| Real estate investment and finance institution include the property rights, investment & finance structure reasonable, finance market level, industry policy and nation legal system. With the real estate industry reform deepen and market mechanism developing, Chinese real estate industry sink into opposite direction with the supply and demand theory. Although the vacant room quantity is high to about 100 million square meter, but the scale of investment still expand very quickly. The factors that cause the problems are the shortcomings existing in Chinese investment system. The first chapter mainly discusses the impartment action that real estate with the economic, finance, and the industry itself. And also, the article summarizes the shortcomings existing in the already finished studies; they are concentrate in accumulation fund, economic suitable residence, investment risk analysis and how to conquer it. But all the research can't point out the substance questions causing all the problems. At the end of the chapter, the article indicates the main content that the paper will research is the institutions in real estate investment and finance territory. The second chapter defines the basic conception about real estate investment and finance institutions, and the frame of the paper will study that focus on the real estate investment and finance institutions structure, efficiency, origin reasons and forward changing directions are the vein of the whole thesis. This chapter also point out the basic theory foundation that the author analyses the Chinese real estate investment and finance institutions, including structure study opinions and efficiency analysis thoughts. And the author also gives out the paper study category containing commercial and residence houses. The third chapter summarizes Chinese real estate investment and finance institution changing course, and divide it into four phases as germinate, start, develop, surge. Every stage has it policy and market characters. At the end of the chapter, the author compares Chinese real estate investment and finance developing course with the developed countries. The basic institution environment, property connotation, government intervene means, financial channel and tools are the key factors between Chinese real estate and developed countries. The forth chapter analyses the efficiency in investment and finance structures and government polices. Because of the government land supply policy and incomplete market competitions limited by it place, the real estate exist both government monopolize and natural monopolize. The two aspects monopolizes reduce the real estate investment and finance efficiency. Through the market average cost and social average welfare indexes appraising, the article point out the real estate investment and finance institutions is weak efficiency. The fifth chapter mainly analyses the real estate investment and finance market defect because of the latent monopolize and complicated process, such as the limited subject knowledge, information block, monopolize and derivative capital foam. The effect way to resolve the market defects is government intervention. The government mediation can help the investment and finance market to a fair benefit and whole welfare maxi mated. The sixth chapter concludes the reason that causes the weak efficiency, and put forward that imperfect property rights, the variable policies and lagging finance system are unsuitable with the quickly developing market needs. These make the management losing control and higher institution cost. The urgent puzzle that need resolve is changing now available institution system; building new investment and finance risk restrain mechanism and responsibility-potency equal control system. The seventh chapter gives two routes to arrange the real estate investment and finance institution. From the microcosmic visual, the market makes new rule developing multi-source finance such as project finance to suit its needs. From the macroscopic ken, the government helps develop real estate securities and expand the fund source, disperse the risk. Because the real estate concern about the whole social resident quality, the government must adopt valid measures to adjust it balance. The eighth chapter summarizes the whole thesis and stress the government intervenes necessary. The author suggests that should perfect Chinese real estate investment and finance institution from government action, multi finance market, and perfect legal system. That will benefit to both government and the people.
|
PDF Full Text Request