译文（字数 3483）

资本结构与亚太区房地产市场的政治风险

乔治 D. & 大卫·哈里森 & 迈克尔 J.

2013 年施普林格科学 纽约商业媒体

摘要

本研究主要探讨影响房地产公司资本结构决策的因素，具体的重点放在政治风险对杠杆率的影响。我们使用的亚太区房地产投资信托基金和上市的房地产信托的样本找到那些属性位于国家具有较高程度的政治风险的公司，如政治不稳定，或更大的不确定性在遣返和赚钱利润从国际投资活动的能力雇用债务比他们在政治上更稳定的环境中运行。

关键字资本结构：政治风险、亚太区房地产投资信托基金

介绍

过去二十年目睹国际房地产投资机会，极大的扩展和空前的相关资本市场的一体化。这些新趋势给房地产公司投资跨辖区，独特的机遇和挑战，显著影响的战略定位和此类公司的业务特点。虽然沿此维度的早期工作集中于权衡成本和收益的组织设计的特点，目前的调查重点是政治风险暴露如何影响一家房地产公司的融资能力。具体而言我们认为房地产投资信托基金和上市房地产信托面临增强的政治风险暴露级别将面临债务融资的困难。因此，我们假定这些公司将以降低杠杆率，其他条件不变。从传统角度来看，这些系统的差异公司可能会有效地限制设置国际房地产公司可用投资契机。

房地产市场的两个独特维度将实质上添加到这个决策过程和进一步推动这一行业作为一个令人信服的实验室检查政治风险的复杂性。首先，尽管上述新新兴趋势的独特性，房地产仍然是高度分段和本地化的市场。例如，过度的需求，为中国的公寓提供有关盈利能力的写字楼市场在澳大利亚小，如果有的话，价值相关信息。到目前为止，房地产市场仍然高程度的属性类型和地理位置特异性。因此，跨境投资活动所产生的政治风险变得日益相关方面相对缺乏流动性，有形资产等商业房地产的投资。

外文原文（字符数 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.