由於理論上建議不動產直接(實體資產)與間接(不動產證券或股票)投票報酬上在不應該有顯著差異，但實體資產投資的流動性差與資訊不流通，價格不易反映出其真實價值，而在轉變成金融性資產後，由於公開的交易，真實價格卻能很快反映，因此實際上兩者在短期內換投資可能對力不同的表，但長期則仍應具有某種程度的均衡關係。因此本研究藉由對國內營建業上市公司(間接投資)投資績效之長期表現，分析國內不動產直托與間疾投資之關聯性。研究結果發，營建類股投資報酬略優於不動產直接受次報酬，但營建類股投資績效缺乏一致性；另外營建類股投資績效表並未貼近於不動產市場，與股票市場較為有關；但長期而言，我們得到直接與間接投資兩者間有長期均衡關係之證據。 Theory suggests that investment in property stocks is often regarded as a proxy for direct investment in property. Due to illiquidity, private transaction and slow information flow, property price is not usually able to be reflected by its real value. However, after the securitization, because property securities are transacted in the open market, we can expect the price can be quickly reflected by its real value. It seems that property prices and property stocks could deviate in the short-run, but, in the long-run, should have long-run equilibrium relationship. Consequently, this paper examines the relationship between direct and indirect investment of the property by analyzing the long-term performance of property stocks. Our results suggest that property stocks performed slightly better than property direct investment but lack of consistency of investment of performance. The behavior of property stocks is closer to the stock market but not the property market. Finally, we found the evidence of long-term relationship between property direct and indirect investment.