交易成本视角下的房地产品牌作用诠释

本文在分析品牌内涵与品牌功能的基础上,探讨了房地产品牌对相关市场交易成本的影响.研究表明,作为信息不对称市场的补偿工具,品牌已经成为一种重要的营销要素,尤其是在欠成熟的房地产市场中,由于品牌能有效地降低信息成本、增加顾客让渡价值而成为房地产企业的竞争利器,研究结果可作为房地产企业品牌决策的参考.     

基于模糊综合评价的投资风险决策

随着房地产市场竞争激烈加剧,以及房地产开发的规模化和产业化,如何进行房地产投资风险决策,以防止投资失败和减少企业风险,已成为当务之急。因此,设计房地产投资风险决策的动态模糊评价模型,制定一套科学的评价指标体系,对各种投资风险进行综合评价,可为投资风险提供一种工具。     

房地产金融市场的变化与发展趋势

房地产在性质上来看属于资产密集型,同金融业之间的关系非常密切。我国的房地产金融市场的从改革开放之后发生了很大的变化,尤其是近几年房地产发展非常迅速,在这一过程中也存在了许多的问题。本文分析了我国房地产金融市场的趋势和问题,提出了具体的对策,希望可以为相关研究人员提供参考意见。房地产金融市场的主体是资金供求双方,是一种双方合理运用金融工具开展与房地产相关的各种资金交易活动。房地产金融市场既可以通过固定的场所进行交易,也可以采用无形交易方式进行。交易方式有直接和间接之分。随着经济技术的发展和进步,信用工具的水平得到了提高,同时出现了更多的信用工具,这些都对房地产的业务范围扩大有帮助。     

房地产调控政策指数的构建研究

我国房地产市场受调控政策影响极大,但一直以来缺乏量化房地产调控政策强度的工具。本文基于文本分析的方法,构建出2020年3月1日至2021年7月25日的周度房地产调控政策指数,并对其进行解读。本文首次构建的高频房地产调控政策指数,一方面对房地产调控政策强度进行了量化,可以为决策者分析政策与市场的关系提供研究工具;另一方面,也丰富了文本分析方法在房地产领域的应用。     

房地产金融创新——房地产投资信托基金(REITs)初探

房地产投资信托基金(Real Estate Investment Trusts,REITs)是一种兼具房地产投资的稳定性、高回报性和抗风险能力与金融投资工具良好流动性的新型投资模式,并迅速风靡西方发达国家,成为广受投资者欢迎的投资理财工具。本文结合国外REITs的运行模式,对REITs的特点和优势进行了初步的研究。     

货币政策量价工具的房地产市场效应分析

基于国房景气指数对中国房地产市场进行收缩期和扩张期划分,据此运用SV-TVP-FAVAR模型分析中国货币政策对不同阶段房地产市场发展的动态调控效应.结果表明:房地产市场的阶段性特征较好地印证了中国宏观经济的基本面特征及房地产市场的政策颁布和落实情况,但也存在房地产市场响应的理性"毗邻"错位现象;无论是房地产市场收缩期抑或是房地产市场扩张期,数量型货币政策的调控效果均优于价格型货币政策,存在房地产市场调控多指标"占优"选择,但货币政策量价工具的房地产市场调控效果差距不大;价格型工具的房地产市场调控效果逐步优于数量型工具,其调控地位正在逐步凸显.     

浅议银行利率上调对房地产市场的影响

银行利率是国家金融政策和货币政策调控的重要工具,政府可以通过这一工具的使用,对社会资金的供求状况产生影响,从而达到调控经济发展、稳定社会进步的目的。本文分析了在当前情况下我国银行存贷款基准利率的变动对房地产市场产生的诸多影响,希望对房地产从业人员提供一些参考信息。     

浅议银行利率上调对房地产市场的影响

银行利率是国家金融政策和货币政策调控的重要工具,政府可以通过这一工具的使用,对社会资金的供求状况产生影响,从而达到调控经济发展、稳定社会进步的目的。本文分析了在当前情况下我国银行存贷款基准利率的变动对房地产市场产生的诸多影响,希望对房地产从业人员提供一些参考信息。     

房地产企业应收账款管理问题与策略研究

当前房地产市场化程度逐步加深,房地产市场竞争越来越激烈.在房地产企业市场销售中,应收账款作为促进销售的一种工具和手段使用越来越重要,应收账款是企业的一项债权.企业研究应收账款管理工作成为一项重要任务.应收账款普遍存在于房地产企业之中,市场经济全球化进程不断加快,我国市场经济高速发展,房地产企业为占领市场,扩大企业规模,...     

