Application of PPC Model Based on RAGA in Real Estate Investment Decision-Making

According to the size of the projector function to evaluate the merits of the program, Projection Pursuit method is applied to real estate investment decision-making by using the real coding based on Accelerating Genetic Algorithm (RAGA) to optimize the Projection Pursuit Classification (PPC) process and a wide range of indicators value was projected linearly. The results are reasonable and verified with an example. At the same time, the subjective of the target weight can be avoided. It provides decision-makers with comprehensive information on all the indicators of new ideas and new

A group consensus model for evaluating real estate investment alternatives

Background:Individual decision-making largely influences the effectiveness of decisions and benefits of investments.Methods:In this article,a consensus model for group decision-making(GDM),based on the analytic hierarchy process(AHP),is developed to gather group ideas and analyze the real estate investment environment under multi-criteria problems.Twelve evaluation procedures of the developed model,which increase the convergence of the opinions of multiple experts,are proposed.Results:An empirical case about the real estate investment environment is applied to certify the feasibility of this developed model.Conclusions:the evaluation procedures have been fully observed with several rounds of discussions,and have manifested the experiences of experts.Besides,the evaluation results are in accordance with real-world situations,which demonstrates that our developed model is a feasible analysis tool for real estate investors to obtain better profits and lower risk.

Application of the Option Game Theory to the Real Estate Enterprise Investment Decision

One of the remarkable characteristics of the current development of China's national economy is the increase of uncertainties, which makes the traditional method more and more unsuitable for the current economic development in the real estate investment process. Based on the option game theory, the investment decision making of real estate is analyzed here, the investment optimization mathematic model established, and Nash Equilibrium discussed. Through case studies, we analyze the application of game option in the real estate, which is put under symmetrical duopoly. The conclusions will contribute to both the theory on and practice of the present investment in the real estate enterprise.

Overheated Investment in Real Estate Inhibits Innovation:Verification and Analysis in China's Case

Whether rapid real estate investment growth inhibits China's innovation is a critical question for China's economic sustainability. Based on China's provincial panel data and using land supply as an instrumental variable for real estate investment growth, we arrived at the following findings after effectively controlling endogenous factors that could lead to estimation errors. First of all, the faster real estate investment grows in a province, the lower the growth rates of innovation and R&D spending and invention patent authorizations will be in the province, an indication that real estate directly inhibits innovation in China. Such inhibition is particularly pronounced in the industrial sectors. Secondly, in the context of rampant real estate investment, the biased loan maturity structure of China's financial system in favor of the real estate industry further inhibits innovation. This paper has verified the existence of the direct effect of real estate investment growth on regional innovation and its indirect effect on regional innovation through the biased long maturity structure of the financial system. The empirical findings of this paper provide practical policy implications for China to strike a balance between real estate development and an innovation-driven development strategy.

A Review of Domestic and Foreign Research on Real Estate Financial Management

With the tightening of house purchase policies in recent years, the introduction of financial and land restriction policies, as well as the impact of the COVID-19 pandemic, real estate bombshells are common. Real estate is in the critical stage of transformation and upgrading, and industrial development is facing dire challenges and pressure for survival. As an important part of enterprise management, financial management is directly related to the success or failure of enterprise development. Facing the financial risks emerging in the financial management of the real estate industry at this stage, this review begins from financial management personnel training, investment calculation management, budget management, and asset management in the effort of optimizing the real estate financial management operating mechanism under the new situation and ensuring the healthy and stable development of real estate enterprises, while maintaining core competitiveness.

Home purchase restriction, real estate investment, and corporate innovation

It is ubiquitous for non-real estate firms to condua real estate business in China.Home purchase restriction(HPR)affeas corporate innovation by dampening the real estate investment of non-real estate firms.The extant literature has examined the impaa of HPR on corporate innovation,but it has not focused on the expeaation of HPR and the endogeneity problem.Employing a dataset of 1,830 listed non-real estate firms over the period 2009-2016,this research explores the expectation of HPR on corporate innovation based on the motivations for real estate investment in non-real estate firms.We demonstrate that HPR facilitates the enhancement of research and development(R&D)investment in non-real estate listed firms by hindering real estate investment,particularly for non-high-tech firms.The effects of HPR arrive at the crest in the third implementation year and remain steady thereafter.The real estate investment of non-real estate firms rebounds and the R&D investment declines along with the cancellation of HPR.Tackling the selection bias and endogeneity problems,the baseline results are also robust.Hence,HPR should serve as a long-term vehicle to improving corporate innovation,in addition to preventing housing speculation.

