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1、精选优质文档-倾情为你奉上大 连 理 工 大 学 本 科 外 文 翻 译我国房地产市场监管的必要性研究Chinas real estate market regulators need to study学 院（系）： 建筑工程学院 专 业： 工程管理 学 生 姓 名： 石 强 学 号： 指 导 教 师： 徐冰冰 完 成 日 期： 2012年2月15日 大连理工大学程城市学院Dalian University of Technology City InstituteChinas real estate market regulators need to studyAbstract: real e
2、state has become an important pillar industry, real estate and closely related to the national economy. This paper theoretically discusses the real estate market monopoly, externalities, public goods characteristics and information asymmetry, and from our real estate process and the specificity of t
3、he perspective of the real estate market analysis studies, and thus fully proved right Chinas real estate market, the need for regulation. Keywords: real estate; market; regulation 1. the real estate market failure determines the need for government regulation Regulatory research amply demonstrated
4、that market failure is a market economy, an important reason why government regulation, resulting in market failure is due mainly to a monopoly, externalities, public goods and asymmetric information, the real estate market also exists market failure. (A) the real estate market there is no monopoly
5、Monopoly of real estate is determined by the real estate properties, real estate is the location of the main features of the non-mobility, a housing Once the location of other buildings on the irreplaceable, but also because there are floors, towards the various other factors, determine a house in e
6、ach house are independent, so the property in the rental and sale, with regional and monopoly, and thus the formation of monopoly prices. As the largest real estate investment, long payback period, which can enter the real estate market can only be a few enterprises coupled with the limited supply o
7、f land and real estate and operation of the scale of requirements, it is easy to form partial or regional monopolies the land market by a government monopoly, affordable housing and low-rent housing provided by the Government. In order to stabilize housing prices, protecting the interests of consume
8、rs, the real estate market must be Government regulation. (B) the existence of external effects of the real estate market Real estate includes both the concept of external economic activities in the real estate subject to the impact of other economic subjects, which also covers a number of other eco
9、nomic entities of the impact of economic entities on the property, the external effects of external economic and policy-making functions of the main embodiment is different: externalities imposed by a party to only consider their own profit maximization problem, a matter of personal reason rather th
10、an social rationality. The external nature of the real estate according to different standards can be for a variety of categories according to their scope resulting from the effects of externalities can be divided into macro-and micro-externality. Macroeconomic externalities is a kind of real estate
11、 behavior of economic agents impose on others outside of the main benefits as a result of real estate investment and activities to improve the investment environment in the entire region, which for the industrial and commercial economic activity, cost savings and extended Industry profitability spac
12、e. This real estate imposed on the beneficial effects on other industries is a macro-external economic phenomena. Urban industrial and commercial prosperity, not only enhances the economic vitality of the entire city, but also makes the relevant areas raise the level premium location, which is impos
13、ed on other sectors of the external economic effects of the real estate industry. Micro real estate outside the real estate industry refers to the various economic agents within or between the different economic activities in the real estate that exists between external effects. For example, the com
14、mercial and industrial real estate development activities on residential real estate development, distribution and consumption of both the existence of external influences. According to the nature and role of external influences the direction of the real estate be divided into external economies and
15、 external diseconomies. Any economic activity because the real estate benefit from external influences known as the real estate outside the economy. Because of real estate development made the city belongs to the real estate landscape greatly improved external economic. Any economic activity because
16、 the real estate damaged by external influences known as the real estate external diseconomies. Urban land development and construction result in over-crowded housing, public green space reduction, and environmental pollution it is possible to reduce the value of the land affected, including many in
17、dustries, including real estate development, which belongs to the real estate external diseconomies. (C) to provide the real estate market public goods (public goods) Consumption of goods that people can be divided into private goods (private goods) and public goods. Real estate economy, there are m
18、any public goods or quasi-public goods. Such as urban infrastructure, flood control projects, earthquake engineering, public facilities. These projects due to large amount of investment, the investment recovery period is long, also difficult to exclude those who pay for the use, by the market to pro
19、vide often leads to insufficient supply can only be provided by the Government. But the government is not necessarily the direct production by the Government, the Government may delegate or contracted out to independent companies to produce, the Government is only responsible for fund-raising and ma
20、nagement. (D) The real estate transaction there is asymmetric information Information asymmetry is the imbalance distribution of the information in the trading parties. The consumers and operators, both in terms of the contract, the operator has on commodities, information superiority, enabling cons
21、umers to easily deceived, known as the information is not complete. Consumers of information on all aspects of consumer product knowledge is usually limited, they often do not know if commodity prices and the differences in how the quality of goods. Market information is not complete mainly as follo
22、ws: 1. Information about the quality of goods is not complete, consumers have only the limited quality information. 2. The information relating to commodity prices is not complete, consumers have only the limited price information. Information asymmetry may occur in another situation, the p of consu
23、mers to grasp the message in its entirety, and the other some consumers have only the limited quality information. Competition on both sides to win in the competition, sources of information through the containment methods such as the expense of other information about each other, thereby beating th
24、e competition. With both the real estate product usability, but also has investment properties. Shops and offices are mainly dominated by investment buyers to purchase housing in part, investors, consumers and investors are very sensitive information, such as: When the Government announced a locatio
