建设项目环境污染第三方监管平台价格结构研究

为明确政策对建设项目环境污染第三方监管平台价格结构的影响,基于Armstrong定价模型,引入政策性因素,构建该平台的价格结构模型.在模型基础上,分析各参数变量实际含义,指出政策因素在平台价格结构制定中的重要性,厘清政策对价格结构的影响路径和效果,并应用案例对所构建模型进行分析.研究发现,政策因素的补贴和惠及力度会提高...     

中国城市集中供热价格管制研究

本文根据中国供热的现状，对其定价进行深入探讨，提出“区别定价，统一管理，强制增效，体制约束”的定价理论，并建立了相关的数学计算模型和价格管理体制。该成果对供热价格改革具有一定的参考价值。     

Knight不确定环境下由Lévy过程驱动的期权定价

为了研究Knight不确定环境下Lévy型金融市场中的期权定价,假设标的资产的价格服从Lévy过程,建立了Knight不确定环境下期权的动态定价模型以及欧式期权的最小定价模型,并借助等价概率测度、倒向随机微分方程(backward stochastic differential equation,BSDE)等理论分别求出了模型的显示解。最后,利用数值分析方法,研究了Knight不确定性参数对欧式看涨期权价格的重要影响。结果表明:Knight不确定风险对欧式期权定价影响显著,随着Knight不确定参数的增加,欧式看涨期权的最小价格呈现递减的趋势,最终将趋于稳健。     

限价房：步履艰难 任重道远

<正>"如何让限价房,这个受惠于百姓的政策性住房体制真正茁壮成长,政府及相关部门尚需要艰难而长远的探索。"当前,随着《北京市限价商品住房管理办法(试行)》的公示,以及广州市几个限价房项目的陆续开售,限价房作为全国解决中等收入家庭住房问题的一项住房制度,已正式开始在北京、广州、成都等各大城市推广。然而,在推广过程中,这一政策也暴露出一些问题,诞生了一些不和谐因素,怎样使限价房在购买对象、价格制定、     

论限价房的定义、性质与判断标准

界定了四组概念,并认为判断限价房必须根据限价房的价格形成方式、销售对象、上市条件和政府组织四个标准。虽然限价房是住房保障制度的创新,但是存在着价格波动风险、品质风险、销售风险。限价房的功能主要是完善公共住房体系、完善供给结构、满足部分住房需求和平抑房价,不同地方住房压力不同,限价房功能发挥的侧重点也应不同。     

期货市场、价格发现与定价效率——关于我国豆油期货定价效率的实证分析

中国期货市场的定价效率与其价格发现、风险管理和资产配置功能发挥紧密相关。本文以豆油期货作为研究对象,选择豆油现货价格和豆油期货价格及影响豆油期货定价效率各因素的日数据,采用计量模型和因子分析模型对豆油期货市场的定价效率进行实证研究,对豆油期货市场的价格发现能力进行评估,发现我国豆油期货市场的定价效率低下,导致价格发现功能无法发挥,根本原因在于大豆类市场的定价权掌握在欧美市场手中。获取定价权的根本路径在于多途径、多手段地重塑中国大豆产业链。     

杭州市地铁一号线最优定价问题研究——基于社会经济综合效益最大化的视角

针对消费者普遍反映杭州地铁一号线现行票价方案价格略高的现象,分析了传统定价模型平均成本定价和边际成本定价的缺陷。介绍了高峰定价法理论,综合考虑乘客、运输企业和政府三方面的利益,依据拉姆塞定价理论,建立基于社会经济综合效益最大化的高峰定价模型,并通过实证研究提出最优的杭州地铁一号线高峰定价方案。     

我国限价房实施中的主要问题及对策建议

我国的限价房政策自出台以来,各地在实施过程中出现了许多问题,致使该政策一直存在诸多争议,甚至有人建议应取消限价房。笔者则认为,在我国经济适用住房供应对象调整后,限价房将是解决中等收入人群住房问题的有效措施之一,应纳入我国的住房保障体系。因此,本文从我国限价房实施中的主要问题出发,并提出相应的对策与建议,希望能为该政策的实施提供一些参考意见。     

价格管制对高成长公司定价的影响——基于倍差法的实证研究

管制是转轨经济体政府参与经济活动的一类重要形式,我国新股定价政策为研究价格管制对新股定价以及经济个体行为的影响提供了天然的实验环境。文章以我国证券市场上市公司为样本,运用倍差法研究价格管制对高成长性公司定价的影响。研究发现,在价格管制的背景下,新股定价取决于公司当前的盈利能力,未来的盈利能力被限制,使得高成长性公司的发行价格被低估;高成长性公司的折价上市使其具有更好的市后表现。这一研究有助于理解IPO价格管制的经济后果,对注册制实施也有重要实践意义。     

