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房地产投资信托基金(REITs)是现代重要的金融创新产品,在美国及其他发达国家和地区获得了极大的发展,成功地促进了房地产市场和金融市场的良性、互动融合。REITs本身固有的优势或特征,使其越来越备受关注。但是,REITs存在着一个很大的不利之处,由于其组织结构的设置,无论是信托型,还是公司型,委托代理关系普遍存在。在充分考虑现实中的不对称信息情况下,试图引入其他可观测变量,设计最优激励合同。最后,根据理论分析,给出相关的具体建议。
Real Estate Investment Trusts (REITs), a modern and important financial innovation product, have made tremendous progress in the United States and other developed countries and regions and successfully promoted the benign and interactive integration of real estate market and financial market. The inherent advantages or characteristics of REITs make it increasingly attractive. However, there is a big disadvantage of REITs. Due to its organizational structure, whether trust-based or corporate-type, the principal-agent relationship is ubiquitous. With full consideration of the real asymmetric information, attempts are made to introduce other observable variables and design the optimal incentive contract. Finally, according to the theoretical analysis, given the relevant specific recommendations.