基于博弈理论的产权式酒店投资风险研究

Study on Investment Risk in Property Hotel Based on Game Theory

作为一种旅游与房地产相结合的物业,产权式酒店模式自引入之日起便开始风靡全国。在国内著名旅游城市及经济繁荣城市从星星之火已发展为燎原之势。然而,由于产权式酒店的各方利益者众多、信息不对称的情况严重,产权式酒店也成为了目前我国不动产投资市场上投资风险最大的产品之一。从博弈理论的角度出发,探讨了产权式酒店的各方利益主体之间的博弈策略和博弈行为,提出建立健全担保机制,使其成为开发商的信号传递机制,从而避免了产权式酒店投资领域的逆向选择和道德风险问题,以推动产权式酒店投资的和谐、健康发展。

As a real property combined by tour and real estate,Property Hotel has been prevail throughout China,especially in some famous tourism cities and economic developed cities even since it was introduced to China.However,Property Hotel has become one of investments at the highest degree of risk in real estate investment,because of the numerous stakeholders and the information-dissymmetry.Based on Game Theory,this paper discusses the strategies and behaviors of stakeholders in the game,and puts forward that guarantee mechanism should be established as a signal transmission mechanism of developers to avoid the adverse selection and moral risk and promote the development of Property Hotel investment.