摘要
Abstract
Subject to the level of financial deepening, Chinese real estate financial system is accumulating more and more significant risk factors. Being one of the major financing and investment vehicles, real estate investment trust can actually help reducing the overall systematic risk of China's financial market. Meanwhile, we also need to figure out how to measure and control the systematic risk that real estate investment trust will bring to the whole financial market. In this paper,the results are as follows: Firstly, the development of real estate investment trust will help accelerate China's development on financial tool to serve the rapid development of the real economy. Secondly, real estate investment trust may lead to excessive capital flows to financial market and into underlying real estate market which may result in macro-economic imbalances and quickly accumulate the systematic risk. Finally, subject to the basic "emerging and transitional" national conditions, China's financial liberalization and financial fragility are logically in the mix, therefore, it's more important for regulator and management in China to identify and prevent the risk of financial innovation.关键词
房地产投资信托基金/金融深化/金融抑制/预期效应Key words
real estate investment trust/ financial deepening/ financial repression/ prospective effect分类
管理科学
