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Gayrimenkul yatırım ortaklıları (GYO), sahip oldukları kaynağın en az yüzde ellibirini gayrimenkul varlıklara yatırım yaparak portföy işleten kuruluşlardır. GYO’lar hukuki statüleri gereği halka açıktırlar ve pay senetlerinin asgari yüzde yirmibeşi borsada işlem görmek zorundadır Düzenleyici kurumlar tarafından GYO’lara bu statünün sağlanmasının en önemli nedeni, büyük gayrimenkul projelerine yatırım yapamayan ve kazancına ortak olamayan yatırımcıların, borsa üzerinden GYO portföyünde olan projelerin getirilerine ortak olma imkanı sağlamaktır. Böylece GYO’ların portföylerindeki gayrimenkullerin satışından veya kira getirisinden nemalanmak isteyen yatırımcılar, GYO’ların pay senetlerine yatırım yaparlar. Yatırımcılar, teorik olarak pay senetlerinin borsa değerinin, şirket varlıklarının sağladığı kazanç üzerinden fiyatlanmasını bekler. Ancak piyasada işlem gören yatırım araçları sistematik ve sistematik olmayan risk unsurlarından etkilenir. Bu çalışmada, GYO’ların pay senetlerinin getiri oranlarının şirket varlıkları üzerinden mi yoksa piyasadan mı daha ağırlıklı olarak fiyatlandığını araştırmak amacıyla yapılmıştır. Çalışma kapsamında Borsa İstanbul’da 2007- 2017 yılları arası işlem gören GYO’ların varlıklarındaki değer artışının, hisse senedi getir oranları üzerine olan etkisi araştırılmıştır. Bu araştırma bir panel veri analizi ile yapılmış ve analiz sonucunda GYO’ların sahip oldukları varlıklardaki artışının, hisse senedi fiyatları üzerinde piyasanın genelini etkileyen faktörler kadar etkili olmadığı sonucuna varılmıştır.
Real Estate Investment Partners (GYOs) are organizations that operate portfolios by investing 50 percent of their own resources in real estate assets. GYOs are open to the public according to their legal statutes and at least twenty-five percent of their shares must be traded on the stock exchange The main reason for GYOs to provide this status by regulatory institutions is to ensure that investors who cannot invest in large real estate projects and cannot share their profits are able to participate in the revenue of projects in the GYO portfolio through the stock exchange. Thus, investors who want to get rid of the sale or lease of property in GYO’s portfolios invest in GYO’s shares. Investors, in theory, expect the stock exchange value to be priced on the profit provided by the company’s assets. However, the investment instruments that are traded on the market are affected by systematic and unsystematic risk elements. In this study, it was done with the aim of investigating whether the return rates of GYO’s shares are priced over the company’s assets or more substantially than the market. In the framework of the study, the impact of the value increase in the assets of GYOs traded in 2007-2017 in the stock exchange in Istanbul on the share revenues rates has been studied. This research was done through a panel data analysis and the analysis resulted in the conclusion that the increase in assets that GYOs owned was not as effective as the factors affecting the overall market on stock prices.
Real Estate Investment Trusts (REITs) are the companies that manage portfolio by investing at least fiftyone percent of the assets they own in real estate assets. REITs must be a public company.in the same way, twenty percent of the share certificates must be traded on the stock exchange.The most important reason for the provision of this status to REITs by Regulatory institutions is to enable investors to be partners in the returns of the projects in the REIT portfolio through the stock exchange. Thus, investors who want to get rid of the sale of real estate or rent income invest in the shares of REITs. Theoretically, investors expect the value of the shares to be priced over the earnings of the company's assets. However, investment instruments traded in the market are affected by systematic and non-systematic risk factors. The purpose of this study was to investigate whether the shares of REITs were affected more by company assets or by the market. In this study, the effect of the increase in the assets of REICs traded between 2007 and 2017 on stock returns was investigated. This research was done with a panel data analysis. As a result of the analysis, it is concluded that the increase in the assets of REITs is not as effective as the factors affecting the whole market.
Field : Sosyal, Beşeri ve İdari Bilimler
Journal Type : Uluslararası
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