REIT Dividend Determinants: Excess Dividends and Capital Markets
研究了房地产投资信托基金（REITs）支付超额股息的决定因素，发现超额股息与降低代理成本、良好经营业绩、股票回购计划及短期银行债务获取能力相关，REITs通过股息政策管理资本获取。
The determinants of excess dividend payments above mandatory requirements in real estate investment trusts (REITs) are evaluated. Payment of excess dividends is related to factors associated with reduced agency costs, strong operating performance, the implementation of a stock repurchase plan and an ability to access short‐term bank debt. Recognizing that access to external capital is essential for long‐term growth, REITs manage dividend policy to allow for capital acquisition in the form of both equity and debt. The acquisition and use of short‐term bank debt provides REIT management flexibility in determining dividend policy.