25、n to build the subway, or a place to build a large-scale shopping malls, then, as long as the information on a release, the surrounding homes will be price increases, indicating the real estate product already has the information on product features. The performance of the real estate market informa
26、tion asymmetry as follows: As the real estate development investment in large, extended period of time, can enter the real estate market vendors is relatively small, developed the product quality situation, the price situation, sales to consumers to said that, there is bias. The heterogeneity of rea
27、l estate commodities, price changes and trading expertise and complexity of information asymmetry can lead to both buyers and sellers. Asymmetric information will increase transaction costs, reduce market efficiency, but also may lead to moral hazard and adverse selection. To ensure the validity of
28、the real estate market information, there are two solutions, a market solution, that is, market participants through their own efforts to search for information, and to use their own knowledge and skills in information selection, analysis and so on. As the market participants are rational in itself,
29、 and it made such a search for information on the cost of their decision-making must be based on its own cost-benefit comparison, only the information that the cost of paying less than the gains for this purpose, he would to pay such efforts. However, this approach due to the following constraints,
30、making this totally market-based solutions can not be implemented. First, the information search itself, there is a cost. Because of the uncertainty of trading partners, in order to accurately grasp the needs of all potential trading partners, as its trading direction, quantity and price, it is very
31、 difficult to do. Second, market participants and the differences inherent qualities, and some do not have the ability to identify the minimum of information, while others are unable to complete the information search and analysis. Third, due to market imperfections and information asymmetries, maki
32、ng moral hazard and opportunism prevail, resulting in information Ershi fraud losses are sustained by some market participants, this p of the peoples interests can not be market compensationCan be seen, it is the particularity of the real estate market, making the real estate market information cost
33、s, or said to be totally market-oriented solutions for the transaction costs are so high, resulting in an average consumer can ill afford to pay for housing information on the sale of the marginal cost, so increases the investment risk, so that adverse selection and moral hazard problem can hardly b
34、e resolved, thereby reducing the operational efficiency of the market, distort the allocation of social resources. Therefore, in order to overcome the real estate market with incomplete information and non-symmetry of information arising from market issues, we need a detached role of the real estate
35、 market participants to intervene in the real estate market, monitor the operation of the real estate market for all investors the creation of equal opportunities, all kinds of information on actual market environment for the real estate market, open, fair, just and provide a guarantee to reduce the
36、 purely market-based solutions to problems arising from high transaction costs. Thus, created a demand for the real estate market supervision requirements. Second, the particularity of Chinas real estate industry determines the need for regulation (1) Chinas real estate industry in the development o
37、f special course The real estate industry in China is an ancient and emerging industries, in over 2,000 years of feudal period and semifeudal and semicolonial period, although the change of dynasty, but the land and housing leasing, trading activities have not been interrupted, Ming and Qing Dynasti
38、es, it appears of professional real estate agent. From 1949 to 1990, Chinas real estate development can be divided into three stages: First, in 1949 and 1978 Chinas restrictions on the premises of the industrys consolidation phase. After the founding of the Peoples Republic, bureaucratic capitalists
39、, real estate was confiscated, making it the state-owned assets allocated to the state organs, enterprises and units. From 1956 onwards, in various cities to carry out the socialist transformation of the real estate industry. To 1964, essentially eliminated the rental of the self-employment, at this
40、 time of urban land has in fact attributable to the State and to implement free, indefinite use of the system does not allow the sale of the transfer. 2 in 1979 1987 years of the initiation stage of Chinas real estate. In December 1978 established the Partys Third Plenum of the Eleventh taking econo
41、mic construction as the center, China entered a new historical period of reform and opening up. In 1984 the State Planning Commission and the Urban-Rural Construction jointly issued a document, allowing for real estate development activities since then, Chinas real estate industry in China, started
42、the regeneration of the earth. Third, in 1987 1990 Chinese real estate market is established. October 1987 Party Congress Report 13 for the first time that the socialist market system should include the real estate market. December 1, 1987, Shenzhen City to auction to sell the first piece of land. A
43、pril 1988 constitution and Land Management Law changes, the provisions of land use rights can be transferred and transfer in accordance with law. In May 1990, the State Council promulgated the The Peoples Republic of China urban state-owned land use right transfer and the transfer of the Provisional
44、 Regulations. For the development of the land market provides a legal support, in order to lay the foundation for the establishment of the real estate market. Since 1990, Chinas real estate industry has entered a rapid development period. At the same time, we should note Chinas real estate market de
45、velopment is not smooth sailing, and from 1992 to 1993 of the housing boom have caused volatility in the real estate market has left a deep lesson. July 3, 1998 the State Council issued on further deepening the urban housing system reform to speed up housing construction notice, marks a new phase in
46、 the housing reform. That is parked housing distribution in kind, and gradually implement monetization of housing distribution, establish and perfect the affordable housing based multi-level urban housing supply system, development of housing finance, foster and standardize the housing market. Thus,
47、 the starting point of Chinas real estate market and the reality of the environment and the developed capitalist countries of Western and modern real estate market is different from one of Chinas real estate market from the land use system reform and the housing system reform began in the western de
48、veloped countries from the beginning of privatization of land. The second is from the mid-20th century, 50 years to the late 80s, our countrys history there had been nearly three decades of the real estate market becomes vacant, the Western developed countries in this period is the period of rapid development of the real estate market. Third, so far, Chinas real estate market is still there are still a large number of primary morphological characteristics, such as market mechanism is not perfect, the real estate market information