房地产专业外文翻译(中英对照版).docx

Chinas real estate market regulators need to study大 连 理 工 大 学 本 科 外 文 翻 译我国房地产市场监管的必要性研究Chinas real estate market regulators need to study学 院（系）： 建筑工程学院 专 业： 工程管理 学 生 姓 名： 石 强 学 号： 200834027 指 导 教 师： 徐冰冰 完 成 日 期： 2012年2月15日 大连理工大学程城市学院Dalian University of Technology City InstituteChinas real estate market regulators need to studyAbstract: real estate has become an important pillar industry, real estate Development and closely related to the national economy. This paper theoretically discusses the real estate market monopoly, externalities, public goods characteristics and information asymmetry, and from our real estate Development process and the specificity of the perspective of the real estate market analysis studies, and thus fully proved right Chinas real estate market, the need for regulation. Keywords: real estate; market; regulation 1. the real estate market failure determines the need for government regulation Regulatory Economics research amply demonstrated that market failure is a market economy, an important reason why government regulation, resulting in market failure is due mainly to a monopoly, externalities, public goods and asymmetric information, the real estate market also exists market failure. (A) the real estate market there is no monopoly Monopoly of real estate is determined by the real estate properties, real estate is the location of the main features of the non-mobility, a housing Once the location of other buildings on the irreplaceable, but also because there are floors, towards the various other factors, determine a house in each house are independent, so the property in the rental and sale, with regional and monopoly, and thus the formation of monopoly prices. As the largest real estate investment, long payback period, which can enter the real estate market can only be a few enterprises coupled with the limited supply of land and real estate Development and operation of the scale of requirements, it is easy to form partial or regional monopolies the land market by a government monopoly, affordable housing and low-rent housing provided by the Government. In order to stabilize housing prices, protecting the interests of consumers, the real estate market must be Government regulation. (B) the existence of external effects of the real estate market Real estate includes both the concept of external economic activities in the real estate subject to the impact of other economic subjects, which also covers a number of other economic entities of the impact of economic entities on the property, the external effects of external economic and policy-making functions of the main embodiment is different: externalities imposed by a party to only consider their own profit maximization problem, a matter of personal reason rather than social rationality. The external nature of the real estate according to different standards can be for a variety of categories according to their scope resulting from the effects of externalities can be divided into macro-and micro-externality. Macroeconomic externalities is a kind of real estate behavior of economic agents impose on others outside of the main benefits as a result of real estate investment and Development activities to improve the investment environment in the entire region, which for the industrial and commercial economic activity, cost savings and extended Industry profitability space. This real estate imposed on the beneficial effects on other industries is a macro-external economic phenomena. Urban industrial and commercial prosperity, not only enhances the economic vitality of the entire city, but also makes the relevant areas raise the level premium location, which is imposed on other sectors of the external economic effects of the real estate industry. Micro real estate outside the real estate industry refers to the various economic agents within or between the different economic activities in the real estate that exists between external effects. For example, the commercial and industrial real estate development activities on residential real estate development, distribution and consumption of both the existence of external influences. According to the nature and role of external influences the direction of the real estate be divided into external economies and external diseconomies. Any