英文文献：Capital Structure Decisions In Commercial Property Investments In Rwanda-卢旺达商业地产投资的资本结构决策
英文文献作者：Raissa Mugisha,Christine Umug aneza
英文文献摘要：
The commercial real estate sector is one of the fastest developing sectors in Rwanda, evidenced by an explosion in the development of high-rise properties especially within the CBD of Kigali city. A peculiar feature of commercial real estate investment is the requirement for huge initial capital outlay with a maturity commensurate through the economic life of the investment holding period. Thus, it is often impractical or finically imprudent for investors to finance such acquisitions or developments solely from their personal savings. This necessitates the use of external funding to finance the cost of developing or purchasing commercial properties. This paper provides an empirical examination of the factors which underpin commercial real estate investors’ decisions to combine debt, equity and other financing options the way they do. It focuses on Rwanda, where 10 commercial properties in the city of Kigali were examined. The analysis revealed that the majority of investors prefer combining debt and equity in their capital structure, with the types of equity capital mainly used being partnerships and personal savings, whereas the debt financing option mainly used is bank loans secured by the subject property. The main difference in the capital structure lies in the proportionate fractions of debt and equity that makes up the capital stack. This difference appears in two ways, where an investor might choose a high debt-to-equity ratio or a low debt-to-equity ratio, high debt to equity ratio being the most commonly chosen. The differences were then analyzed to understand the reasons for the observed capital structures. From this understanding we were able to determine empirically the factors that influence investors’ capital structure decisions of commercial properties in Rwanda. The key determinants were interest rates, risk diversification, portfolio considerations and the tax deductibility. The implications of the adopted capital structure on investment performance and risk were also examined.

商业地产部门是卢旺达发展最快的部门之一，特别是基加利市CBD内的高层房地产开发出现爆炸式增长就是明证。商业地产投资的一个特点是，初始资本支出数额巨大，其期限与投资持有期的经济寿命相适应。因此，对于投资者来说，仅仅从他们的个人储蓄中为此类收购或开发融资往往是不切实际的，或者最终是轻率的。这就需要利用外部资金来支付开发或购买商业地产的费用。本文提供了一个实证检验的因素，支持商业房地产投资者的决策结合债务，股权和其他融资选择的方式。该报告以卢旺达为重点，审查了基加利市的10处商业地产。分析表明，大多数投资者在资本结构上更倾向于债权与股权相结合，股权资本的类型主要为合伙制和个人储蓄，而债权融资选择主要为以标的财产担保的银行贷款。资本结构的主要区别在于构成资本堆栈的债务和权益的比例比例。这种差异表现在两方面，投资者可能选择高负债权益比或低负债权益比，高负债权益比是最常见的选择。然后分析这些差异，以了解观察到的资本结构的原因。根据这一理解，我们能够以经验确定影响投资者对卢旺达商业地产的资本结构决策的因素。关键的决定因素是利率、风险分散、投资组合考虑和税收减免。采用的资本结构对投资业绩和风险的影响也进行了研究。