Profits Allocation Mechanism Of The Trust Under The Frameword Of Cooperative Game

Based on theoretical framework of cooperative games, this article studied the practical application of cooperative games in the profits allocation of real estate trust in China. On the basis of combing relevant theory and concepts and analyzing the development status of China’s real estate trusts, the author conducted a systematic study on the profits allocation issue in the interest union——real estate trusts. Specific contents are divided into six chapters.The first chapter is an introduction part. This part first described the academic background and practical background of the entire article; then it elaborated the application theoretical framework, establishment of mathematical model, analysis of practical problems and perfection of allocation mechanism and other research purposes in this study, and analyzed two aspects of theoretical significance and practical value in this study. Meanwhile, this part clearly described the overall idea of the study, main research contents, article frame and architecture, and also gave the main method of research, technical route and feasibility analysis. At the end of this part, characteristics and various innovation points of the study were listed in details.The second chapter is the literature review part. This part first briefly combed the relevant literature research outcomes of related game theory, including the development context of game theory, major academic research direction, research outcomes, representative academic viewpoints and cross-over study with other disciplines, including the emphasized summarization on the research outcomes and development direction of the branch of game theory—cooperative games; Then, this paper reviewed the research on applying cooperative games theory in solving practical problems, and mainly made comment on the research outcomes in the fields with more cooperative games applications currently, including regional economic cooperation, supply chain cooperation and other interest unions, focused on analyzing the application of cooperative games theory in real estate industry, financial industry and the study of cooperative games theory in the mechanism of profits allocation; Finally, this article reviewed the current study status and hot issues in the field of real estate investment trusts, and summarized and commented the existing research outcomes in the allocation of profits of real estate investment trusts, and proposed the shortcomings and gaps of existing researches by combining with the overview of cooperative games related theories and then put forward the research contents in this paper.The third chapter is the part establishing theoretical framework. This part first explained the basic concepts of cooperative games, including the essence of cooperative games, concerned problems and relations with non-cooperative games and introduced the concept of characteristic type cooperative games and relatively important properties of cooperative games. Subsequently, this paper systematically expounded an important concept of cooperative games:solutions of cooperative games. The author respectively described the concepts of core, nucleolus and Shapley value of Cooperative games and clarified essential meanings of these solutions and some important properties that must be clearly described for the purpose of theoretical study. This part focused on the analysis of Shapley value used in this study, meanwhile carried out more detailed explanation of the more important Nucleolus Solution. On this basis, the last section of this part interpreted the significance represented by Shapley value solution in the realistic application of the cooperative games----the real estate trust, analyzed the functions of shapley in the study of profits allocation of real estate trust.The fourth chapter established a cooperative games model of profits allocation of real estate trust. This chapter first analyzed all participants constituting the so-called interest union of real estate trust, or the player of cooperative games model, specifically analyzed the participation motives, participation manner, participation stability and positive degree, input factors as well as bargain capacity of all participating parties. Secondly, this chapter also analyzed the industry environment of China’s real estate trust, characteristics of real estate trust industry, as well as macroeconomic factors and policy factors that can affect the industry allocation of profits, and studied the influence of all influential external factors on allocation of profits among all participating parties at the same time and thus established cooperative games model of the allocation of profits of real estate trust. Again, the author used the model to solve Shapley value of cooperative games and described the entire solution process of the cooperative games model by using several calculation examples to make intuitive explanation. In the calculation of numerical examples, the author adjusted internal factors and external factors variables item by item; analyzed the influence of various factors on the sensitivity of all participants as well as stability of the interest union after changes. By means of solving and calculation of numerical examples, this paper analyzed the obtained results and explained the significance of the obtained results in realistic problems, and drew a general conclusion of mathematical study part in this paper on the basis of theoretical research section.Chapter5is an empirical research part, in which, the author conducted an empirical comparison between representative real case in the practice of real estate trust and the conclusion drawn in mathematical study. This section briefly described the project background, all participants and the macroeconomic situation and the actual results of profits allocation of the adopted realistic cases. Subsequently, this article made necessary processing for data of selected cases, and then introduced them as numerical examples into the established cooperative games model for seeking solutions, and then analyzed the causes for the difference between results obtained and theoretical values, based on the actual situation and the general conclusion of profits allocation of real estate investment trusts drawn in this paper, the author pointed out that China’s real estate trust industry has some differences with international real estate trusts industry in the trust operating mechanism and the allocation of profits and other aspects, and specifically analyzed the pros and cons. Finally, based on findings in theoretical research, mathematical and empirical research, this paper put forward reference opinions and issues deserving concerns in terms of profits allocation of real estate trust.Chapter6is the summary and outlook section of the paper, in which, the author summarized the studies conducted in the full paper and made an outlook on further research.The contribution of this paper lies in:The study in this paper took the initiative to apply cooperative games theory and methods into the field of real estate trust, which is an application of cooperative games theory in trust field of finance industry, and also a significant attempt to expand the application scope of cooperative games theory. At the same time, through the use of cooperative games theory and model simulation method, this paper carried out research and discussion on the participating subjects, profits allocation mechanisms, important factors of China’s real estate trust, and thus provide a theoretical basis for the improvement of profits allocation mechanism of China’s real estate trust. Under the background of relatively weak research in this field, this study has a high theoretical value. On the other hand, this paper studied and analyzed all participating subjects and their profits allocation model in the existing operation mode of China’s real estate trusts, and pertinently analyzed the existing problems. On this basis, this paper proposed suggestions for perfecting profits allocation mechanism of real estate trust and reasonable forecast of development direction of real estate trust, which has a high practical value for the development of China’s real estate trust.