基于Hedonic模型的北京住宅价格影响因素分析

近年来,如何准确地对住宅项目进行定价,已经成为受到各界普遍关注的热点问题。本文结合住宅市场的发展及影响其价格构成的因素,筛选出了影响最大的几个因素,又借鉴了现有关于Hedonic定价的理论方法和研究经验,尝试构建了北京市商品住宅价格的Hedonic模型。并以“天朗房网”提供的相关数据为基础,对模型进行了拟和分析,得出了可供实际应用的计量经济学模型。同时该模型经济意义也与一般的经济理论保持一致,使得模型具有普遍适用性,对研究其它类型房地产的定价问题具有一定的指导意义。最后,在与传统定价方法进行比较的基础上,展望了Hedonic模型的应用前景,并从多个角度进行分析,提出具体应用的可行建议。     

基于多中心城市结构的保障性住房价格测算

由廉租住房和成本销售型住房构成的政府供给型保障性住房,其价格在维持较低水平的同时,还应体现出住房品质的差异,从而实现合理的定价。论文针对政府供给型保障性住房,以区位因素为定价依据,将同心圆城市结构住宅租金测算模型进行拓展,建立扩展性多中心城市结构的住宅租金测度模型。同时基于多层次灰色系统建立区位差异指数测算模型,从而实现对不同区位的保障性住房的差别定价,为政府供给型保障性住房价格水平确定提供可操作性的方案。     

基于灰色关联分析法的公共租赁住房租金定价模型研究——以苏州市为例

针对我国公租房租金定价实践中出现的租金标准混乱、定价方法单一等问题,首先利用主成分分析法筛选城市,然后根据公租房租金定价原则选取灰色关联分析法的比较因素,建立租金定价模型,最终得到苏州市的公租房租金价格区间,并提出优化公租房租金定价的建议。     

Pricing Public Housing Services: Mirroring the Market?

This paper is concerned with the determination of rents in the local authority sector. It concentrates on the determination of relative rents in particular. Local authorities in England have traditionally had autonomy in determining the rents for individual dwellings in their housing stock, but the 1989 Local Government and Housing Act introduced the requirement that the relativities in the public sector should be determined with reference to those obtaining in the local private rented sector. This policy, which still remains in force under the new government, is intended to price public housing more efficiently and links to long standing concerns with issues such as under-occupation. The paper critically examines the rationale behind this policy. It advances the argument that not only are the price differentials in the private sector not necessarily a good guide for efficient pricing in the public sector, but also that the conditions in the public sector are unlikely to ensure that changing rent differentials will achieve the policy objectives. Even so, the policy raises important issues of principle in pricing in the public sector which require further investigation.     

深圳市公共租赁住房定价模式创新研究——基于整体评估的片区定价探析

公租房定价模式的选择是解决现有空置率过高问题关键所在。在分析和梳理公租房定价影响因素和现行定价模式的基础上,提出基于整体评估的公租房片区租金定价模式,从片区划分方案和片区租金评估流程两方面解析该方法,并以深圳市公租房为实证,验证其科学性。     

城市住房价格跨区域联动的检验与模式研究

以35个大中城市住房价格为研究对象,在构建空间计量模型检验跨区域联动的基础上,借助GVAR模型与网络分析方法,从总体、个体两个层面,考察跨区域联动的具体模式。结果显示:城市住房价格呈现显著的正向跨区域联动;总体层面上,跨区域联动相互交错呈网络结构;个体层面上,单个城市住房价格变动对全国、区域层面住房价格的影响呈现非均质性和空间异质性特征。因此,应深化对住房价格形成机制的认识,以更准确地促进政策目标的实现。     

借鉴日本公营住宅经验建立我国低收入家庭住房租金模型

廉租住房是我国继经济适用住房之后,政府推出的又一种政策性住房。其目的是为解决住房困难的低收入家庭居住问题。但从实际的运行情况看,尚存在诸多政策设计方面的问题。尤其在租金的制定方面过于简单,没有充分考虑如何运用经济手段调节廉租住房需求和相应的退出机制。本文在对日本公营住宅运作方法分析的基础上,提出我国在制定面向低收入家庭的住房租金时,应根据家庭收入对低收入家庭进一步细分,针对不同收入水平的低收入家庭采用不同的每平方米租金,并根据住房面积的变化采用递进式每平方米租金原则,同时给出面向低收入家庭的住房租金计算模型。随着家庭收入的增长,廉租住房租金逐渐提高,乃至接近甚至超过市场租金,通过经济手段使经济条件好转的家庭退出廉租住房系统。     

Impacts of urban environmental elements on residential housing prices in Guangzhou (China)

