Research On The Efficiency Of Capital Allocation In Urban Heritage Conservation

As a bounden duty of every generation, the urban heritage conservation is one of the essential components of the urban sustainable development. Now there is a prominent contradiction between the demand and supply of capital, as the conservation calls for large capital investments,while the current level of economic development and the capital supply can't meet the enormous demand for funds. To make use of the available funds in a rational and effective way and maximize the benefits,so as to relieve the pressures on capital demand and supply has become an increasingly pressing concern.With relevant theoretical research results of economics as a source of reference, combining the economic property of city heritage,this thesis puts forward an innovative assessment indicator system on funds allocation efficiency of city heritage,as well as some effective ways and policy proposals on improving the allocation efficiency from the aspect of city planning and architectural design. Also it searches on the conservation practice with some specific cases,and provides comparisons and references on the heritage conservation projects in other cities. This paper is expected to offer some references on the greatly expanded conservation of city heritage.The thesis has seven parts and can be summarized as Introduction, Reference of Relevant Theories, Basic Studies on Allocation Theories,Studies on Allocation Efficiency, Improving Methods of Allocation Efficiency and Policy Proposals,and Conclusion.Firstly, it tells the background of thesis selecting,the definition of research subjects,the progress on overseas and domestic researches,the signification and frame of the researches,etc.Second,it reviews on the externality theory, the public goods theory and capital allocation, and lays a foundation for the structure of capital allocation.Third,based on the study in the Chapter 2,it carries out fundamental researches on the capital allocation of conservation. Starting from the economic property of city heritage,this thesis lays a theoretical basis for the capital allocation from the aspects of economic analysis of city heritage,the definition of conservation capital allocation, the basic elements,the institutional background and its efficiency. Fourth,this chapter is the first part of this paper's core,mainly about the evaluation and empirical research of the allocation efficiency. This chapter can be divided into two parts: the first part is to design for the indicator system of efficiency evaluation, to select the evaluation method and to construct the evaluation model; the second part has some empirical studies with an example of the socioeconomic benefits evaluation on the improvement of Suizhou moat's styles and features. On the designing of evaluation indicator system,financial indicators include static payback period,profit ratio of investment,internal rate of return,and net present value,etc; indicators of national economy include economic internal rate of return,economic net present value,benefit cost ratio,economic internal rate of return, and payback period,etc. The evaluation indicators of social benefits include four aspects and three levels,i.e, the aspects of the affects on the social environment,the natural environment, the resource utilization and the social economy,on the levels of national,local and individual projects, totally 31 indicators. On the selection of evaluation method and the construction of evaluation model, financial analysis of the national economy is adopted on economical benefit analysis and analytic hierarchy process on social benefit analysis.Fifth,integrating the preceding study results,with the practical experience of Britain and the USA,this chapter puts forward the methods to improve the efficiency of capital allocation from the three views of macroscopic,the middle,and microcosmic, which is the second part of this paper's core. The integration effects of multiple projects should be exerted on the macroscopic level; comparisons of efficiency among multiple projects should be made on the middle level so as to select the projects with advantages; improvement of efficiency should be made among individual projects on a microscopic level.Sixth,integrating the preceding study results,this paper puts forward relevant policy proposals on expanding financing channels of conservation funds,establishing an allocation system,improving the quality of the common people and accelerating the construction of standardized database on heritage conservation.Seventh,he chapter summarizes and concludes the whole text and puts forward the direction for following researches.