美、英、日财产税税制特征和对我国的启示

本文首先介绍了美国、英国、日本三国财产税的基本情况,并总结了各国财产税税制设计的特征,在此基础上,剖析了我国房地产税制现存的问题,对我国开征物业税提出了相关政策建议。     

物业税改革对地区间税收分配差距的影响

本文通过对地区间税收分配差距指标的分析,认为开征物业税很可能会扩大我国地区间税收分配差距。在当前物业税改革过程中,需要充分重视该问题的研究。建议将土地出让金制度和财政转移支付制度改革,作为物业税改革总体规划的重要配套措施,统筹设计相关制度,以有效防止地区间税收分配差距的不合理扩大,促进地区间经济协调、平衡发展。     

Tax and the Crisis*

Did taxation play any role in precipitating the financial crisis? Are there lessons to be drawn for future tax reform priorities? This paper reviews the main channels by which tax effects might have been felt and which may require forceful attention. These include in particular the large tax biases favouring debt finance and, in some countries, investment in housing. The complexities of national tax codes, and the international interaction between them, have, moreover, encouraged the use of complicated financial instruments and international tax planning, reducing transparency. Tax distortions did not cause the crisis – in the sense that there are no obvious tax changes likely to have triggered it – but they may well have contributed by leading to higher leverage and more complexity than would otherwise have been the case. Most of these distortions have long been a source of concern, but dealing with them may be more important than previously supposed.     

Inflation Expectations and Risk Premiums in an Arbitrage‐Free Model of Nominal and Real Bond Yields

Differences between yields on comparable‐maturity U.S. Treasury nominal and real debt, the so‐called breakeven inflation (BEI) rates, are widely used indicators of inflation expectations. However, better measures of inflation expectations could be obtained by subtracting inflation risk premiums (IRP) from the BEI rates. We provide such decompositions using an affine arbitrage‐free model of the term structure that captures the pricing of both nominal and real Treasury securities. Our empirical results suggest that long‐term inflation expectations have been well anchored over the past few years, and IRP, although volatile, have been close to zero on average.     

未来房地产网络营销在线交易模式

当前,我国电子商务技术得到了迅猛发展,房地产网络营销是必然的趋势,部分房企试水房产电商并建立独立的区域性体系,却收效甚微,弊端与瓶颈凸显。通过对我国房地产网络营销宏观和微观上现存问题的分析,提出未来房产的“整体－区域”在线交易模式的要点以及构建。首先,在政府引导下,房地产企业和第三方机构以购房者为中心,构建出四位一体的全国整体性营销信息平台体系;其次,在此基础上建立由企业、购房者、第三方机构组成的区域性在线交易三角关系;最后,诱导更多的企业进入,进而构建出有效的房产在线交易模式。     

房地产财务管理工作中关键环节的有效控制研究

房地产行业是国家经济中重要的支柱性产业之一,其发展十分迅速。随着国家陆续出台对房地产行业宏观调控的政策,房地产企业之间的竞争也在逐渐加剧,使很多房地产项目的开发面临着财务风险和资金压力。因此,房地产企业应该结合自身发展情况,在企业管理工作中制定对关键环节有效控制的相关制度,从而使得房地产企业实现可持续性发展。     

Price competition in the spatial real estate market: allies or rivals?

This paper examines whether real estate firms can avoid price competition when properties in the vicinity are priced by allies. An oligopoly model with differentiated products generally suggests that real estate firms engage in price competition with their spatially closest rivals. Yet, they can raise property prices when the market share of their allies increases. To test this prediction, a spatial autoregressive model with spatial autoregressive disturbances, including a share of allies in the vicinity, is estimated using data on the prices of residential condos in central Tokyo, Japan. The model prediction is supported by the empirical results. In the data set, the magnitude of the market share on property prices increases with the expansion of the size of the spatial market.     

中国大中城市商业地产开发环境评价——基于时序全局主成分分析

2007年爆发的金融危机不但改变了全球经济格局,也增加了中国房地产市场的不确定性因素。随着住宅开发的竞争越来越激烈,其利润率呈现走低趋势。越来越多的房地产开发商从住宅地产转向商业地产领域,以期获得更加丰厚的回报。选取中国35个大中城市的42个变量共计近6000个数据,利用时序全局主成分分析法对后金融危机时期的这些城市商业地产开发环境进行了系统研究,建立了比较科学的评价指标体系。     

浅谈房地产开发项目的施工管理

房地产开发中的工程建设是一项投资额巨大、建设周期长、技术复杂的工作,决定着房地产企业经济效益。本文结合笔者多年的工作经验,从房地产开发项目的进度、质量以及成本三个方面阐述施工管理中问题以及解决措施。     

Real estate markets and the macroeconomy: A dynamic coherence framework

This paper analyzes the dynamic interactions between real estate markets, in the US and the UK and their macroeconomic environments. We apply a new approach based on a dynamic coherence function (DCF) to study these interactions bringing together different real estate markets (the securitized market, the commercial market and the residential market). The results suggest that there is a common trend that drives the different real estate markets in the UK and the US, particularly in the long run, since they have a similar shape of the DCF. We also find that, in the US, wealth and housing expenditure channels are very conductive during real estate crises. However, in the UK, only the wealth effect is significant as a transmission channel during real estate market downturns. In addition, real estate markets in the UK and the US react differently to institutional shocks. This brings some insights on the conduct of monetary policy in order to avoid disturbances in real estate markets.