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探讨税赋待遇与市净率是否可以解释REIT及普通股除息后的价格行为十分必要。税赋待遇不同可能导致REIT与普通股在除息期间有不同的价格行为;另外,除息事件会使市净率改变,投资人可能因此而调整投资组合,进而影响REIT与普通股除息后的价格表现。研究发现,REIT和普通股除息后的价格行为确实与税赋待遇及市净率变化有关,这有助于扩展相关领域的研究视角,对拟定投资策略也具有参考价值。
It is necessary to explore whether the tax treatment and PBR can explain the price behavior of REIT and common stock after ex-dividend. Different tax treatments may result in different price behaviors between REITs and ordinary shares during the ex-dividend period. In addition, the ex-dividend event may change the market-to-book ratio, and investors may adjust the investment portfolio accordingly, thereby affecting the price performance of REITs and common stock after ex-dividend . The study finds that the price behavior of REITs and common stocks after ex-dividend does have something to do with the tax treatment and the change of the book value-to-book ratio. This helps to expand the research perspective in related fields and has reference value for the formulation of investment strategies.