本研究欲尋找出投資跨區域醫療型不動產投資信託所擁有的某些財務特徵與效果，並且藉此來嘗試設計出最佳的投資策略。研究的醫療型不動產投資信託包含美國、歐洲以及亞洲的醫療不動產投資信託，並且使用Johansen Cointegration, VAR 和Max Sharpe Ratio Portfolio Optimization來探討前面提到三個區域的醫療型不動產投資信託。我們的研究發現，當醫療型不動產投資信託包裝成一個投資組合的時候，其Lag的特徵類似一些避險的商品，如：黃金。其次從極大化Sharpe Ratio的觀點，單純投資醫療型不動產投資信託的益處有限，但是將醫療型不動產投資信託中歐洲以及亞洲不動產投資信託的比重提高會創造比較佳的調整風險後報酬。

This study examines the characteristics of Healthcare REITs as a cross-regional investment, with the goal of discovering implications on cross-regional Healthcare REITs investment strategies, Healthcare REITs from the US, EU and Asian region were examined. Johansen cointegration test, VAR and Max Sharpe ratio portfolio optimization is conducted to investigate Healthcare REITs of the aforementioned regions, each region holds different preference and market maturity in Healthcare industry. Our results, show Healthcare REITs when bundled into a portfolio, exhibits similar lagged characteristics to risk hedging commodities such as gold, Healthcare REITs should not be investment within a pure Healthcare REITs portfolio, as cross-regional investment doesn’t not appear to help with increasing return. EU and Asian healthcare REITs offer the best risk adjusted return and is recommended to allocated more asset into.

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