economic activity because the real estate benefit from external influences known as the real estate outside the economy. Because of real estate development made the city belongs to the real estate landscape greatly improved external economic. Any economic activity because the real estate damaged by external influences known as the real estate external diseconomies. Urban land development and construction result in over-crowded housing, public green space reduction, and environmental pollution it is possible to reduce the value of the land affected, including many industries, including real estate development, which belongs to the real estate external diseconomies. (C) to provide the real estate market public goods (public goods) Consumption of goods that people can be divided into private goods (private goods) and public goods. Real estate economy, there are many public goods or quasi-public goods. Such as urban infrastructure, flood control projects, earthquake engineering, public facilities. These projects due to large amount of investment, the investment recovery period is long, also difficult to exclude those who pay for the use, by the market to provide often leads to insufficient supply can only be provided by the Government. But the government is not necessarily the direct production by the Government, the Government may delegate or contracted out to independent companies to produce, the Government is only responsible for fund-raising and management. (D) The real estate transaction there is asymmetric information Information asymmetry is the imbalance distribution of the information in the trading parties. The consumers and operators, both in terms of the contract, the operator has on commodities, information superiority, enabling consumers to easily deceived, known as the information is not complete. Consumers of information on all aspects of consumer product knowledge is usually limited, they often do not know if commodity prices and the differences in how the quality of goods. Market information is not complete mainly as follows: 1. Information about the quality of goods is not complete, consumers have only the limited quality information. 2. The information relating to commodity prices is not complete, consumers have only the limited price information. Information asymmetry may occur in another situation, the part of consumers to grasp the message in its entirety, and the other some consumers have only the limited quality information. Competition on both sides to win in the competition, sources of information through the containment methods such as the expense of other information about each other, thereby beating the competition. With both the real estate product usability, but also has investment properties. Shops and offices are mainly dominated by investment buyers to purchase housing in part, investors, consumers and investors are very sensitive information, such as: When the Government announced a location to build the subway, or a place to build a large-scale shopping malls, then, as long as the information on a release, the surrounding homes will be price increases, indicating the real estate product already has the information on product features. The performance of the real estate market information asymmetry as follows: As the real estate development investment in large, extended period of time, can enter the real estate market vendors is relatively small, developed the product quality situation, the price situation, sales to consumers to said that, there is bias. The heterogeneity of real estate commodities, price changes and trading expertise and complexity of information asymmetry can lead to both buyers and sellers. Asymmetric information will increase transaction costs, reduce market efficiency, but also may lead to moral hazard and adverse selection. To ensure the validity of the real estate market information, there are two solutions, a market solution, that is, market participants through their own efforts to search for information, and to use their own knowledge and skills in information selection, analysis and so on. As the market participants are rational in itself, and it made such a search for information on the cost of their decision-making must be based on its own cost-benefit comparison, only the information that the cost of paying