创新引领上市的卫星和电信基础设施行业的投资机会

IF 1.6 Q3 BUSINESS, FINANCE Journal of Property Investment & Finance Pub Date : 2020-04-06 DOI:10.1108/jpif-10-2019-0132
M. Marzuki, G. Newell
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Sub-period performance dynamics of listed satellite and telecommunication infrastructure in the pre-GFC (January 2000–June 2007) and the post-GFC (July 2009–June 2019) investment horizons are provided.Design/methodology/approachNineteen-year monthly total returns over 2000–2019 were used to analyse the risk-adjusted performance and portfolio diversification potential of both listed satellite and telecommunication infrastructure. The mean-variance portfolio optimisation framework using the full period and post-GFC ex-post returns, risk and correlation coefficient of listed satellite and telecommunication infrastructure and other financial assets was developed to determine the added-value benefits of listed satellite and telecommunication infrastructure in an optimised investment framework.FindingsListed satellite and telecommunication infrastructure delivered mixed investment performance. 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引用次数: 3

摘要

目的通信基础设施资产为有兴趣进入技术驱动和创新主导的基础设施领域的投资者提供了一个引人注目的投资机会,因为需要加强资本部署,为未来信息量和速度的大幅流动做好准备。这些通信基础设施资产存在于卫星或电信基础设施领域。本文旨在实证评估2000年1月至2019年6月期间上市卫星和电信基础设施的性能属性。提供了全球金融危机前(2000年1月至2007年6月)和全球金融危机后(2009年7月至2019年6月。设计/方法/方法2000-2009年的19年月度总回报用于分析上市卫星和电信基础设施的风险调整业绩和投资组合多元化潜力。利用上市卫星和电信基础设施及其他金融资产的全期和全球金融危机后的税后回报、风险和相关系数,开发了均值-方差投资组合优化框架,以在优化的投资框架中确定上市卫星和通信基础设施的附加值收益。Findings上市的卫星和电信基础设施的投资表现喜忧参半。它们具有高度的波动性,在全球金融危机期间和之前,总回报表现与其他资产类别相比有很大的折扣。然而,上市的电信基础设施在全球金融危机后的所有业绩指标中都表现强劲。上市的卫星和电信基础设施为所有投资领域的投资者提供了强大的多元化优势。此外,将上市的电信基础设施纳入整个时期和全球金融危机后的混合资产投资框架,在经验上也是合理的。实际意义卫星和电信基础设施等通信基础设施资产是确保未来现代技术无缝运行和互动的关键基础设施资产。虽然在整个基础设施资产类别中所占比例很小,但价值2.1万亿美元的上市通信基础设施行业在刺激投资者在高质量和经得起未来考验的通信基础设施资产中的资本部署方面发挥着重要作用。鉴于其未来的增长潜力,上市的卫星和电信基础设施资产是一种机会主义投资,被视为适合长期投资的投资者。原创性/价值尽管基础设施资产类别越来越受到关注和实证分析,但此前没有任何研究对上市的卫星和电信基础设施行业进行实证调查。这是第一份已发表的实证研究分析,旨在阐明上市卫星和电信基础设施的投资属性,作为技术相关基础设施资产的投资途径。这项研究验证了在日益重要的通信基础设施资产领域寻求投资的投资者的实际房地产投资决策,并为其提供信息。
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The investment opportunities in the innovation-led listed satellite and telecommunication infrastructure sectors
PurposeCommunication infrastructure assets present a compelling investment opportunity for investors interested to tap into the technology-driven and innovation-led infrastructure segments, given the need for intensified capital deployment to prepare for the future substantial flow in volume and velocity of information. These communication infrastructure assets exist either in the segments of satellite or telecommunication infrastructure. This paper intends to empirically assess the performance attributes of listed satellite and telecommunication infrastructure over January 2000–June 2019. Sub-period performance dynamics of listed satellite and telecommunication infrastructure in the pre-GFC (January 2000–June 2007) and the post-GFC (July 2009–June 2019) investment horizons are provided.Design/methodology/approachNineteen-year monthly total returns over 2000–2019 were used to analyse the risk-adjusted performance and portfolio diversification potential of both listed satellite and telecommunication infrastructure. The mean-variance portfolio optimisation framework using the full period and post-GFC ex-post returns, risk and correlation coefficient of listed satellite and telecommunication infrastructure and other financial assets was developed to determine the added-value benefits of listed satellite and telecommunication infrastructure in an optimised investment framework.FindingsListed satellite and telecommunication infrastructure delivered mixed investment performance. They were highly volatile and there was a significant discount in total return performance against the other asset classes in the full and pre-GFC periods. However, listed telecommunication infrastructure delivered stronger performance in the post-GFC period across all performance measures. Listed satellite and telecommunication infrastructure offered strong diversification benefits for investors across all investment horizons. Further, the inclusion of listed telecommunication infrastructure in both the full period and post-GFC mixed-asset investment framework was also empirically justified.Practical implicationsCommunication infrastructure assets such as satellite and telecommunication infrastructure are the key infrastructure assets to ensure the seamless operation of and interaction with modern technology going forward. Whilst being a small proportion of the overall infrastructure asset class universe, the $2.1 trillion progressively expanding listed communication infrastructure sector is having an important role to stimulate investor capital deployments in high quality and future-proof communication infrastructure assets. Listed satellite and telecommunication infrastructure assets are an opportunistic investment given their future growth potential and are seen as a suitable fit for investors with a secular investment profile.Originality/valueDespite the infrastructure asset class being the focus of growing attention and empirical analysis, no previous studies have empirically investigated the listed satellite and telecommunication infrastructure sectors. This is the first published empirical research analysis that aims at articulating the investment attributes of listed satellite and telecommunication infrastructure as a route for exposure in technology-related infrastructure assets. This research validates and informs practical property investment decision-making for investors seeking exposure in the increasingly important communication infrastructure assets sector.
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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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