固定资产投资对建筑业劳动生产率的影响——基于房地产和制造业领域投资占比视角

提升劳动生产率是建筑业高质量发展的关键。运用Eviews 10.0建立VAR(向量自回归)模型,利用脉冲响应和方差分解分析,研究房地产开发投资占固定资产投资比例和制造业投资占固定资产投资比例对建筑业劳动生产率的影响。实证结果显示,固定资产投资中的房地产开发投资占比和制造业投资占比均会促进建筑业劳动生产率的提高,但制造业投资占比的影响程度更大。在此基础上对建筑业未来的发展提出建议。

我国房地产市场波动对系统性风险溢出效应研究

鉴于房地产市场与金融市场的密切联系而引发人们对于我国金融风险状况的担忧,本文立足于我国区域经济发展实际,以房地产市场波动的主要诱因和我国金融市场间接融资渠道的主要特性,结合投融资错配的时空观特征,探讨由投融资错配引发的房地产市场波动对银行系统性风险溢出效应的影响。研究结果得出,我国不同区域存在不同程度的房地产市场波动对银行系统性风险的溢出效应,并根据研究结果有针对性地提出对策建议。

新时代国有房产企业应对行业变化的方法和策略研究

房地产开发具有投资大、周期长、风险高的特点,受多个超预期因素影响,对身处房地产行业的国有房企,聚焦勇担当、防风险、强管理、重安全俨然成为重点。聚焦当前市场不确定性,通过剖析房地产项目面临的各类风险和企业集团的经营管理,提出切实可行的应对方法和策略,为房地产行业在新格局中的高质量发展提供借鉴。

美联储加息冲击对中国房地产市场的溢出效应及其应对

利用2007—2022年季度数据构建BVAR模型,研究美联储加息对中国房地产市场的外溢效应,发现美联储加息将导致家庭债务、商品房销售额、房价和房地产投资下降,产生负向外溢效应。而后构建含有GHH效用函数、异质性家庭、信贷约束和房地产部门的小国开放经济DSGE模型,在加息冲击下,DSGE模型能够较好地拟合BVAR模型的特征事实。机制分析表明利息差渠道、国际资本流动渠道和利率渠道是其中主要的内在影响机制,信贷约束具有放大机制。反事实实验表明当美联储加息时,中国加息将使房地产市场进一步恶化;中国采取降息或放松信贷政策的逆向操作,在一定程度上能够对冲美联储加息的负面影响,但加剧了资本外流。中国在短期采取降息、在中长期采取加息和放松信贷相结合的政策组合,能够达到更好的政策调控效果。

房地产投资对区域经济发展的驱动作用研究

房地产投资在拉动消费、促进就业、带动相关产业、增加财政收入、提高居民福利等方面发挥了重要作用。然而,它也存在着一些制约因素。因此,为了实现区域经济的可持续发展,需要根据不同区域的需求,制定合理的投资政策,优化投资结构,协调投资与经济发展的关系。这种多维度、多层次、多渠道的驱动作用需要谨慎管理,以实现房地产投资与区域经济的良性互动。

探析城市商业银行非标准化投资对房地产行业信用风险的影响

文章系统地探讨了城市商业银行非标准化投资对房地产行业信用风险的影响。首先,文章从理论出发,明确了非标准化投资及信用风险的基本定义,并深入解析了商业银行在非标准化投资业务中所呈现的特性。在此基础上,文章分析了非标准化投资如何对房地产信用风险产生影响。为应对这些风险,文章提出了一系列防范措施,包括优化投资组合、健全风险管理机制及加强投资后的管理与监测。通过具体的案例分析,文章论证了上述措施的具体成效,并指出,城市商业银行在进行非标准化投资时,必须全面地考虑其对房地产行业信用风险的潜在影响,并采取有效措施以确保市场的健康稳定。

关于基础设施领域盘存量促投资的思考--基于国资运营平台推动国资国企改革视角

中国经济进入了高质量发展新阶段,外部环境与国内改革引发的问题与挑战日趋复杂,当前主要面临有效需求不足的问题,尤其地方政府面临防风险、稳投资、补短板的复杂局面。为更好发挥国有资本运营公司独特功能,加大盘活存量资产力度、形成存量资产和新增投资的良性循环,试图解决投融资领域资金需求与供给端的结构性错配等问题。文章把实证分析与案例研究相结合,结果表明国资运营公司通过财务性投资、资本运作驱动、融投管退全周期管理助力国资领域的存量盘整与新增投资。在实践操作层面,通过发起设立国资存量盘整领域的投资基金发挥独特作用,提升基础设施领域存量资产盘活、带动有效投资的能级。因此,应当进一步发挥国有资本运营公司的独特功能,在推动经济高质量发展、引领国有资本合理布局、调整结构与提升配置效率等重要领域和关键环节发挥积极作用。