电子商务环境下房地产营销的基本策略

电子商务作为一种新型的交易方式,将生产企业、流通企业以及消费者和政府带入了一个网络经济、数字化生存的新天地。在电子商务环境中,人们不再受地域的限制,客户可以用比较简捷的方式实现以前特别需要花费很大精力的商务活动。电子商务目前已经在各个领域得到了广泛应用,这种情况下房地产企业进行市场营销也是离不开电子商务的,这已经变成了一种必然的趋势。本文首先对在电子商务环境下房地产企业可以使用的营销工具进行了简单的介绍,然后对房地产营销一些基本的策略进行了分析和研究。     

Momentum Strategies and Investor Sentiment in the REIT Market

Comparing across three momentum measures, we empirically find that the 52‐week high strategy plays a dominant role in generating momentum profits in the Real Estate Investment Trust (REIT) market. The profitability of the 52‐week high strategy, however, varies with the state of investor sentiment. Specifically, we find that the 52‐week high momentum earns significantly positive returns following optimistic periods and significantly negative returns following pessimistic periods. Further evidence indicates that investor sentiment serves as a better predictive variable in explaining the REIT momentum than market states, business cycles, legislation changes, and monetary policy changes. Overall, our findings are in line with behavioral theories in explaining the REIT momentum.     

我国发展房地产投资信托基金的可行模式研究

近年来我国房地产业发展迅猛,但是房地产业的融资渠道却很狭窄,大多依靠银行贷款和预售款,这样的局面不仅加重了银行风险,而且极大地限制了房地产业的发展。在这样的情况下,迫切需要引进新的投融资方式。本文首先探讨了我国发展房地产信托投资的必要性和可行性,然后根据我国的现实情况就我国发展房地产信托投资提出了若干设想和建议。     

The Market Timing Power of Moving Averages: Evidence from US REITs and REIT Indexes

I present evidence that a moving average (MA) trading strategy dominates buying and holding the underlying asset in a mean‐variance sense using monthly returns of value‐weighted and equal‐weighted US REIT indexes over the period January 1980 until December 2010. The abnormal returns are largely insensitive to the four Carhart factors and produce economically and statistically significant alphas of between 10 and 15% per year after transaction costs. This performance is robust to different lags of the MA and in subperiods while investor sentiment, liquidity risks, business cycles, up and down markets, and the default spread cannot fully account for its performance. The MA strategy works just as well with randomly generated returns and bootstrapped returns. The substantial market timing ability of the MA strategy appears to be the main driver of the abnormal returns. The returns to the MA strategy resemble the returns of an imperfect at‐the‐money protective put strategy relative to the underlying portfolio. The lagged signal to switch has substantial predictive power over the subsequent return of the REIT index. The MA strategy avoids the sharp downturn at the beginning of 2008 and substantially outperforms the cumulative returns of the buy‐and‐hold strategy using all of the 20 REIT indexes. The results from applying the MA strategy with 274 individual REITs largely corroborate the findings for the REIT indexes.     

