中文摘要 本研究探討將不動產投資信託（Real Estate Investment Trusts，REITs）納入投資組合後，是否可以有效提升投資效率。本研究實證結果為，在美國、澳洲、日本及新加坡，投資者投資其本國REITs資產可以獲得資產多元化之顯著效益。此外，以美國投資者之觀點，於投資組合中納入多國REITs資產比僅納入單一國家REITs資產又更能提昇投資績效。最後，投資者除於投資組合中納入多國REITs資產外，再增加投資多國股票，其投資績效可獲得大幅提昇，再次證明投資組合多元化之效益。 ABSTRACT This study examines whether investors can effectively improve their investment performance by adding real estate investment trusts (REITs) into their investment portfolios. This study finds that, in US, Australia, Japan and Singapore, investors can gain significant benefit of asset diversification by adding REITs of their respective countries into their investment portfolios. Furthermore, from US investor’s perspective, adding REITs of various countries jointly can increase the investment performance more than only adding that of one single country. In addition to adding REITs of various countries, investors can further increase the investment performance substantially by adding the investment in stocks of various countries, and this does again prove the great benefits of diversifying investment portfolios.
