房地产可行性研究外文文献及翻译讲课稿

1、 精品文档the analysis of the issue related to the feasibility ofstudy the real estate project on the basis of theimplicit costabstract: it is known that the feasibility study of real estate project plays an important rolein real estate development. nevertheless, there still remains many problems in the

2、feasibilitystudy. in this paper, the concept of implicit cost will be introduced, which will be used to analysethese problems.meanwhile, some useful strategies will be raised for these problems,whichintends to further improve the feasibility study of the real estate projects.keywords: real estate pr

3、oject; feasibility study; implicit cost; problems1. introductionthe feasibility study is the decision science has been used in project area, and the basic target is on thebasis of the comprehensive investigating and researching to identify a construction object whether have thecharacteristics of pro

4、gressive, reality and reliable in the whole prosess from previously project construction toline operation. we also need to know those whether can pay off from the finance and the credibility in theeconomy to give a big help for the investating decisions. it is real role that a framework to investing

5、 project ,and is the key factors that can decide the project can be invested or not to give some supports on the projectdecisions. the real estate is characteristic of accounting for huge financing, a long period relative to theinvesting and easily influenced by the instable factors. therefore, the

6、the feasibility study is very important forthe real estate. however, currently we are more and more focusing on the explicit cost in the feasibility studyand ignoring the intangible cost. the intangible cost is , as opposed to explicit cost and hided among the totalcost of enterprise, caused by the

7、decision maker characterized by lower diathesis, wrong concept, and thedeficiency of informations, coupled with the non-market factors to lead to the total cost increaseing directly orindirectly . the amount of economic benefits of the project largely depend on getting full knowledge of the精品文档 精品文档

8、intangible cost in the real estate.2. the existence of the questions lied in the feasibility study on thebasis of the intangible costrecently, the real estate have got a big improvement in the feasibility study. as the main contents andmethods, it have been normed and stabilized gradually to use in

9、the project decisions. but that is fact that thefeasibility study cannot play the role above mentioned in the real case. the worst case is that there is no thefeasibility study before starting the work. and another events is that the feasibility study had been done, butthe result was not fit to the

10、requestions. the main problems are following:2.1. the investor with low diathesis did not pay more attentions on ituntil now, a number of the investors did not get a clear clue and realize the importantance related to thefeasibility study. they had made a decision whether building the real estate re

11、lied on their own wish, andreckoned the feasibility study was just a “payable paper” to submit to lending institution, investor andgovernment. there is no meaning in the feasibility study because of carrying on is not thorough, focusing onthe format. therefore, the “feasibility study” is the aim tha

12、t how to get a permission from the relateddepartment and a loan from the bank, so the data cannot be used to reflect the real conditions. the economicbenefits of the whole real estate project have decreased, even failed that was mainly ascribed to the invetorsattitude, ignoring the importance of fea

13、sibility study. those are called the intangible cost. the other factors islinked closely with calibre that a excellent decision maker should be characterized by determination,confidence, far-sighted.ect. when a favorite investing project lie in front of a investor, he must be confidenceand determina

14、tion to make a decision as soon as possible, or the problems relati ve to the economic benefitslost would be happened to create the intangible cost. moreover, the investor should have the characters offar-sighted to consider the investing process, and not care the “gain and loss” in a small events t

15、o make awrong decision. it is obviously that the high-calibre is an very important factor to the investor to avoid theintangible cost.2.2. the feasibility study related to theconstruction project is mainly completed by theconsultant agency and design dthe deviser has low-calibredepartment of constru

16、ction entrusted by investor. it is possible that the accuracy largely depend on thoseinstitutions level controlled by the devisers calibre. unfortunately, a huge number of devisers are lacking ofthe attitude on seek truth from facts. they have partially used the data to optimistically evaluate the m

17、arketprice movement. they also did not exploit the market survey in details to predict the market prospect; at thesame time, they did not care about some faults, however, more lights shed in exaggerateing the advantages oftechnology and product that reducing the success rate of investing. on the bas

18、is of the devisers having精品文档 精品文档low-calibre, the feasibility study cannot be completed by course of correct way and canonical process that thedecision maker got a wrong judgement to result in losting the economic benefits, even the whole projectsdepleting.2.3. the analysis and forecasting of the m

