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首页> 外文期刊>The Journal of real estate finance and economics >Determinants of Foreign Versus Domestic Real Estate Investment: Property Level Evidence from Listed Real Estate Investment Firms
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Determinants of Foreign Versus Domestic Real Estate Investment: Property Level Evidence from Listed Real Estate Investment Firms

机译：外国对国内房地产投资的决定因素：上市房地产投资公司的房地产水平证据

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摘要

We examine the determinants of foreign real estate investment relative to the domestic case using the portfolios of a large sample of publicly traded real estate investment companies; where foreign investment is defined as the property owner headquarters being located in a different country than a given asset. The cross-sectional results provide strong evidence that real estate firms are more likely to take a smaller stake in larger assets when investing abroad. The penchant for large assets holds when controlling for economic activity, real estate investment opportunities, depth and sophistication of the capital markets, investor protection and the legal framework, administrative burdens and regulatory limitations, and the socio-cultural and political environment at both the property nation and headquarter nation levels. In general, foreign ownership is less likely with industrial, office, retail, and self-storage properties. Capital market development is consistently negatively related to foreign investment.
机译：我们使用大量上市房地产投资公司的投资组合，考察了与国内案例相关的外国房地产投资的决定因素；当外国投资被定义为财产所有者总部位于与给定资产不同的国家。横断面结果提供了有力的证据，表明房地产公司在海外投资时更有可能在较大资产中持有较小的股份。在控制经济活动，房地产投资机会，资本市场的深度和复杂度，投资者保护和法律框架，行政负担和监管限制以及两地财产的社会文化和政治环境时，对大型资产的偏爱就存在国家和总部国家/地区级别。一般而言，工业，办公，零售和自存放物业的外资拥有可能性较小。资本市场的发展一直与外国投资负相关。

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