The amenity value provided by urban green spaces, water bodies and good environmental quality is difficult to assess and incorporate into urban planning and development. Developers and governments in China hitherto have seldom objectively factored these attributes into property pricing and associated decisions. The hedonic pricing method offers an appropriate approach to gauge such external benefits which contribute to real-estate transaction prices. This study explored the impacts of key environmental elements with a bearing on residential housing value in Guangzhou, including window orientation, green-space view, floor height, proximity to wooded areas and water bodies, and exposure to traffic noise. Four large private housing estates composed of multi-storied blocks with similar design and price bracket, catering to the mass property market, were sampled. Transaction price data and structural attributes of 652 dwelling units were acquired directly from developers. Data on environmental attributes were collected in the field. Two functional hedonic pricing method models, linear and semi-log, were constructed. The semi-log model offered comparatively stronger explanatory power and more reliable estimation. High floor on the multi-storey tenement blocks contributed implicitly 9.2% to the selling price. View of green spaces and proximity to water bodies raised housing price, contributing notably at 7.1% and 13.2%, respectively. Windows with a southern orientation with or without complementary eastern or northern views added 1% to the price. Proximity to nearby wooded area without public access was not significant, expressing the pragmatic mindset in the hedonic behavior. Exposure to traffic noise did not influence willingness-to-pay, implying tolerance of the chronic environmental nuisance in the compact city. The study demonstrates that hedonic pricing method could be applied in the Chinese context with an increasingly expanding and privatized property market. It could inform the decisions of policy makers and property developers concerning land selling and buying, land conversion, property development, urban nature conservation, and design of ecological green-space networks.     

Disparate housing strategies and practices of public and private enterprises in India: Analysis of middle class housing and new towns

This paper focuses on housing provision in the context of Indian New Town policy (with special emphasis on new towns such as Rajarhat and Navi Mumbai) and the upsurge of the middle-income group (MIG) and its access to housing. It argues that alternative schemes for housing the growing middle income population should be promoted and—if planned inclusively—new towns can contribute to solving the housing crisis. New policies for housing the middle income groups (such as “Pradhan Mantry Awas Yojna”) are unlikely to affect MIG housing, as in spite of the subsidies offered, the market price of housing stock continues to be beyond the reach of the MIG. Unless policy measures to boost the housing stock for MIG is formulated while controlling the pricing and incentivising the developers, it is unlikely that gaps in terms of demand would reduce substantially.     

Housing price and transaction intensity correlation in Hong Kong: implications for government housing policy

Examination of the causal relationship between housing price and transaction intensity helps us understand the housing market dynamics better. The housing market is a very unique asset market as demand for housing comes from both demand for investment return and demand for a shelter/accommodation. Empirical analysis on this causal relationship therefore provides government with important policy considerations. In this paper, we will examine such correlation between housing price movements and transaction intensity in Hong Kong with a core objective of getting a better understanding of the housing market behavior in this city so that more effective government housing policy could be devised. We examine the price–transaction correlation observed in the Hong Kong housing market by means of a bivariate vector autoregressive (VAR) model, with a time series spanning over the period from 1993 to 2014. Without examining other macroeconomic variables such as employment and gross domestic product, our Granger causality test shows a strong evidence, suggesting that housing price Granger causes transaction intensity in the housing market of Hong Kong, but not vice versa. The findings buttressed by the autoregressive distributed lag (ARDL) model and the bounds test results on cointegration relationships support our conclusion. Based on these results, we question the current government housing policy which aims mainly at suppressing demand and hence transaction intensity, if the objective of government intervention is to bring housing price level to a more affordable level. Housing policy therefore should aim at effectuating the supply channel so that there is a clearer signal of constant and effective supply of housing units, which will eventually help stabilize housing price.     

Housing Attainment of Immigrants from the former Soviet Union in Israel: A Cost/Benefit Approach

The present study examines the extent that national housing policy and demographic and human capital factors affect the odds of homeownership and quality of housing. A cost/benefit theoretical conceptualization with a sample of 19 000 Russian immigrants who arrived in Israel in 1989-90 was used to examine how the benefits of homeownership (location, size and pricing) 'stood against' a set of costs (commuting time required, housing age and size). A set of demographic and human capital factors were employed to control for socio-economic effects such as age, gender, family size, labour force participation and occupational status. The benefits of homeownership for immigrants in Israel also proved to involve some costs: migrating to smaller localities and commuting to metropolitan areas where occupational opportunities are higher. The findings suggest that while homeownership is widespread, it imposes a burden on new immigrants as well. This implies that social policy with regard to housing, especially low-priced housing, should consider the possibility of expanding public and market services in an appropriate way that will increase social inclusion and lessen the likelihood of structural segregation.