19、arket is not enoughthe earning power of investing project is not only depending on the all kinds of available resources, butalso relying on the current and potential requests needed by society. currently, there are no more attenionsconcentrated on the market survey and forecasting in the feasibility

20、 study. a large numbers of data came fromthe related researchers experience and social relations. even though they did a survey and forecasted themarket trend, the results are more qualitative analysis than quantitative. the data measured by above processcannot really reflect the market condition an

21、d prospect. it is seemly like having good benefits, because of thefault existed in the analysis and forecasting of market to lead to the investing project has to face the condition“having a price but no sales”. those can be avoided according to the reseachers endeavor.2.4. there is no comparative am

22、ong every projecta larger numbers of reseachers pay more attentions on the single project than the comprehensive in thefeasibility study. in some cases, they also analyse some projects at the same time but a particular one will beanalysed more deeper than another analysed superficially. the decision

23、 maker have to accept the projectchoosed by reseachers on their wishes, and then the comprehensive researching changed into single will losethe meaning in the feasibility study. because lack of the comparative project, leading to the economic benefitsrelated to the finance will be fixed to lose the

24、chance of getting more benefits from the market to create moreintangible cost.2.5. ignoring the value of the environmental assessmentthere are many faults lies in the currently environmental assessment showed by the report of feasibilitystudy. in some cases, there is few contents and the analysing s

25、uperficially about the environmental assessment,because of there is no surveying the surroundings nearby the project or the assessment is not correct. it isobviously that those are contradiction with the strategy of sustainable development developed by our country.moreover, there is no consideration

26、 between the project and sustaining ability of environment carried out bythe investor. as a result, the developing intensity will exceed the loading capacity of environment near by theproject to produce seriously environment contamination. this will increase the project later environmentalprotection

27、 costs, such as controling environmental pollution and strengthen the green, ect.there is a serious environmental evaluation work to be needed on environmental protection, and usingreal data reflect the revenue and expenditure to provide true evidences for the final decision. however, manyof the fea

28、sibility study overlooked this respect that the project had been put more money in late to produce精品文档 精品文档increasely the intangible cost.2.6. dont pay attention to the analysis of the sensitivity and risk factorsthe estate project itself has a high risk and investing, because of there are some unce

29、rtain factors inproject implementation process. with these uncertainties, the investment project there is a risk, thus theuncertainty of the whole project is of vital importance. if the feasibility study of these risk factors wereaccurately analysed that will cause additional costs of the project.in

30、 practical work of the feasibility study , theanalysis of risk is not enough or only stay in qualitative analysis, give a quantitative analysis. though some ofthem to quantify, but either quantitative method unsuitable or quantitative results do not take seriously, nothave a good understanding to pr

31、oject risk factors , thus make some project in concrete implementation appearof risk or risk factors change , led to increase costs and economic benefit greatly decreased, causing therecessive cost of production.3. countermeasures of feasibility study3.1. strengthening ideological education and qual

32、ity education of the decision makerin order to make feasibility study go smoothly, decision makers should be educated to fully realize theimportance and function of the feasibility study. the ideologycal recognition and definite feasibility studyeffect, so that it can from the fundamental guarantee

33、of feasibility study work smoothly. in addition, there mustbe necessary education to investors to improve the quality and professional skills of their own, so that whenmaking decisions they can decisively and correctly make decision to reduce implicit costs and increase profits.3.2. improving abilit

34、y of the deviserinstitutions of training feasibility study professional must be established and perfected ,relateddepartments should organize professional training regularly. professional ethics education should is necessaryto make professionals realize the importance of feasibility study; in the me

35、an time , in order to decrease faultbecause of professsional skills deficiency and increase correctness of feasibility study professional skills mustbe enhanced. establishing and perfecting of the feasibility study for the vocational education trainingemployees of the system, by related departments

36、groups regularly for feasibility research personnels servicetraining.3.3. pay attention to market investigation and market researchin the feasibility study phase, in order to avoid negotiable without city awkward situation and moreimplicit costs, feasibility study professionals should be ready for m

