本研究以東南亞國家為研究對象，針對印尼、泰國、馬來西亞、越南、新加坡五個國家，探討銀行報酬率與不動產報酬率之間的相互關係，資料期間為2007年8月到2018年11月的月資料。本研究以單根檢定來檢定變數是否存在定態，再以固定效果模型檢驗變數之間的關係。實證結果發現，銀行報酬率與不動產報酬率及不動產報酬率與銀行報酬率皆呈現正向因果關係，表示不動產報酬與銀行報酬皆呈現正向相互影響。

This study takes Southeast Asian countries as the research object, and explores the relationship between bank returns and real estate returns in five countries: Indonesia, Thailand, Malaysia, Vietnam, and Singapore. The data period is from August 2007 to November 2018. This study uses a unit root test to test whether a variable has a stationary state, and then uses a fixed-effect model to test the relationship between the variables. The empirical results found that the bank return rate and the real estate return rate and the real estate return rate and the bank return rate all have a positive relationship, indicating that both the real property return and the bank return have a positive interaction.

第一章 緒論…………………………………………………………………………5
第一節 研究動機…………………………………………………………5
第二節 研究目的…………………………………………………………5
第三節 研究架構…………………………………………………………6
第二章 文獻回顧……………………………………………………………………7
第一節 歐洲市場…………………………………………………………7
第二節 美國市場…………………………………………………………8
第三節 亞洲市場…………………………………………………………11
第四節 文獻綜合比較……………………………………………………11
第三章 研究方法…………………………………………………………………14
第一節 資料來源及變數說明……………………………………………14
第二節 樣本資料分析……………………………………………………14
第三節 變數定態檢定……………………………………………………15
第四節 實證模型設定……………………………………………………17
第四章 實證結果…………………………………………………………………18
第一節 相關係數…………………………………………………………18
第二節 迴歸模型…………………………………………………………18
第五章 結論與建議………………………………………………………………24
參考文獻…………………………25

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