less than the gains for this purpose, he would to pay such efforts. However, this approach due to the following constraints, making this totally market-based solutions can not be implemented. First, the information search itself, there is a cost. Because of the uncertainty of trading partners, in order to accurately grasp the needs of all potential trading partners, as its trading direction, quantity and price, it is very difficult to do. Second, market participants and the differences inherent qualities, and some do not have the ability to identify the minimum of information, while others are unable to complete the information search and analysis. Third, due to market imperfections and information asymmetries, making moral hazard and opportunism prevail, resulting in information Ershi fraud losses are sustained by some market participants, this part of the peoples interests can not be market compensationCan be seen, it is the particularity of the real estate market, making the real estate market information costs, or said to be totally market-oriented solutions for the transaction costs are so high, resulting in an average consumer can ill afford to pay for housing information on the sale of the marginal cost, so increases the investment risk, so that adverse selection and moral hazard problem can hardly be resolved, thereby reducing the operational efficiency of the market, distort the allocation of social resources. Therefore, in order to overcome the real estate market with incomplete information and non-symmetry of information arising from market issues, we need a detached role of the real estate market participants to intervene in the real estate market, monitor the operation of the real estate market for all investors the creation of equal opportunities, all kinds of information on actual market environment for the real estate market, open, fair, just and provide a guarantee to reduce the purely market-based solutions to problems arising from high transaction costs. Thus, created a demand for the real estate market supervision requirements. Second, the particularity of Chinas real estate industry determines the need for regulation (1) Chinas real estate industry in the development of special course The real estate industry in China is an ancient and emerging industries, in over 2,000 years of feudal period and semifeudal and semicolonial period, although the change of dynasty, but the land and housing leasing, trading activities have not been interrupted, Ming and Qing Dynasties, it appears of professional real estate agent. From 1949 to 1990, Chinas real estate development can be divided into three stages: First, in 1949 and 1978 Chinas restrictions on the premises of the industrys consolidation phase. After the founding of the Peoples Republic, bureaucratic capitalists, real estate was confiscated, making it the state-owned assets allocated to the state organs, enterprises and units. From 1956 onwards, in various cities to carry out the socialist transformation of the real estate industry. To 1964, essentially eliminated the rental of the self-employment, at this time of urban land has in fact attributable to the State and to implement free, indefinite use of the system does not allow the sale of the transfer. 2 in 1979 1987 years of the initiation stage of Chinas real estate. In December 1978 established the Partys Third Plenum of the Eleventh taking economic construction as the center, China entered a new historical period of reform and opening up. In 1984 the State Planning Commission and the Urban-Rural Construction jointly issued a document, allowing for real estate development activities since then, Chinas real estate industry in China, started the regeneration of the earth. Third, in 1987 1990 Chinese real estate market is established. October 1987 Party Congress Report 13 for the first time that the socialist market system should include the real estate market. December 1, 1987, Shenzhen City to auction to sell the first piece of land. April 1988 constitution and Land Management Law changes, the provisions of land use rights can be transferred and transfer in accordance with law. In May 1990, the State Council promulgated the The Peoples Republic of China urban state-owned land use right transfer and the transfer of the Provisional Regulations. For the