廉租住房和公共租赁住房实行REITs融资的可行性探讨

廉租住房和公共租赁住房是我国保障性住房的重要组成部分。积极探索适合我国国情的廉租住房和公共租赁房REITs融资途径,加大廉租住房和公共租赁房的融资支持力度,能够疏通民间投资渠道,促进房地产市场结构优化调整,遏制部分城市房价过快上涨。本文通过分析我国金融市场和住房市场发展状况,认为只要完善相关配套支持政策,在部分房价较高的城市通过REITs融资模式加快廉租住房和公共租赁房建设是完全可行的。     

金融支持保障性住房建设中存在的难点及对策

全面推进保障性住房建设是我国＂保民生、促发展＂的一项重大举措,是解决城市低收入家庭住房困难、抑制房价过快增长、促进房地产业健康发展的有效途径。加快保障性住房建设,不仅需要在土地供应、建设体制机制等方面进行改革创新,而且需要加大金融创新力度,拓宽融资渠道,确保满足保障性住房建设的资金需求。但通过对武威市金融支持保障性住房建设进展情况的调查来看,     

国外住房保障制度对我国的启示

近年来,中央出台了一系列房地产调控政策,其中一个重要的方面就是加大保障性安居工程的建设力度。本文在概述美国、新加坡两个发达国家住房保障制度的基础上．总结出建设我国保障性住房制度的几点启示。     

声音

温家宝(中共中央政治局常委、国务院总理):有信心让房价回到合理价位2010年我们采取十条措施和五条措施,现在看落实得还不够好,我们将从两个方面继续加大力度,第一,就是加大保障性住房的建设力度,也就是说2010年我们开工的保障性住房大约为     

住宅价格影响因素及实证分析——以南昌市为例

南昌已成为国际和东部沿海发达地区产业梯度转移的理想地区,其房地产市场长期发展前景看好。本文应用因素回归分析方法,揭示影响南昌住房市场发展的主要因素,认为中央与地方政府的利益不一致性是引发房价波动的重要原因,建议通过加大保障性住房建设、提高居民收入水平、合理调整住房信贷政策等途径促进南昌住房市场健康发展。     

多元化融资推进保障性住房建设

保障性住房建设对于加快解决群众住房困难,调整住房供应结构,促进房地产市场平稳健康发展具有重要的促进作用.8月13日、8月21日和9月17日,国务院副总理李克强关于保障性住房的三次密集讲话更是引起广泛关注.保障性住房建设已成为中央调控楼市的重要目标.据估算,2010年保障性住房建设的总投资接近8000亿元,中央推进保障房建设的决心之大,可见一斑.今年是近几年来保障性住房建设力度最大、任务最重的一年.     

境外住房保障制度及融资模式的经验与启示

近年来,中央出台了一系列房地产调控政策,其中一个重要方面就是加大保障性安居工程建设力度。本文整理了部分发达国家和地区住房保障制度及融资模式的特点,从中总结出已建立成熟住房保障制度国家的经验：一是要充分发挥政府主导作用,二是要实现公共安排与市场化之间的合理平衡,三是要充分发挥金融对保障性住房的支持作用。最后,本文对我国完善住房保障制度提出政策建议。     

力助城乡低收入居民告别“住房难”

自2008年起,甘肃省连续四年将保障性住房建设列为省委、省政府为民所办实事之一,不断加大住房保障力度,最大程度满足城乡困难群众住房需求。各级财政部门严格执行有关保障性住房的各项政策规定,积极参与保障性住房规划编制和政策制定工作,完善资金管理制度,加大财政政策支持力度,多渠道筹措保     

当前保障性住房建设面临融资困境及成因探析

保障性住房建设是一项耗资大、周期长、惠及千家万户的民生工程.近年来,国家不断加大保障性住房建设的政策力度,该项工程已取得重大的突破性发展.但是,随着保障性住房建设工作的深入推进,一些深层次的新问题逐渐凸显,导致目前保障性住房建设面临融资困境,以致严重制约了该项工程的顺利实施.本文以丽水为例,通过深入了解丽水市区保障性住房建设的现状,从金融部门的角度出发分析其存在的问题及成因,为进一步完善保障性住房建设的政策提供参考.     

房租调控难在哪儿？

3月9日,在十一届全国人大四次会议新闻中心举行的“保障性住房建设和房地产市场调控”记者会上,住房和城乡建设部房地产市场监管司司长沈建忠表示,房租调控应该也是房价调控的一部分。     

Debt and Taxes and Uncertainty

With a graduated personal tax schedule, Miller showed that there could be an equilibrium debt supply for the corporate sector as a whole. In the presence of uncertainty there is also a unique debt/equity ratio for each individual firm, and this ratio is related to the firm's operational risk characteristics. However, if firms merge and spin off in response to tax incentives, the identity of firms is ambiguous and only the corporate sector is a meaningful construct. These arguments are developed in both discrete and continuous models that employ extensions of the arbitrage-free pricing theory.     

