新兴市场的售后回租与市值比率——越南的实证研究

IF 1.6 Q3 BUSINESS, FINANCE Journal of Property Investment & Finance Pub Date : 2021-09-02 DOI:10.1108/jpif-03-2021-0019
Quan Le Truong, Chung Yim Edward Yiu
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引用次数: 2

摘要

目的本研究假设新兴经济体的售后回租上限率低于市场上限率,这种差异是由于制度成本和空置风险造成的。本研究旨在提供一种新的SLB上限费率模型来评估SLB交易的绩效。SLBT数据在发展中国家通常不公开。本研究通过对2019年越南利益相关者进行半结构化访谈,收集了31家SLBT的数据。市值利率是从顾问的报告中收集的。通过三个回归模型对这些假设进行了检验。研究结果表明,在越南,SLBT上限利率明显低于市场上限利率,并且大多数上限利率折扣可以用制度和风险因素来解释。这表明SLBT有助于降低租户的搜索成本和空置风险。它解释了为什么SLBT在新兴国家越来越普遍。实际意义该研究对评估买卖双方的SLBT表现具有很强的实际意义。它引入了一个新的模型来分析SLBT的上限利率和潜在风险,以促进房地产投资决策。独创性/价值本文是一项研究,包含了发展中国家(特别是越南)SLB的新知识。
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Sale and leaseback to market cap rate ratio in emerging markets – an empirical study in Vietnam
PurposeThis study hypothesises that sale and leaseback (SLB) cap rate is lower than the market cap rate in emerging economies, and the difference is due to institutional cost and vacancy risk. This study aims to provide a novel SLB-Cap-Rate Model to assess the performance of SLB transaction (SLBT).Design/methodology/approachSLBT data are generally not publicly available in developing countries. This study collected data from 31 SLBTs by conducting semi-structured interviews with stakeholders in Vietnam in 2019. The market cap rates were collected from consultants' reports. The hypotheses are tested by three regression models.FindingsThe results show that the SLBT cap rate is significantly less than the market cap rate in Vietnam, and most of the cap rate discount can be explained by institutional and risk factors. This suggests that SLBT helps to reduce search costs for tenants and vacancy risks. It explains why SLBTs are becoming more common in emerging countries.Practical implicationsThe study has a strong practical implication for assessing the performance of SLBT for both buyers and sellers. It introduces a novel model for analysing the cap rates and potential risks of SLBT to facilitate property investment decisions.Originality/valueThis paper is one of the studies that contains new knowledge on SLBs in a developing country specifically Vietnam.
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来源期刊
CiteScore
3.50
自引率
23.10%
发文量
33
期刊介绍: Fully refereed papers on practice and methodology in the UK, continental Western Europe, emerging markets of Eastern Europe, China, Australasia, Africa and the USA, in the following areas: ■Academic papers on the latest research, thinking and developments ■Law reports assessing new legislation ■Market data for a comprehensive review of current research ■Practice papers - a forum for the exchange of ideas and experiences
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