REITs的提供資金者包含投資機構與一般大眾；但REITs屬防禦型工具，並非適合所有人之投資工具，投資者除需評估經濟環境與景氣、受益證券之價值與風險，以及其他可能對收益造成影響的因素以外；同時對於所購買REITs本身的投資組合、管理團隊與財務策略，以及公開說明書、財報所揭露之資訊，也需有了解。 本論文首先介紹不動產證券化商品的定義與架構、國外和國內不動產證券化市場，及REITs商品的種類；再針對REITs投資風險進行分析與探討。主要分別從影響REITs預期報酬風險的總體風險、公司內部成長的營運風險、運用融資舉債外部成長的財務風險、流動性風險進行討論；讓投資人認知其金融商品運用在投資組合之重點與風險。 The capital suppliers for REITs include investment institutions and general publics. But REITs is mostly liked defensive tool, which is not adaptable for all the investors. Besides evaluating the economic prosperity, beneficial values and risks, and factors causes profits and losses, the investors should study its profolio, managerial teams and financial strategies, as well as the exposed datums from its prospectus and financial reports. This article will be started to introduce the definitions and models of the REIT’s, forgein and domestic REIT’s markets, and its product categories, then the investment risk analysis and discussion will be proceeded by the overall risk of its expected return risk, company internal operation risk, financial risk from stock loan, and liquidity risk. Educating the investors more cognitive on the financial products when they exercise the keypoints and risks of the profolio.
