譯文（字數 3483）

資本結構與亞太區房地產市場的政治風險

喬治 D. & 大衛·哈里森 & 邁克爾 J.

2013 年施普林格科學 紐約商業媒體

摘要

本研究主要探討影響房地產公司資本結構決策的因素，具體的重點放在政治風險對杠桿率的影響。我們使用的亞太區房地產投資信托基金和上市的房地產信托的樣本找到那些屬性位于國家具有較高程度的政治風險的公司，如政治不穩定，或更大的不確定性在遣返和賺錢利潤從國際投資活動的能力雇用債務比他們在政治上更穩定的環境中運行。

關鍵字資本結構：政治風險、亞太區房地產投資信托基金

介紹

過去二十年目睹國際房地產投資機會，極大的擴展和空前的相關資本市場的一體化。這些新趨勢給房地產公司投資跨轄區，獨特的機遇和挑戰，顯著影響的戰略定位和此類公司的業務特點。雖然沿此維度的早期工作集中于權衡成本和收益的組織設計的特點，目前的調查重點是政治風險暴露如何影響一家房地產公司的融資能力。具體而言我們認為房地產投資信托基金和上市房地產信托面臨增強的政治風險暴露級別將面臨債務融資的困難。因此，我們假定這些公司將以降低杠桿率，其他條件不變。從傳統角度來看，這些系統的差異公司可能會有效地限制設置國際房地產公司可用投資契機。

房地產市場的兩個獨特維度將實質上添加到這個決策過程和進一步推動這一行業作為一個令人信服的實驗室檢查政治風險的復雜性。首先，盡管上述新新興趨勢的獨特性，房地產仍然是高度分段和本地化的市場。例如，過度的需求，為中國的公寓提供有關盈利能力的寫字樓市場在澳大利亞小，如果有的話，價值相關信息。到目前為止，房地產市場仍然高程度的屬性類型和地理位置特異性。因此，跨境投資活動所產生的政治風險變得日益相關方面相對缺乏流動性，有形資產等商業房地產的投資。

外文原文（字符數 9459）

Capital Structure and Political Risk in Asia-Pacific Real

Estate Markets

George D. Cashman & David M. Harrison &Michael J. Seiler

Springer Science+Business Media New York 2013

Abstract

This study investigates the determinants of capital structure decisions by real estate firms, with a specific focus on the impact of political risk on leverage. Using a sample of Asia-Pacific REITs and listed property trusts, we find those firms with properties located in countries characterized by relatively high degrees of political risk, such as political instability, and greate run certainty in the ability to repatriate and monetize profits from international investment activities, employ less debt than their counterparts operating in more politically stable environments. 

Keywords ：Capital structure  Political risk Asia-Pacific REITs

Introduction

The past two decades have seen an enormous expansion of international real estate investment opportunities, and unprecedented integration of related capital markets. These emerging trends present both unique opportunities and challenges for real estate firms investing across jurisdictional boundaries, and promise to significantly influence both the strategic positioning and operational characteristics of such firms. While early work along this dimension has focused on the trade-off between the costs and benefits of organizational design characteristics, the current investigation focuses on how political risk exposure influences a real estate firm’s ability to raise capital. Specifically, we argue REITs and listed property trusts facing enhanced levels of political risk exposure will face difficulties securing debt financing. As such, we posit these firms will be characterized by lower leverage, ceteris paribus. From an opera-tional perspective, these systematic differences in firm leverage ratios are of key import to firm management as they may effectively constrain the investment oppor-tunity set available to international real estate firms.