Portfolio Management in the Social Rented Sector: Valuation,Risk Analysis and Strategy Development

The financial aspects of social housing management are becoming more important for housing associations in Western Europe, due to changes in their economic and institutional context. As part of a trend towards the privatisation and decentralisation of public services, housing associations are becoming more self-reliant. Government financial support is decreasing and parts of the housing market are changing in response to low demand. To ensure that housing associations run an economic, efficient and financially sound business, knowledge of the financial performance of their stock is becoming more important for their investment policy. In the Netherlands, these general changes in housing policy, management and market have been a prominent feature of the last decade, and have resulted in a variety of responses under the general heading of asset and portfolio management. This paper describes methods for valuation, risk analysis and portfolio management for housing associations. The paper sets out the context within which Dutch housing associations operate. Existing methods for valuation and risk analysis are evaluated for their applicability to social landlords. These methods are placed within the business planning process to show how the methods can be used to inform asset management strategy. Finally the paper reflects on the implications for practice in social housing management.     

Conceptual framework of applying mass valuation in Hong Kong urban renewal compensation scheme

In most urban redevelopment projects that take place in Hong Kong, the Urban Renewal Authority(URA) will offer compensation to an owner-occupier based on the market value of the property. The basis of market value assessment is defined as a seven-year-old flat in a comparable quality building, situated in a similar locality in terms of characteristics and accessibility, and located at the middle floor with average orientation.However, little was done in exploring the application and the integration of mass valuation technique in the compulsory acquisition valuation area. This paper endeavors to illustrate the prospects of using mass valuation techniques to value high-rise and strata-title dilapidated buildings by adopting a standardization statistical method to derive resumption estimates.     

浅议清单计价模式下计价依据的改革

我国的计价模式与依据改革到目前为止基本经历了若干个阶段,每次计价模式的改革都会带来计价依据产生与之相适应的变革。本文阐述了清单计价模式改革历程以及对新时期计价依据变革的思考。     

街头公园改造的收益评价——CVM价值评估法在城市规划中的应用

城市规划的科学决策需要对其社会经济价值有较准确的判断和评估,但由于其公共物品特性使得常规的价值评估方法难以实施.CVM(Contingent Valuadon Method)通过陈述偏好的方式量化评估公共物品相关建设活动的社会收益,是近年来最重要的和应用最广泛的关于公共物品价值评估的方法.对上海城市街头公园--松鹤公园的改造价值评估应用CVM进行实证研究,得到松鹤公园滨水改造的平均家庭收益是22.26元/户·月.其社会总收益量是399万元/年,折合现值为3235万元.研究发现,城市街头公园对个人的收益随居住地与公园之间的距离增加而迅速递减;城市街头公园改造的使用者与投资者差异不仅是居民使用与政府投资的分离,还有甲地居民使用,乙地政府投资式的错位.     

综合单价的确定方法

在工程量清单计价模式下,如何合理确定综合单价是承包商投标报价时需要解决的关键问题,也是业主和承包商共同关注的问题。本文试图介绍几种确定综合单价的方法:定额法、借鉴法、分包商报价法和估算法,作为在工程量清单计价模式下,综合单价的确定方法的探讨。     

Cost–benefit analysis of landfill system with gas recovery for municipal solid waste management: a case study

The advantages and disadvantages of alternatives for urban solid waste management are discussed. Landfill is considered to be a suitable and simple technology for tropical countries such as India. The recovery and reuse of landfill gas generated in MSW landfills is economically viable in most situations. A case study of cost–benefit analysis of landfill system with gas recovery option has been carried out for Port Blair City, Andaman Islands, India. A saving of about Rs 0.09 billion per annum with reference to existing system of MSW disposal is evaluated.     

Valuation method for effects of hot stamping process parameters on product properties using hot forming simulator

Hot stamping is one of the hot forming processes for manufacturing products of lightweight construction such as lightweight vehicles. Knowledge on the characteristics of the hot stamping process is significant in designing and optimizing the process conditions, dies and tools; however, until now, the characteristics of this process, such as the relationships between a product property and die temperature and between a product property and cooling rate, and the springback amount, have not been clarified consistently or precisely. A new valuation method used to measure the effects of hot stamping conditions on product properties as a function of process parameters is proposed in this paper. This method utilizes a hot forming simulator, which is a precision press with feedback temperature control and controlled cooling, and permits to know the various characteristics of the hot stamping process. Here, the basic construction of the proposed method is presented, and its application to the characterization of the hot stamping process of high-strength steel sheets, such as an evaluation of the changes in product properties upon varying the forming conditions and process parameters, is shown and discussed.     

矿区土地资源破坏生态补偿评估空间数据库构建方法

围绕矿产资源生态补偿中保护与破坏生态环境外部性的内化这一核心技术问题,在阐述现行生态补偿制度中评估参数存在问题的基础上,分析了利用空间信息技术构建矿区土地资源破坏生态补偿评估空间数据库的必要性,并通过实践研究了构建的技术流程、方法及关键技术。研究结果表明:基于空间信息技术构建矿区土地资源破坏生态补偿评估空间数据库具有操作上的可行性和便捷性,而且有利于促进矿产资源生态补偿的科学、合理的评估,对矿区恢复治理的精细化管理也能起到重要的信息支撑作用。     

A stochastic model on the profitability of loyalty programs

Effectiveness of customers’ loyalty programs has been the focal point of some recent studies. While empirical research shows mixed findings, analytical studies on the efficacy of loyalty programs are in their early stages. In this paper, we develop an analytical model on the profitability of loyalty programs in which customers’ valuations along with their satisfaction levels are incorporated as stochastic variables. The model consists of a revenue-maximizing firm selling a product through two periods. A loyalty reward is offered to two-period buyers in the form of an absolute-value discount on the price in the second period. The satisfaction level is represented by the difference between a customer’s original and post-purchase valuation. The formulation yields a stochastic programming problem with a nonlinear non-convex objective function. The problem is solved in terms of the model parameters. The results reveal that depending on the mean and variance of the satisfaction levels, the firm may be better off not to offer a loyalty reward. Specifically, if the mean of satisfaction levels turns out to be positive with a coefficient of variation less than a certain threshold, not adopting the loyalty program is optimal.     

基于供应链的采购管理系统的研究与实现

从供应链和现代ERP两个角度,阐述采购管理在现代企业管理中的重要作用。在比较传统的库存采购和基于订单驱动的准时化采购的区别的基础上,阐明战略伙伴关系在供应链中的重要地位。在分析了供应商选择的诸多主要因素之后,进而给出供应商评价选择中的三个最重要的指标——质量、价格、交货期,最后给出一个基于供应链的采购管理原型系统的总体设计方案。