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Author: 謝慧娜
Hervina Wijaya
Thesis Title: 企業特定與總體經濟因素作為影響澳洲房地產投資信託基金績效之關鍵因素
The Firm-specific and Macroeconomic Factors as Determinants of Australian REITs Performance
Advisor: 張光第
Guang-Di Chang
Committee: 劉代洋
Day-Yang Liu
Joseph C.P. Shieh
Chun-Nan Chen
Degree: 碩士
Department: 管理學院 - 財務金融研究所
Graduate Institute of Finance
Thesis Publication Year: 2022
Graduation Academic Year: 110
Language: 英文
Pages: 31
Keywords (in Chinese): 澳洲房地產投資信託基金企業特定總體經濟因素績效
Keywords (in other languages): Australian REITs, Firm-specific Factors, Macroeconomic Factors, Performance
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  • This study aims to measure the impact of firm-specific factors, including market capitalization, funds from operations, gearing ratio, market-to-book ratio, and macroeconomic factors, particularly, inflation and interest rates on listed Australian REIT performance from 2012 to 2021. Using Return on Asset (ROA) as the dependent variable and determining the results of the influences from explanatory variables through the multiple regression method. This study has two important findings: first, the gearing ratio has a significant negative impact on the A-REIT performance, indicating that A-REIT’s low gearing ratio is a key to more benevolent performance. Second, in contrast, the inflation rate has a significant positive association, indicating that A-REIT is found capable to be a hedging inflation instrument.

    Abstract Acknowledgments Table of Contents List of Tables, Figures, and Appendix 1.Introduction 2.Literature Review and Hypothesis 2.1. Firm-specific Factors 2.2. Macroeconomic Factors 3.Research Data and Methodology 3.1. Data Collection and Description 3.2. Correlation Analysis 3.3. Multiple Regression 4.Empirical Results 4.1. Correlation Analysis 4.2. Multiple Regression 5.Concluding Remarks References Appendix

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