企业诊断的基础 自我评价模型

自我评价是一种诊断性评价 ,对于企业的持续改进和市场竞争力的提升具有非常重要的作用。模型的建立是任何类型评价进行的重要前提。因此 ,应建立一种自我评价模型 ,并从企业系统的各个方面对模型进行详细的说明 ,然后总结其主要特征。     

An Optimally Viable Version of Stakeholder Theory

This article is the final one in a series of four papers investigating the stakeholder approach to running businesses. It argues that the optimally viable version of that approach is one in which employees have a co-equal status as stakeholders with shareholders (the maximum allowed for under stakeholder theory) while other groupings only have a minimal status as stakeholders and are generally restricted to just customers, suppliers, and lenders. This version is argued for on the grounds that it both overcomes the implementation problems attendant upon having to serve the interests of a range of groupings and is justified in terms of stakeholder membership being confined to those groupings with a claim on the services of a business in virtue of directly contributing to its economic functioning. The ranking of non-shareholder stakeholders in the recommended version and, in particular, the maximal ranking granted to employees is argued to reflect the scale of the various contributions as measured by the degree to which making it exposes those stakeholders to both financial risk and a non-financial “work-related” risk peculiar to employees. It is concluded that although this is the best available version of the stakeholder approach it may not be the best of all possible ways of running a business. John Kaler is a Visiting Research Fellow at the University of Plymouth Business School. He is the co-author of the books An Introduction to Business Ethics and Essentials of Business Ethics, and was co-editor for Teaching Business Ethics, a website hosted by the Institute of Business Ethics. He is an ex-member of the Executive Committee of the European Business Ethics, U.K., and has published on a wide range of business ethics topics.     

中美公共政策学教材建设比较研究

美国公共政策学的教材建设有其特色与优势：一是教材作者的资深化和高水平化,二是教材内容的本土化和案例化,三是教材的学术价值高,四是教材语言生动、简洁明了、图文并茂,版式编排人性化。对比美国公共政策教材,不难发现我国公共政策学教材建设的差距和不足,从中也可以得到一些启示与借鉴：一是应当重视专家学者在公共政策学教材建设中的作用,二是应当高度重视公共政策学教材内容的本土化和案例库建设,三是应当提高公共政策学教材的学术含量,四是应当重视公共政策学教材的编写形式。     

Plastic response to disruptions: Significant redesign of supply chains

A plastic response is a type of resilient response to disruption whereby a supply chain is significantly redesigned. This is in contrast to the most common responses to disruption emphasized in the extant resilience literature, in which restoration of a supply chain to its pre-disruption state is typically the focus. Researching plastic responses is important because they differ greatly from restoration. A plastic response is a new way to operate, thus requiring implementation of major changes to the supply chain. Accordingly, a foundational premise is adopted to characterize a plastic response as (1) a significant redesign, (2) due to a pressing need, (3) requiring most or all of the following: acquisition of new skills, investment in new assets and leadership support, (4) a permanent new way to operate. Additionally, eight propositions are offered to serve as bases for further research. These relate to two fundamental issues: when are plastic responses most likely to be exercised and how to enable plastic responses. The propositions were developed through qualitative data analysis and informed by change management theory. The data were collected from in-depth interviews with global corporations in a variety of industries. Theoretical contributions and managerial implications are offered at the end.     

农村信用社经营环境探讨

中国农村经济发展处于一个关键的阶段 ,农村经济面临的主要任务是如何提高经济效益。在这个阶段 ,农业和农村发展对资金要素的依赖程度日益增强 ,必须建立起一个较为完善、稳定的农村金融体系来支持农村经济发展 ,而农村金融改革正处于关键阶段 ,农村信用社是农村金融的主体 ,如何理顺农村信用社的各种关系 ,如何为其提供一个良好的发展环境 ,自身如何营造一个顺畅的经营环境 ,是现在需要认真考虑的问题     

渠道理论中的"相互依赖"新模式--一个跨学科的研究框架

尽管渠道理论研究的焦点在不断转移--从渠道"效率和效益"转向渠道"权力和冲突",再到以渠道"关系和网络"为重心,但"相互依赖"始终都是一个核心的基础性概念.本文在跨学科的视野下,借用相对成熟的国际关系理论,阐明了渠道"相互依赖"关系新模式:渠道中的相互依赖通常都表现出非对称性,这影响着关系规范的安排;相互依赖的脆弱性是影响关系成员采取行动的关键因素;构建和谐的渠道关系的途径是走向"复合相互依赖",即渠道成员之间的多渠道联系、各个问题没有等级之分、(威胁)退出关系不发生作用.