Equity and Debt Finance of the Japanese REITs

2022 Fiscal Year Final Research Report

• Project/Area Number: 19K01760
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Review Section: Basic Section 07060:Money and finance-related
• Research Institution: Hosei University
• Principal Investigator: Kim Yong-Jin 法政大学, 経営学部, 教授 (80326008)
• Project Period (FY): 2019-04-01 – 2023-03-31
• Keywords: 日本版不動産投資信託 / スポンサー / IPO / 不動産市況 / 公募増資

Outline of Final Research Achievements

This research examines how the sponsor in the Japanese Real Estate Investment Trust market plays a role in initial public offerings (IPOs) and the firm value after the IPO, and how the real estate market condition affects the timing of seasoned equity offerings and market valuation. Firstly, the results showed that the sponsor's additional same boat investment (ASBI) in the issuer at the time of the IPO had a positive effect on the underpricing at the IPO and the underpricing accelerated the timing of the subsequent seasoned equity offering, and that the sponsor's ASBI contributed to the improvement of the firm value after the IPO. Next, we found that two representative proxy variables for the real estate market condition, i.e., the expected investment yield of real estate investors and the office vacancy rate change in the central business district had positive and negative impacts on the timing of the seasoned equity offering and the market reaction, respectively.

Free Research Field

ファイナンス

Academic Significance and Societal Importance of the Research Achievements

J-REIT市場は、時価総額基準で米国に次いで世界第二位であり、日本銀行による買い入れや年金積立金管理運用独立行政法人による年金運用の対象になるなど、日本の金融政策や国民生活におけるそのプレゼンスが益々高まっている。しかしながら、J-REIT市場、とりわけ不動産投資法人の財務行動に関する研究は十分とは言えない。また、J-REIT市場は、不動産投資信託の発行及び組織運営においてスポンサーの果たす役割が重大である。このような制度的背景や特徴を踏まえた上で、不動産投資法人のエクイティファイナンス行動を考察し、一般事業会社や海外不動産投資信託市場との類似点と相違点を明らかにすることは有意義である。