دانلود رایگان مقاله انگلیسی اعتماد سرمایه گذاری املاک و مستغلات - نشریه الزویر

عنوان فارسی
اعتماد سرمایه گذاری املاک و مستغلات: مدل کسب و کار جدید در FTSE 100
عنوان انگلیسی
Real Estate Investment Trusts (REITS): A new business model in the FTSE100
صفحات مقاله فارسی
0
صفحات مقاله انگلیسی
10
سال انتشار
2015
نشریه
الزویر - Elsevier
فرمت مقاله انگلیسی
PDF
کد محصول
E1013
رشته های مرتبط با این مقاله
علوم اقتصادی و مدیریت
گرایش های مرتبط با این مقاله
اقتصاد مالی، اقتصاد پولی، مدیریت کسب و کار، مدیریت مالی و بودجه و مالی عمومی
مجله
انجمن حسابداری
دانشگاه
دانشگاه هرتفوردشایر، انگلستان
۰.۰ (بدون امتیاز)
امتیاز دهید
چکیده

abstract


This paper is about the Real Estate Investment Trust (REIT) business model. REITs benefit from tax concessions and Fair Value Accounting (FVA) practices. REITs distributing over 90 percent of profits can obtain tax concessions for their shareholders. This encourages profit distribution at the expense of accumulating retained earnings in shareholder equity. The financial viability of REITs depends upon FVA because this records holding gains when property values are increased. These holding gains can be employed to generate additional financial leverage. However, REITs are exposed to property market volatility and this can quickly undermine solvency, credit ratings and financial stability.

نتیجه گیری

4. Conclusion/Discussion


In this article, we construct a descriptive business model within which to frame our understanding of how changes in legislation and FVA impact upon the financial operating characteristics of REITs. REITs generate relatively slim net income margins from their commercial real estate portfolios and are encouraged to distribute profits to take advantage of tax concessions for shareholders. In the UK, the government’s policy has been not to double tax dividends as long as 90 percent of profits from property income are distributed. This arrangement helps investors generate a higher return on their equity investments in the REIT. Although this tax concession encourages REITs to distribute profits to shareholders,this also reduces the growth of retained earnings which are a component of shareholder funds.


بدون دیدگاه