教育与资本怎样的前景怎样的现实

来自政府的声音: "动员各种社会资源,发展教育" 此次论坛上财政部长助理张少春的发言是最受关注的发言之一.他的演讲传达出的信息有这样几方面:第一,谈到现实,他认为全社会对教育的巨大需求与我国公共投入不足已成为我国教育事业发展的突出矛盾.近年来,以公共部门投入为主,多渠道筹措教育经费的教育投入机制成为解决这一问题的重要途径,也使得公共部门与私营部门在教育领域的合作日益密切.第二,谈到前景,他认为,1.中国经济持续、快速的增长对高技能人才产生巨大的需求,这为私营部门的参与提供了广阔空间.2.随着公共财政职能的不断完善,财政资金将在各项教育事业中重新进行分配,进一步优化财政支出结构,提高资金的使用效率.在"十一五"期间,我国将把公共支出的重点转移到农村.我们将逐步把全体农村适龄儿童的义务教育全部纳入公共财政体制.     

Director gender and mergers and acquisitions

Does director gender influence CEO empire building? Does it affect the bid premium paid for target firms? Less overconfident female directors less overestimate merger gains. As a result, firms with female directors are less likely to make acquisitions and if they do, pay lower bid premia. Using acquisition bids by S&P 1500 companies during 1997–2009 we find that each additional female director is associated with 7.6% fewer bids, and each additional female director on a bidder board reduces the bid premium paid by 15.4%. Our findings support the notion that female directors help create shareholder value through their influence on acquisition decisions. We also discuss other possible interpretations of our findings.     

Political corruption and mergers and acquisitions

This research examines the relation between political corruption and mergers and acquisitions (M&As). We find that local corruption increases firm acquisitiveness but decreases firm targetiveness. The levels of corruption in acquirer areas relate positively to the bid premiums and negatively to the likelihood of deal completion. Corruption motivates acquiring firms to use excess cash for payment, which mitigates the negative effect of corruption on acquirer shareholder value. The evidence indicates that acquisitions help acquiring firms convert cash into hard-to-extract assets and relocate assets from the high to low corruption areas, thereby shielding their liquid assets from expropriation by local officials.     

East and west and north and south : A preliminary model

The Brandt report and other proposals for a new North-South world order continue to be the focus of lively debate, yet it is often argued that little concrete has emerged from their recommendations. A major reason for this, the author argues, is that the East-West conflict component is not sufficiently taken into consideration-East-West tensions are a severe constraint on and a determining factor of North-South relations. Using influence diagrams, the author develops a flexible framework for discussion and assessment of N/S-E/W relations.     

Trust and cross-border mergers and acquisitions

A number of studies suggest that social trust matters for investment. Using different measures of trust from World Values Survey, we show that countries where people display higher levels of trust engage in more cross-border M&A activities. When they do, these acquirers pay lower premiums. To the extent that these acquirers also tend to engage in larger acquisitions as well, our findings suggest that a larger selection pool of potential targets and higher value targets enable these acquirers to negotiate for lower premiums. We do not find evidence of the significant effect for target country trust levels. Hence, trust may benefit those acquiring firms in cross-border transactions.     

Tournament-based incentives and mergers and acquisitions

This research examines the relation between tournament-based incentives, which are proxied by the difference between a firm's CEO pay and the median pay of the senior managers, and mergers and acquisitions (M&As). We find that tournament-based incentives are positively related to firm acquisitiveness and acquiring firms' stock and operating performance. Further analysis indicates that positive acquisition performance increases the likelihood of the CEO being promoted from inside the acquiring firm. Our evidence is consistent with the view that tournament-based incentives motivate acquiring firms' managers to make greater efforts and take more risk that result in superior acquisition performance.     

Corporate Innovations and Mergers and Acquisitions

Using a large and unique patent‐merger data set over the period 1984 to 2006, we show that companies with large patent portfolios and low R&D expenses are acquirers, while companies with high R&D expenses and slow growth in patent output are targets. Further, technological overlap between firm pairs has a positive effect on transaction incidence, and this effect is reduced for firm pairs that overlap in product markets. We also show that acquirers with prior technological linkage to their target firms produce more patents afterwards. We conclude that synergies obtained from combining innovation capabilities are important drivers of acquisitions.