development of the land market provides a legal support, in order to lay the foundation for the establishment of the real estate market. Since 1990, Chinas real estate industry has entered a rapid development period. At the same time, we should note Chinas real estate market development is not smooth sailing, and from 1992 to 1993 of the housing boom have caused volatility in the real estate market has left a deep lesson. July 3, 1998 the State Council issued on further deepening the urban housing system reform to speed up housing construction notice, marks a new phase in the housing reform. That is parked housing distribution in kind, and gradually implement monetization of housing distribution, establish and perfect the affordable housing based multi-level urban housing supply system, development of housing finance, foster and standardize the housing market. Thus, the starting point of Chinas real estate market and the reality of the environment and the developed capitalist countries of Western and modern real estate market is different from one of Chinas real estate market from the land use system reform and the housing system reform began in the western developed countries from the beginning of privatization of land. The second is from the mid-20th century, 50 years to the late 80s, our countrys history there had been nearly three decades of the real estate market becomes vacant, the Western developed countries in this period is the period of rapid development of the real estate market. Third, so far, Chinas real estate market is still there are still a large number of primary morphological characteristics, such as market mechanism is not perfect, the real estate market information should be functional, incentive function and balance function has not been fully realized. Fourth, based on public ownership as the mainstay of Chinas.8我国房地产市场监管的必要性研究我国房地产市场监管的必要性研究摘要: 房地产业已成为我国重要的支柱产业，房地产业的发展与国民经济紧密相关。本文从理论上探讨了房地产市场的垄断性、外部性、公共品特性和信息不对称性，并从我国房地产业发展历程和房地产市场特殊性的视角进行分析研究，进而充分证明了对我国房地产市场进行监管的必要性。关键词：房地产；市场；监管一、房地产市场失灵决定了政府监管的必要监管经济学的研究充分表明，市场失灵是市场经济中政府监管的重要原因，造成市场失灵的原因主要有垄断性、外部效应、公共品和信息不对称，房地产市场同样存在市场失灵。(一)房地产市场存在垄断性房地产的垄断性是由房地产特性决定的，房地产的主要特性是位置的不可移动性，一幢房屋一旦确定位置，其它建筑就不可替代，而且因存在楼层、朝向不同等因素，决定了一幢住宅中的每套住宅都具有独立性，因此物业在出租和出售时，带有地域性和垄断性，从而形成垄断价格。由于房地产投入大，回收期长，因而能进入房地产市场的只能是少数企业再加上土地供应的有限性和房地产开发经营的规模要求等，很容易形成部分的或地域性的垄断，土地一级市场由政府垄断，经济适用住房和廉租住房由政府提供。为了稳定住房价格，保护消费者利益，房地产市场必须要政府进行监管。(二)房地产市场存在外部效应房地产外部性概念既包括房地产经济活动主体对其他经济主体的影响，又包括其他一些经济主体对房地产经济主体的影响，外部效应在外部性经济主体的决策函数中的体现是不同的：施加外部效应的一方只考虑自己的利润最大化问题，属于个人理性而非社会理性。房地产的外部性按照不同的标准可以对其进行不同的分类，按其影响产生的范围可分为宏观外部性与微观外部性。宏观外部性是指房地产的一种经济主体的行为施于其它主体的外部效益，如因房地产投资开发活动使整个区域投资环境改善，这为工商业经济活动带来了成本的节约并扩展了行业盈利的空间。这种房地产业施加于其他产业上的有益影响就是一种宏观的外部经济现象。城市工商业的繁荣，不仅增强了整个城市经济活力，而且也使得相关地区的区位地价水平提高，这是其他行业施加于房地产业的外部经济效应。房地产的微观外部性指房地产业内部各经济主体之间或者不同的房地产经济活动之间存在的外部效应。例如，工商业房地产的开发活动对住宅房产开发、流通和消费均存在着外部影响。按外部影响的性质和作用方向分为房地产外部经济与外部不经济。凡是因为房地产经济活动而受益的外部影响称为房地产外部经济。因房地产开发而使得城市景观大大改善就属于房地产外部经济。凡是因为房地产经济活动而受损的外部影响称为房地产外部不经济。城市土地的过度开发建设导致的住宅拥挤、公共绿地的减少、环境污染等则有可能减低土地价值，影响包括房地产业在内的诸多产业的发展，这属于房地产外部不经济。(三)政府提供房地产市场的公共品()人们所消费的物品可分为私人物品()和公共物品。房地产经济中存在许多公共物品或“准公共物品”。如城市基础设施、防洪工程、抗震工程、公共设施等。这些项目由于投资额大、投资回收期长，同时很难排除不付费者的使用，由市场来提供往往导致供给不足，只能由政府来提供。但政府提供并非一定由政府直接生产，政府可以委托或承包给独立的企业来生产，政府只负责筹集资金与管理。（四）房地产交易存在信息不对称信息不对称是指信息在交易双方分布不均衡性。就消费者和经营者、合同双方而言，经营者拥有关于商品的信息优势，从而使消费者容易上当受骗，被称为信息的不完全性。消费者对所消费产品各个方面信息的了解通常是有限的，他们往往不知道商品价格和商品质量的差别如何。市场的信息不完全性主要表现为：有关商品质量的信息是不完全的，消费者只掌握有限的质量信息。有关商品价格的信息是不完全的，消费者只掌握有限的价格信息。信息不对称可能发生的另一种情况是，一部分消费者掌握完全的信息，另一部分消费者只掌握有限的质量信息。竞争双方为了在竞争中取胜，通过遏制信息来源等方法来削弱他人对对方信息的了解，从而打败竞争对手。房地产产品既具有使用性，又具有投资的特性。商铺和写字楼的购买者主要是以投资为主，购买住房的消费者中有一部分是投资者，而投资者对信息是非常敏感的，比如：当政府宣布某个位置要建地铁，或某个地方要建一个大型商场时，那么，只要信息一发布，周边的住房就会涨价，这说明房地产产品已具有信息品的特性。房地产市场的信息不对称表现为：由于房地产开发投资很大，回收期长，能进入房地产市场的厂商相对较少，开发出来的产品质量情况，价格情况，销售情况，对消费者来说，都存在偏差。房地产商品的异质性，价格的变化性和交易的专业性与复杂性，都会导致买卖双方信息不对称。信息不对称将增加交易成本，降低市场效率，也可能导致道德风险和逆向选择。要保证房地产市场信息的有效性，有两种解决方案，一种为市场解决方案，即市场的参与者通过自身的努力搜寻信息，并利用自身的知识技能进行信息的筛选、分析等工作。由于市场的参与者本身是理性的，它作出这种自己搜寻信息的成本决策，必须基于其自身的成本收益的比较，只有觉得付出的信息成本小于为此而取得的收益时，他才会去付出这种努力。但这种方法由于受到以下几方面的限制，使得这种完全市场化的解决方案无法实行。一是信息的搜寻本身是有成本的。由于存在交易对象的不确定性，要想准确地掌握所有潜在交易对象的需要，如其交易方向、数量和价格等，是很难做到的。二是市场参与者本身存在特质的差异，有的不具备起码的信息辨别能力，有的则无法完成信息的搜寻与分析。三是由于市场的不完全性和信息的不对称性，使得道德风险和机会主义普遍存在，以致造成由于信息欺诈而使部分市场参与者受到损失时，这部分人的利益无法得到市场的补偿。可见，正是房地产市场的特殊性，使得房地产市场的信息成本或者说是完全市场化解决方案的交易费用是如此之高，造成普通消费者难以承担一笔房屋买卖所付出的信息的边际成本，这样，就增加了投资风险，使逆向选择和道德风险问题难以得到解决，从而降低了市场的运作效