宏观调控政策下中小型房地产企业融资困局及其对策分析——以无锡市为例

房地产业作为一个典型的资金密集型行业,具有投资大、风险高、周期久、供应链长、地域性强的特点。因此,房地产业与融资紧密相连。近几年来随着国家宏观调控政策的实施,银行贷款门槛不断提高。本文分析了无锡市中小型房地产企业融资渠道现状和存在的问题,提出了缓解无锡市中小型房地产企业融资难的对策。     

基于债务危机视角下的房价走势解析——来自深圳的证据

为了探讨债务危机视角下的房价走势,运用计量经济学方法构建时间序列模型,研究发现:1)债务危机实质是房地产危机,需要提高土地价格避免房地产危机和债务危机.2)地方政府、国企和商业银行主要通过增加地方债务规模、土地出让金、土地成交单位价格、房地产开发贷款和提高贷款利率差来增加房价.     

Stock price reactions to increases in loan-loss reserves: A broader perspective

Loan loss reserves (LLR) provide a cushion to absorb operating losses. Several studies have focused on the market's reaction to increases in LLR in response to a specific event related to the international debt crisis. This study takes a broader view of LLR by examining, over a six year period, the market's reaction to announcements of increases to LLR that are above the expected annual reserve and that are a result of factors other than the international debt crisis. We find a negative reaction in the market, indicating that the negative signal from identifying unanticipated risk in the loan portfolio appears to dominate the positive cash flow effects.     

国房地产市场金融加速器效应的实证研究

中国房地产市场近年来一直处于非理性繁荣状态,因此,中央政府陆续出台一系列房地产调控政策旨在挤出房地产泡沫,平抑其投资过热现象,从而实现宏观经济在金融危机后的软着陆。此外,央行不断上调存款准备金率和基准利率更是加重了仍处在调控政策消化阶段的房地产市场的下行预期。根据金融加速器理论,初始的外部冲击通过信贷市场的放大作用,最终将引发大幅度的市场波动,破坏实体经济的正常运行。房地产企业的高负债率和开发模式决定了房地产市场中金融加速器效应十分显著,尤其是在政策变动和楼市供求关系发生逆转的情况下,表现更为明显。最后提出了相应的政策建议．     

Information asymmetry,capital adequacy,and market reaction to loan loss provision announcements in the banking industry

This study finds significantly negative abnormal returns accompanying press announcements of loan loss provisioning in the banking industry. The negative reactions are shown to arise from both an informational asymmetry regarding asset value and the costs associated with capital adequacy regulation. It is further shown that the market reaction depends upon the type of asset being provisioned. Announcements regarding the provisioning of foreign debt are accompanied by positive market reactions, while announcements of the provisioning of real estate loans and other types of debt are accompanied by negative market reactions.     

REITs在商业地产发展中的运用

REITs是一种可以使广大中小投资者投资房地产并分享稳定收益的方式。随着我国房地产宏观调控政策作用的不断显现,房地产开发企业所面临的融资条件越来越严格。对于开发投资大,回收期长的商业地产开发来说,发展REITs具有重要意义,不仅能拓宽商业地产开发的融资渠道,还可以分散银行体系的经营风险,防范金融业风险。对国内商业地产开发中存在的问题和在商业地产中引入REITs时开发商应做的准备工作进行了讨论,同时结合美国REITs的经验提出了相关政策建议。     

The impact of government intervention on the stabilization of domestic financial markets and on U.S. banks’ asset composition

The 2007–2009 financial crisis that evolved from various factors including the housing boom, aggressive lending activity, financial innovation, and increased access to money and capital markets prompted unprecedented U.S. government intervention in the financial sector. We examine changes in banks’ balance sheet composition associated with U.S. government intervention during the crisis. We find that the initial round of quantitative easing positively impacts bank liquidity across all bank samples. Our results show a positive impact of repurchase agreement market rates on bank liquidity for small and medium banks. We conclude that banks have become more liquid in the post-crisis period, especially the larger banks (large and money center banks). We show that real estate loan portfolio exposures have reverted to pre-crisis levels for money center banks and remained flat for all other bank samples.     

住房抵押贷款借款人违约风险影响因素及应对措施研究

随着房地产业的快速发展,个人住房抵押贷款已经成为商业银行的重要业务.然而,面对日趋复杂多变的市场环境,违约风险的隐患也日益显现.本文就国内外有关违约风险影响因素的研究进行了综述,指出以往研究的局限性,并结合我国实际提出了控制违约风险的建议和对策.     

Stock Market Response to the Financial Regulations in the Mortgage‐Lending Market in Korea

This study investigates the economic impact of the financial regulations that aimed to control the housing market in Korea during the reign of late President Ro's Administration, which had diligently fought against the then speculative bubble in the Korean real‐estate market. We test for the validity of the general prediction that the financial regulations in the form of the loan‐to‐value (LTV) and debt‐to‐income (DTI) restrictions would have adverse impacts on the value of the firms operating in the mortgage‐lending industry. In this event study, we select two critical days as event dates and check whether the stock prices of the financial firms react negatively to the announcements of the regulations. Overall, the initial imposition of the DTI restrictions (i.e., the first event) adversely affects those banks that possess a relatively large number of mortgage loans in their asset portfolio. By contrast, banks that hold a small number of mortgage loans appear to benefit from the risk‐reducing effect of the DTI regulation. Subsequently, the reinforcement of the LTV and DTI rules (i.e., the second event) has negative impacts on the banks with large mortgage loans. The degree of this adverse effect is greater in the second event than in the first event (i.e., the DTI restrictions). The reinforced regulations also unfavorably affect the savings banks with large mortgage loans but to a lesser degree compared with their counterparts in the banks. Meanwhile, the reinforcement of the financial regulations has negligible impacts on the banks and the savings banks with smaller mortgage loans.     