37、arket research and market forecast work.this requires the relevant personnel take related work seriously, guarantee the correctness of marketinformation to reflect a true market prospect. and earnestly analyze the market consumption levels, an精品文档 精品文档accurate grasp of market demand. in order to kee

38、p commodity to consumption group and to avoid implicitcosts, feasibility study professionals must earnestly analyze the market consumption levels, grasp market needsand main consumption groups accurately, prepare for marketing positioning.3.4. compare and chose comprehensive investment projectfor a

39、specific project there may be several different investment plan, after accurately study and compareof every investment project, the optimal project can be achieved. through compare of different comprehensiveinvestment project risks can be reduced, more profits can be achieved. that proves feasibilit

40、y study plays aimportant role in reducing costs and making accurate decisions.3.5. paying more attention to environmental evaluationpay importance to environmental evaluation, abstractly analyze environmental impact. qualitativeanalysis must be made thoroughly if quantitative analysis is not suitabl

41、e. during site selecting phase, in orderto decrease later costs and implicit costs load capacity of environment around must be taken into account.when considering investment project, we should realize environment impact and economic profit to choserelatively environmental project and reduce implicit

42、 costs.3.6. deepen investment projects sensitivity and risk analysisin order to effectively prevent and control the risk, in feasibility study, we should strengthen thesensitivity analysis, pay great attention to digging the potential risk factors, such as investment environmentrisk, project constru

43、ction risk, etc. and we should pay special attention to unfavorable factors and bad results,for example, implicit cost because of residents unmovement; implicit cost caused by construction damage andextension of construction limits time limit because of local seasonal natural disaster. therefore we

44、shouldunify the quantitative analysis and qualitative analysis and give priority to quantitative analysis so as toprevent risk purposely and make scientific decisions. if sensibility analysis and risk analysis should be basedon scientific data, strategic fault of project can be reduced greatly so as

45、 to reduce implicit accuracy.可行性研究对房地产项目隐形成本的相关问题分析摘要：据了解，房地产项目的可行性研究在房地产开发中起着重要的作用。然而，可行性研究仍然存在很多问题。在本文中，隐性成本这个概念将推出，这将被用来分析这些问题.与此同时，一些有用的战略将针对这些问题，进一步完善房地产项目可行性研究报精品文档 精品文档告的真实性。关键词：房地产项目的可行性研究报告;隐形成本的问题1 介绍可行性研究是决策科学已用于项目区的全面调查和研究，以在建设目标的基础上确定基本目标是有进步的，现实的，可靠的特点，在整个项目建设进展前。我们我们还需要知道这些是否能偿还从金融和经济

46、的信誉给一个很大的帮助。它是真实的角色,一个框架来决定投资项目，是关键因素，可以决定这个项目是否可以投资或不给一些支持性的项目决策。房地产是典型的，巨大的长期融资、相对于其他投资和容易受到不稳定的因素。因此,可行性研究对于房地产是非常重要的。然而,目前我们正在越来越关注显性成本的可行性研究而忽视隐形成本。隐形成本，相对于显性成本，他藏在总成本里面，造成企业决策者错误的概念。信息的不足，再加上非市场因素导致总成本直接或间接地保值增值。这个数量的该项目的经济效益在房地产上，很大程度上取决于隐形成本。2 对隐形成本存在的问题为基础的可行性研究。近年来，房地产的可行性研究有一个很大的改进。它已成为主要

47、内容和方法，逐步使用在项目决策。但是，可行性研究事实上并不能发挥在实际案例中提到的作用。最糟糕的是还开始工作前的没有进行可行性研究。另一个事件是，可行性研究已经完成，但效果不符合要求。存在的主要问题如下：2.1 低素质的投资者并没有对它进行更多的关注直到现在,很多投资者并没有得到一个明确的方法来实现产品相关的可行性研究。他们依赖他们自己的希望,对于是否建立房地产已经做了一个决定,认为可行性研究只是一个“支付纸”提交贷款机构、投资者和政府。因为进行不彻底,只关注该格式，可行性研究是没有意义的。因此,“可行性研究”的目标是如何从相关部门和银行贷款获得许可,所以数据不能用来反映实际状况。整个房地产项

