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首页> 外文期刊>International Review of Financial Analysis >Credit risk assessment in real estate investment trusts: A perspective on blockholding and lending networks
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Credit risk assessment in real estate investment trusts: A perspective on blockholding and lending networks

机译：房地产投资信托信托信贷风险评估：阻止和贷款网络的视角

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摘要

This study assesses the credit risk of Japan's real estate investment trusts (J-REITs) in two related markets during the fiscal years 2008-2017. The first J-REIT market involves blockholders, while the second is a lending market of institutions, i.e., banks and insurers. J-REITs are corporation type of closed-end funds listed on the stock exchange and thus, has corporate credit risk. Consequently, a J-REIT's financial variables and its sponsor have a substantial effect on the J-REIT's credit risk. A sponsor's probability of default is a leading indicator of the J-REIT's default and double default probability acts as a coincident indicator of default. Network analysis indicates that some network centralities are proxies for funding liquidity via blockholding and lending networks. Rather than increases in other centralities, an increase in the degree of lending to a J-REIT explains a decrease in the issued J-REIT's credit risk.
机译：本研究评估了2008 - 2017财年在两个相关市场中日本房地产投资信托（J-REITS）的信用风险。第一个J-Reit市场涉及阻止者，而第二个是贷款市场，即银行和保险公司。 J-REITS是证券交易所上市的封闭资金公司类型，从而具有企业信用风险。因此，J-REIT的金融变量及其赞助商对J-Reit的信用风险有很大的影响。赞助商的默认值是J-Reit的默认指示符，并且双重默认概率充当默认值的重合指示符。网络分析表明，一些网络集中资料通过阻塞和贷款网络提供流动性的代表。而不是其他中心的增加，对J-Reit的贷款程度的增加解释了颁发的J-Reit的信用风险减少。

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