房地产专业外文翻译中英对照版Word文件下载.docx
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房地产专业外文翻译中英对照版Word文件下载.docx
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China'
srealestatemarketregulatorsneedtostudy
学院(系):
建筑工程学院
专业:
工程管理
*******
学号:
*********
********
完成日期:
2012年2月15日
大连理工大学程城市学院
DalianUniversityofTechnologyCityInstitute
Abstract:
realestatehasbecomeanimportantpillarindustry,realestateDevelopmentandcloselyrelatedtothenationaleconomy.Thispapertheoreticallydiscussestherealestatemarketmonopoly,externalities,publicgoodscharacteristicsandinformationasymmetry,andfromourrealestateDevelopmentprocessandthespecificityoftheperspectiveoftherealestatemarketanalysisstudies,andthusfullyprovedrightChina'
srealestatemarket,theneedforregulation.
Keywords:
realestate;
market;
regulation
1.therealestatemarketfailuredeterminestheneedforgovernmentregulation
RegulatoryEconomicsresearchamplydemonstratedthatmarketfailureisamarketeconomy,animportantreasonwhygovernmentregulation,resultinginmarketfailureisduemainlytoamonopoly,externalities,publicgoodsandasymmetricinformation,therealestatemarketalsoexistsmarketfailure.
(A)therealestatemarketthereisnomonopoly
Monopolyofrealestateisdeterminedbytherealestateproperties,realestateisthelocationofthemainfeaturesofthenon-mobility,ahousingOncethelocationofotherbuildingsontheirreplaceable,butalsobecausetherearefloors,towardsthevariousotherfactors,determineahouseineachhouseareindependent,sothepropertyintherentalandsale,withregionalandmonopoly,andthustheformationofmonopolyprices.Asthelargestrealestateinvestment,longpaybackperiod,whichcanentertherealestatemarketcanonlybeafewenterprisescoupledwiththelimitedsupplyoflandandrealestateDevelopmentandoperationofthescaleofrequirements,itiseasytoformpartialorregionalmonopoliesthelandmarketbyagovernmentmonopoly,affordablehousingandlow-renthousingprovidedbytheGovernment.Inordertostabilizehousingprices,protectingtheinterestsofconsumers,therealestatemarketmustbeGovernmentregulation.
(B)theexistenceofexternaleffectsoftherealestatemarket
Realestateincludesboththeconceptofexternaleconomicactivitiesintherealestatesubjecttotheimpactofothereconomicsubjects,whichalsocoversanumberofothereconomicentitiesoftheimpactofeconomicentitiesontheproperty,theexternaleffectsofexternaleconomicandpolicy-makingfunctionsofthemainembodimentisdifferent:
externalitiesimposedbyapartytoonlyconsidertheirownprofitmaximizationproblem,amatterofpersonalreasonratherthansocialrationality.
Theexternalnatureoftherealestateaccordingtodifferentstandardscanbeforavarietyofcategoriesaccordingtotheirscoperesultingfromtheeffectsofexternalitiescanbedividedintomacro-andmicro-externality.MacroeconomicexternalitiesisakindofrealestatebehaviorofeconomicagentsimposeonothersoutsideofthemainbenefitsasaresultofrealestateinvestmentandDevelopmentactivitiestoimprovetheinvestmentenvironmentintheentireregion,whichfortheindustrialandcommercialeconomicactivity,costsavingsandextendedIndustryprofitabilityspace.Thisrealestateimposedonthebeneficialeffectsonotherindustriesisamacro-externaleconomicphenomena.Urbanindustrialandcommercialprosperity,notonlyenhancestheeconomicvitalityoftheentirecity,butalsomakestherelevantareasraisethelevelpremiumlocation,whichisimposedonothersectorsoftheexternaleconomiceffectsoftherealestateindustry.Microrealestateoutsidetherealestateindustryreferstothevariouseconomicagentswithinorbetweenthedifferenteconomicactivitiesintherealestatethatexistsbetweenexternaleffects.Forexample,thecommercialandindustrialrealestatedevelopmentactivitiesonresidentialrealestatedevelopment,distributionandconsumptionofboththeexistenceofexternalinfluences.
Accordingtothenatureandroleofexternalinfluencesthedirectionoftherealestatebedividedintoexternaleconomiesandexternaldiseconomies.Anyeconomicactivitybecausetherealestatebenefitfromexternalinfluencesknownastherealestateoutsidetheeconomy.Becauseofrealestatedevelopmentmadethecitybelongstotherealestatelandscapegreatlyimprovedexternaleconomic.Anyeconomicactivitybecausetherealestatedamagedbyexternalinfluencesknownastherealestateexternaldiseconomies.Urbanlanddevelopmentandconstructionresultinover-crowdedhousing,publicgreenspacereduction,andenvironmentalpollutionitispossibletoreducethevalueofthelandaffected,includingmanyindustries,includingrealestatedevelopment,whichbelongstotherealestateexternaldiseconomies.