48、目的经济效益减少了,即使失败了,主要是归因于劳动者的态度,而忽略了可行性研究的重要性。那些被称为隐形成本与其他因素密切相关，一个优秀的决策者应该体现出的品质是有决心、有信心、目光长远正常等。当一个最喜欢的投资项目躺在投资者面前时，他一定是有信心和决心尽快做决定，相对于经济利益是否会发生创建隐形成本。此外,投资者在投资过程应该有远见,不在乎在一个小事件做出错误的决定的得失。很明显,这个品质是投资者避免隐形成本的一个非常重要的因素。2.2 建设项目可行性研究主要完成顾问机构和设计者水准过低。委托投资建设部，这是可能的。其精度在很大程度上取决于这些机构设计者质量控制的水平。不幸的是，大多数的设计者缺

49、乏实事求是的态度。他们用部分已使用的数据，乐观的评估市场价格运动。精品文档 精品文档他们还没有开发详细的市场调查来预测市场前景；同时，他们不关心一些故障，更多的目光放在技术和产品的优势，减少投资的成功率。在设计者具有低水平的基础上，在可行性研究的过程中不能用正确的方法和规范，决策者的一个错误的判断甚至导致整个项目的消耗过度，失去经济利益。2.3 分析和预测的市场不够完整投资项目的盈利能力不仅取决于可用的各种资源，而且还依赖于现有的和潜在的社会所需。目前，有没有更多的目光集中在市场调查和可行性研究预测。一个大的数据的数据是相关研究人员的经验与社会关系。尽管他们做了一个调查和预测市场趋势，但是结果

50、是定性分析多于定量。通过以上方法测量的数据无法真正反映市场现状和前景。它似乎是喜欢有好处，因为错误预测市场导致投资项目分析所面临的条件存在故障。那些可以根据研究者的努力避免。2.4 没有在每一个项目中进行比较大量的科研人员更关注单一项目的可行性，忽略综合项目的可行性研究。在某些情况下,他们也分析一些项目。但在同一时间，一个特定的项目将比另一个在表面上被分析的更深入。决策者必须采用他们的愿望值接受该项目,然后，综合研究变成单一项目研究，这将失去可行性研究的意义。因为缺乏比较项目,导致经济效益过低，相关的财务将固定失去获得更多利益的机会，从而在市场上创造更多的隐形成本。2.5 忽视环境评估的价值评

51、估显示的可行性研究报告，对于当前环境有许多缺点。在某些情况下,有几个内容和分析在表面上对环境进行了评估,但是因为没有测量周围附近的项目，这些评估是不正确的。很明显,这些与我国研制的可持续发展战略有矛盾。此外,投资者没有考虑项目之间的环境和持续能力就开始。因此,开发强度将超过环境的承载能力，项目将产生严重的环境污染。这将增加项目完成后环境保护成本,如控制环境污染,加强绿色等费用。在环境保护上，需要有一个严格的环境评估工作，使用真实的数据反映收入和支出。然而,许多可行性研究忽视了这方面,该项目将把更多的钱放在后期生产和日益增长的无形成本上。2.6 没有注意灵敏度分析和风险因素房地产项目本身具有很高

52、的投资风险,因为在项目实施的过程有一些不确定的因素。这些不确定性在投资项目中存在风险,因此整个项目的不确定性分析是至关重要的。如果可行性研究不能对这些风险因素进行准确分析,将导致项目的额外成本。在实际工作的可行性研究,分析风险的投入是不足够的或只停留在定性分析。尽管他们进行了一些量化,但是要么是量化方法不合适，要么就是对定量结果不重视,没有很好地了解到项目的风险因素,从而使一些项目在具体实施之前出现风险，或风险因素变化导致成本增加,经济效益大幅下降,导致隐性成本的产生。精品文档 精品文档3 可行性研究的对策3.1 加强决策者的思想教育和素质教育为了使可行性研究进展顺利,决策者应该充分认识到教育