水利基础设施投资信托基金(REITs)试点进展与推进思路

推进水利基础设施投资信托基金(REITs)试点是“两手发力”助力水利高质量发展的重要举措之一。试点采用的主要模式有大型水利基础设施的优质资产剥离和中小型水利基础设施的资产重组整合两种模式。试点相关政府部门、权益人以及专业机构各司其职,积极作为,协同推进试点工作。针对REITs融资效率偏低、水利项目较难满足发行条件、部分原始权益人不能或不愿参与试点等制约试点推进的因素,应建立健全工作协调、项目储备、监督管理“三项机制”,推进工程供水价格和水利工程管理“两项改革”,“两手发力”推进水利基础设施REITs试点。

房地产价格对企业投资结构的影响研究

依据我国2009—2020年微观企业面板数据,运用固定效应模型,考量房地产价格对企业投资结构的影响。结果显示,房地产价格对企业金融资产投资占比正向影响显著,对企业实体资产投资占比负向影响显著;房地产价格通过融资约束效应、劳动力成本效应与套利动机效应对企业投资结构产生影响。与西部地区企业相比,房地产价格对东部、中部地区的企业投资结构影响更显著;与非国有企业和中小型企业相比,房地产价格上涨对国有企业和大型企业金融资产投资占比的促进作用更弱。鉴于此,应合理调控房地产价格,优化企业融资环境和投资结构,促进企业高质量发展。

高铁与民航网络对房地产投资影响的对比研究

通过对2009—2018年102个高铁民航双开通地级市的房地产投资开发额进行空间计量分析,对比高铁与民航网络演化对区域城市经济的影响,得到以下结论:①从节点强度演变来看,高铁网络相对于民航扩张迅速(尤其是2012年后的中西部地区)且覆盖渐广,以强度较小的节点密集覆盖为主;民航网络发展相对稳定,中西部地区跨区域交通依然以民航为主。②在高铁网络发展影响下,地级市房地产投资在中西部地区呈现空间集聚格局,而东部地区的房地产投资集聚则是受民航网络发展所促动。③相较民航,高铁的节点强度对房地产投资的影响程度更大,且影响力更为持久。基于GMM使用工具变量进行的动态面板检验,支持了模型的稳健性。

房地产投资、信贷效率与实体经济

促进房地产、金融业等虚拟经济与实体经济的均衡发展是畅通国内大循环、推动国际国内双循环的关键,而近年来房地产市场的过度繁荣影响了实体经济的健康发展。房地产开发投资额超常增长作为房地产市场过度膨胀的重要表现之一,主要来源于银行信贷,其在很大程度上影响金融资本在各行业主体之间的配置关系,将会系统性地冲击宏观经济的平稳运行。本文选取31个省份2010—2021年的面板数据,并采用系统GMM方法构建中介效应模型,分析房地产开发投资对金融服务实体经济效率的影响机制,并探究信贷效率在这一机制中是否起到中介作用。结果表明:房地产投资对金融服务实体经济效率有显著负向的直接影响,各地区之间影响程度存在一定差异;信贷效率在这一影响机制中不存在显著的中介效应。

基于Vine Copula的REITs市场极端风险溢出效应研究

随着金融全球化不断推进,REITs(不动产信托投资基金)市场价格震荡幅度加剧,不同REITs市场间风险扩散加快,需准确度量价格波动带来的风险及其溢出传导机制。文章从多市场关联角度出发,结合Vine Copula模型与CoVaR模型,研究REITs市场间的极端风险溢出效应。研究结果表明:国际REITs市场间的相依性存在明显的区域集聚特征;欧美REITs市场对外的尾部相依性均值较高,亚洲REITs市场之间的尾部相依性偏弱;主要REITs市场间大部分都具有双向的风险溢出效应且呈现出非对称性,较强相依结构的REITs市场间的双向风险溢出效应极其明显。本研究有助于从整体上把握REITs市场间极端风险溢出效应,为维护金融稳定、防范不同地区市场间风险传导提供借鉴,帮助投资者进行风险管理。