The Cartagena Declaration,the Baker Plan,and U.S. bank security returns: An empirical investigation

This paper examines the impact of the Cartagena Declaration by 11 Latin American countries and the Baker Plan for resolving the LDC debt problem on the security returns of major U.S. banks. An event parameter approach is employed to investigate two hypotheses, the new-information and the rational-pricing hypotheses, using daily stock market data. Sample banks are grouped into three portfolios depending on their LDC exposure. The results indicate that bank stock returns adjust quickly to new information. Also, there is rational investor reaction to observed events that were neither borrower- nor lender-induced. Those banks displaying greater exposure to LDC loans were affected in a direct and proportionately greater manner.     

风险预警模型在房地产企业资金管理中的应用探讨

房地产企业资金管理普遍存在负债比例高、资金沉淀严重、投资行为盲目、融资形式单一、资金管理不善等问题。风险预警模型有预知风险、控制风险、防范风险等功能,运用风险预警系统对房地产行业进行监测、预测并判断其景气状态十分必要。选择了灰色风险预警模型和营运资金周转率作为房地产企业资金管理预警模型的核心指标,设计了房地产资金管理风险预警模型的具体算法和资金管理风险预警模型在房地产企业的具体应用。     

论我国商业银行的房贷风险

央行的房贷加息最大的受益者恐怕就是商业银行了，由于房地产贷款大多有房地产资产作为抵押，而且迄今为止房地产信贷的违约率非常低，因此商业银行大都把房地产信贷视为优良的贷款品种，并且都在不遗余力地扩大房地产信贷业务。     

对我国商业银行个人住房贷款风险及防范的思考

本文通过对我国商业银行个人住房贷款的借款人违约行为进行实证分析,揭示出个人住房贷款存在的风险,并就如何建立标准化、集约化操作模式,防范借款人理性违约风险以及房产资产的证券化三个方面提出化解风险的措施。     

上市公司资本结构的治理效应研究——基于房地产业数据

本文基于房地产行业2010-2012三年的研究数据,分别从负债结构和股权结构考察二者对公司治理效应的影响。研究结果表明,负债总体水平可以提高公司的长期业绩,而有息负债率和长期负债率则不利于公司的长期业绩;股权集中度和股权制衡度与治理效应呈显著正相关关系,第一大股东持股比例与治理效应呈显著负相关关系,说明适度集权和形成股权制衡机制有利于公司长期业绩,而过度集权如第一大股东持股比例集中则起到反向的作用。     

Loan loss reporting,early disclosure,and investor reactions

Several prior studies present evidence that bank loan-loss announcements have a significant impact on shareholder wealth. There is no satisfactory explanation, however, as to why these announcements should change share prices. This paper examines loan-loss announcements in the context of the early disclosure literature. We find banks that publicly announce losses before releasing their quarterly earnings report have a significant increase in shareholder wealth following the loan-loss announcement. Banks that choose to publicly announce loan-loss increases with the release of quarterly-earnings report experience a significant decrease in shareholder wealth prior to the loan-loss announcement. Our results support the notion that the timing of the loan-loss announcement provides information to investors.     

我国房地产专业人才培养路径研究

房地产问题事关群众切身利益和社会稳定,是重要的民生问题之一;而房地产人才培养的质量又对行业能否健康、持续和稳定发展产生直接影响。本文以贯彻《国家中长期教育改革和发展规划纲要(2010-2020年)》、服务房地产业发展为主线,通过分析研究房地产行业和国内外房地产专业教育现状及特点,指出我国目前房地产教育存在的主要问题,并对此提出了相应对策。笔者认为,建立科学合理的房地产人才系统培养体系、创建行业企业深度参与学校人才培养的工作机制、实施符合房地产行业人才成长规律的培养方法、开拓国际视野培养房地产人才和加快建立房地产教育优质资源库等是我国房地产专业人才培养的最佳路径。     

个人住房贷款政策对房地产市场的影响研究

金融政策的调整对房地产业发展具有重要影响,这一点在许多国家已经得到证实,在中国也逐步成为政府调节房地产业发展的手段。近年来,个人住房贷款政策随着房地产调控政策的出台而随之变化,本文研究中国个人住房贷款政策调整在对房地产市场的影响,并对如何促进房地产行业的发展,做出相关建议。     

房地产能有多“轻”?

在宏观调控的寒冬中，以开发管理能力为核心的“轻资产”模式，正逐渐形成地产界一股新的力量     

基于比较研究的我国大城市房地产中介行业实证分析——以南京市为例

目前，我国房地产中介行业已从规模扩张期进入调整期，本文利用2010年最新资料，重点对国内外房地产中介行业现状及发展趋势、我国大城市房地产中介行业内外部发展环境和南京市房地产中介市场总体状况进行分析，最后提出若干房地产中介行业发展战略决策建议。     

基于比较研究的我国大城市房地产中介行业实证分析——以南京市为例

目前,我国房地产中介行业已从规模扩张期进入调整期,本文利用2010年最新资料,重点对国内外房地产中介行业现状及发展趋势、我国大城市房地产中介行业内外部发展环境和南京市房地产中介市场总体状况进行分析,最后提出若干房地产中介行业发展战略决策建议。