management control effect and leverage effect caused by high debt ratio. It will be thought that establishment of the internal governance and the supplement of creditability of REITs will contribute to urban regeneration by project-based securitization.
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