53、的重要性和功能的可行性研究。识别和明确的意识形态卡尔可行性研究的效果,所以,它可以从根本保证可行性研究顺利工作。此外，投资者必须具有必要的教育和改善他们自己的专业技能,所以,当他们能果断正确的决策，就能减少隐性成本从而增加利润。3.2 提高设计者的能力培训机构必须建立和完善可行性研究专业,相关部门应定期组织专业培训。职业道德教育应是必要的，要让专业人士认识可行性研究的重要性；同时，由于技能不足，为了减少故障,提高可行性研究的正确性，必须加强专业技能的学习。建立和完善的可行性研究，为员工提供系统的职业教育培训，通过相关部门组织定期为可行性研究人员进行业务培训。3.3 重视市场调查和市场研究在可行

54、性研究阶段,为了避免“没有可转让城市”的尴尬局面,更隐含成本，可行性研究专业人员应该做好迎接市场调研和市场预测工作。这需要相关人员认真采取相关工作，保证市场信息的正确性，以反映一个真正的市场前景。并认真分析市场消费水平,准确把握市场需求。为了保持商品消费群体,避免隐性成本,可行性研究专业人员必须认真分析市场消费水平,把握市场需求,把握主要消费群体，为市场准确定位。3.4 比较和选择全面的投资项目对于一个特定的项目可能会有几种不同的投资计划，准确地研究和比较每一个投资项目之后，项目可以达到最优。通过比较不同的投资项目，综合风险会降低,可以获得更多的利润。这证明了可行性研究在降低成本，进行准确的决

55、策中起着重要的作用。3.5 更多的关注环境评价重视环境评价，抽象地分析环境影响。如果定量分析是不合适的，定性分析必须彻底。在选择阶段,为了降低成本和隐性成本，所以对于周围环境负荷能力必须加以考虑。在考虑投资项目,我们应该意识到环境影响和经济利润,选择相对好的环境项目和减少隐性成本。3.6 深化敏感性投资项目和风险分析为了有效预防和控制风险，在可行性研究中，我们应该加强灵敏度分析,注重挖掘潜在风险因素，如投资环境风险、项目建设风险等等。我们应该特别注意不利因素和不良后果,例如，因为居民不配合搬迁造成的隐形成本；因为当地的季节造成限制建设建设期限的扩展从而造成隐形成本。因此我们应该统一定量分析和定

56、性分析。并以定量分析为主，以防止风险，进行科学决策的针对性。如果敏感性分析精品文档 精品文档和风险分析根据了科学数据，从而战略上的失误项目可以大大降低，以减少隐性成本。房企并购凶猛 以弥补在土地市场直接拿地投资的减少据北京和上海产权交易所网站显示，截至去年 6 月中旬，挂牌待转让房企及项目股权（及债权）累计达 42 宗，居各行业之首，其中有 20 家房企出售 100%股权。与此同时，恒大、保利等大型房企正在加速收购，以弥补在土地市场直接拿地投资的减少。业内人士认为，虽然楼市向好，但金融风险却在加剧，中小房企被并购或破产频现的现象还将继续，而对于收购方来说，未来如何融合收购的项目，将是一个问题。

57、“大鱼吃小鱼”频现精品文档 精品文档去年 6 月 5 日，保利地产分别与上置集团以及上置投资(上置集团的控股母公司)签署股份投资意向书，公司或全资附属公司拟以 0.25 港元/股的价格现金认购上置集团新发股份，股份认购完成后，公司或全资附属公司将成为上置集团持股 30%以上的单一最大股东。海通证券认为，一旦本次收购完成，保利地产有望控制上海核心区域内 100 万平方米左右优质项目。由于一线城市土地获取难度大，交易完成将直接增强保利地产的区域经营实力。资料显示，上置集团专注房地产开发运营，以上海为重心逐步拓展至具有较大经济增长潜力的省会城市和区域中心城市，其房地产开发的物业组合，以中高档物业为主。企业目前拥有土地储备逾 200 万平方米，已形成跨区域发展的、综合性房地产营运企业集团。无独有偶。去年 5 月 28 日，恒大湖北公司以 16.07 亿元成功摘得武汉三江航天房地产开发有限公司 67.08%股权；同年 6 月 2 日晚间，恒大又宣布将以 55 亿元收购中渝置地旗下重庆中渝集团 92%的股份。两笔收购之后，恒大将获得重庆、武汉两个重点二线城市的大量优质土地。据介绍，重庆中渝集团拥有总建筑面积约 342 万平方米的已竣工物业及发展中