(C)toprovidetherealestatemarketpublicgoods(publicgoods)
Consumptionofgoodsthatpeoplecanbedividedintoprivategoods(privategoods)andpublicgoods.Realestateeconomy,therearemanypublicgoodsor'
quasi-publicgoods'
.Suchasurbaninfrastructure,floodcontrolprojects,earthquakeengineering,publicfacilities.Theseprojectsduetolargeamountofinvestment,theinvestmentrecoveryperiodislong,alsodifficulttoexcludethosewhopayfortheuse,bythemarkettoprovideoftenleadstoinsufficientsupplycanonlybeprovidedbytheGovernment.ButthegovernmentisnotnecessarilythedirectproductionbytheGovernment,theGovernmentmaydelegateorcontractedouttoindependentcompaniestoproduce,theGovernmentisonlyresponsibleforfund-raisingandmanagement.
(D)Therealestatetransactionthereisasymmetricinformation
Informationasymmetryistheimbalancedistributionoftheinformationinthetradingparties.Theconsumersandoperators,bothintermsofthecontract,theoperatorhasoncommodities,informationsuperiority,enablingconsumerstoeasilydeceived,knownastheinformationisnotcomplete.Consumersofinformationonallaspectsofconsumerproductknowledgeisusuallylimited,theyoftendonotknowifcommoditypricesandthedifferencesinhowthequalityofgoods.Marketinformationisnotcompletemainlyasfollows:
1.Informationaboutthequalityofgoodsisnotcomplete,consumershaveonlythelimitedqualityinformation.2.Theinformationrelatingtocommoditypricesisnotcomplete,consumershaveonlythelimitedpriceinformation.Informationasymmetrymayoccurinanothersituation,thepartofconsumerstograspthemessageinitsentirety,andtheothersomeconsumershaveonlythelimitedqualityinformation.Competitiononbothsidestowininthecompetition,sourcesofinformationthroughthecontainmentmethodssuchastheexpenseofotherinformationabouteachother,therebybeatingthecompetition.
Withboththerealestateproductusability,butalsohasinvestmentproperties.Shopsandofficesaremainlydominatedbyinvestmentbuyerstopurchasehousinginpart,investors,consumersandinvestorsareverysensitiveinformation,suchas:
WhentheGovernmentannouncedalocationtobuildthesubway,oraplacetobuildalarge-scaleshoppingmalls,then,aslongastheinformationonarelease,thesurroundinghomeswillbepriceincreases,indicatingtherealestateproductalreadyhastheinformationonproductfeatures.Theperformanceoftherealestatemarketinformationasymmetryasfollows:
Astherealestatedevelopmentinvestmentinlarge,extendedperiodoftime,canentertherealestatemarketvendorsisrelativelysmall,developedtheproductqualitysituation,thepricesituation,salestoconsumerstosaidthat,thereisbias.Theheterogeneityofrealestatecommodities,pricechangesandtradingexpertiseandcomplexityofinformationasymmetrycanleadtobothbuyersandsellers.Asymmetricinformationwillincreasetransactioncosts,reducemarketefficiency,butalsomayleadtomoralhazardandadverseselection.
Toensurethevalidityoftherealestatemarketinformation,therearetwosolutions,amarketsolution,thatis,marketparticipantsthroughtheirowneffortstosearchforinformation,andtousetheirownknowledgeandskillsininformationselection,analysisandsoon.Asthemarketparticipantsarerationalinitself,anditmadesuchasearchforinformationonthecostoftheirdecision-makingmustbebasedonitsowncost-benefitcomparison,onlytheinformationthatthecostofpayinglessthanthegainsforthispurpose,hewouldtopaysuchefforts.However,thisapproachduetothefollowingconstraints,makingthistotallymarket-basedsolutionscannotbeimplemented.
First,theinformationsearchitself,thereisacost.Becauseoftheuncertaintyoftradingpartners,inordertoaccuratelygrasptheneedsofallpotentialtradingpartners,asitstradingdirection,quantityandprice,itisverydifficulttodo.Second,marketparticipantsandthedifferencesinherentqualities,andsomedonothavetheabilitytoidentifytheminimumofinformation,whileothersareunabletocompletetheinformationsearchandanalysis.Third,duetomarketimperfectionsandinformationasymmetries,makingmoralhazardandopportunismprevail,resultingininformationErshifraudlossesaresustainedbysomemarketparticipants,thispartofthepeople'
sinterestscannotbemarketcompensation
Canbeseen,itistheparticularityoftherealestatemarket,makingtherealestatemarketinformationcosts,orsaidtobetotallymarket-orientedsolutionsforthetransactioncostsaresohigh,resultinginanaverageconsumercanillaffordto
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