中英文翻译--我国房地产市场监管的必要性研究-(2).doc

1、 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

2、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

3、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

4、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

5、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

6、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

7、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

8、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，

9、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率，扭曲了社会资源配置。所以，为克服房地产市场信息不完全性和非对称性信息而引起的市场问题，就需要一个超脱房地产市场参与者的角色来介入房地产市场，监督房地产市场的运行，为所有投资者创造机会均等、各类信息真实的市场环境，为房地产市场的公开、公平、公正提供保证，以减少纯粹市场化解决方案引起的交易费过高问题。这样，就产生了对房地产市场监管的需求。 二、我国房地产业的特殊性决定了监管的必要性 （一）我国房地产业的发展特殊历程房地产业在我国是一个古老而新兴的产业，在

10、长达多年的封建时期和半封建半殖民地时期，虽然朝代更替，但土地和房屋的租赁、买卖活动一直没有中断，明清时代，就出现了职业房地产经纪人。年到年，中国房地产业的发展可分为三个阶段：一是年年的中国房地业的整顿限制阶段。中华人民共和国成立后，官僚资本家的房地产被没收，使其成为国有资产，分配给国家机关、企事业单位使用。从年起，在全国各城市开展了房地产行业的社会主义改造。至年，基本上消灭了房屋租赁中的个体经营，此时的城市土地实际上已归属于国家，并实行无偿、无限期使用制度，不允许买卖转让。二是年年的中国房地产的萌生阶段。年月党的十一届三中全会确立了以经济建设为中心，中国开始进入改革开放新的历史时期。年国家计委

11、和城乡建设部联合发布文件，允许进行房地产开发活动，从此，中国房地产业在中国大地上开始了再生。三是年年中国房地产市场的建立。年月党的十三次代表大会报告首次提出社会主义市场体系应包括房地产市场。年月日，深圳市以拍卖的方式出让了第一块土地。年月宪法和土地管理法修改之后，规定土地使用权可以依法转让和出让。年月，国务院颁布了中华人民共和国城镇国有土地使用权出让和转让暂行条例。为土地市场的发育提供了法律支持，为房地产市场建立奠定基础。年以后，中国房地产业进入一个较快的发展时期。与此同时，我们应该注意到我国的房地产市场发展并不是一帆风顺的，的房地产热曾引起房地产市场的大幅波动，留下了深刻的教训。年月日国务院

12、发出关于进一步深化城镇住房制度改革加快住房建设的通知，标志着一个新的房改阶段的开始。即停住房实物分配，逐步实行住房分配货币化，建立和完善以经济适用住房为主的多层次城镇住房供应体系，发展住房金融，培育和规范住房交易市场。由此可见，我国房地产市场发展的起点和现实环境与西方发达资本主义国家的现代房地产市场不同，一是我国房地产市场发展是从土地使用制度改革和住房制度改革开始的，而西方发达国家则是从土地的私有化开始。二是从世纪年代中期到年代末，我国历史上曾有过近三十年的房地产市场缺位，西方发达国家在这期间正是房地产市场高速发展时期。三是到目前为止，我国房地产市场依然还存在大量初级形态特征，如市场机制不健全

13、，房地产市场应有的信息功能、激励功能和平衡功能未得到充分发挥。四是我国是以公有制为主体的社会主义市场经济，不同于西方发达资本主义国家的私有制。 （二）我国房地产业具有自身的特殊性 房地产业关联度高，带动力强，已成为我国国民经济的支柱产业，年全国房地产相关产值达万亿元，占当年的。年的五年间，全国房地产业开发竣工面积亿平方米，保持我国房地产市场持续、健康、稳定发展对拉动经济增长，推进城市化、改善人民生活，都发挥了重要作用。房地产市场是社会主义市场体系中不可缺少的主要组成部门，随着城市化和现代化的推进，由于中国人口众多的特殊性，其潜在需求十巨分大，在世界上也是绝无仅有的，这个市场的健康平稳发展，对整

14、个国民经济的协调发展起重要作用。正是由于房地产业自身特殊性，因此，房地产市场监管非常必要。 三、我国房地产市场中存在的问题决定了监管的必要 我国房地产业的融资主要依靠银行贷款，银行承担了大部分金融风险。从国外发达国家成熟的房地市场看，房地产开发资金来源渠道很广，除银行贷款外，还包括各种房地产投资基金、房地产信托等，银行贷款最多不超过房地产总投资。而我国目前的情况是，房地产开发的三个阶段（取得土地的前期阶段、施工阶段和销售阶段）的每一个阶段都离不开银行资金的支持，具体来说，包括房地产开发贷款、流动资金贷款、施工企业贷款、住房抵押贷款等。事实上，除了开发企业自筹资金外，其余资金基本来源于银行。根据

15、央行分析报告和抽样调查，目前房地产开发资金左右来自银行贷款。显然，我国目前的确存在房地产企业对银行的依存度过高的问题，一旦房地产市场发生波动，企业的经营风险将转变为银行的金融风险。也就是说，目前我国房地产的金融风险主要是由银行系统来承担的。 与此同时，上市公司投资房地产的行为也有待规范。目前，一些无开发经验的上市公司大量进入房地产开发领域。据不完全统计，目前主管业务为房地产业的上市公司已达到多家，涉足房地产行业的上市公司已有多家，特别是在土地公开拍卖中，对投标方没有资质限制，上市公司凭借雄厚的资金实力，高价拍得土地，抬高了土地市场价格，增加了开发成本，影响了商品房的价格，加大了投资风险。 近年

16、来，房地产市场一些深层次的问题逐渐显露出来，具体表现为： 部分地区投资规模增长过快，土地供应增幅过大。一些地方出现了过热苗头，有泡沫迹象，具体表现在：一是近几年来房地产开发投资规模平均以的高速增长，为平均增幅的倍左在；二是炒房、炒地皮等投机炒作现象已在一些城市出现；三是商品房开发投资结构过于向高中档房倾斜；四是国民经济中许多企业已开始涌入房地产业或相当行业。 商品房结构性矛盾突出。突出表现为中低价位、中小户型住房供应不足。一些城市普通商品住房和经济适用住房供不应求，高档商品房空置积压严重。一些城市中低价位住宅所占比例不到，而高价房占到以上。 房价上涨过快，脱离了部分居民的支付能力。从全国看，房

17、价过快上涨呈蔓延态势，中部地区部分城市涨速加快。个重点城市中，约一半城市的二手房价格涨幅超过了新建商品、住房价格上涨的幅度，最高的达到。 房地产市场秩序比较混乱。反映在房地产开发、交易、中介服务和服务管理中的各种违法违规行为比较突出，违规开发，房地产广告虚假，商品房面积“缺斤短两“，购房合同欺诈，物业管理质价不符等，严重扰乱房地产市场秩序，损害群众利益，影响房地产市场健康发展。 以上列举的问题如果不及时加以校正，将会严重影响我国房地产市场的平稳运行，也将严重影响我国宏观经济的平稳运行。因此，政府对房地产市场的监管非常必要。 Chinas real estate market regulator

18、s 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 re

19、al 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 governm

20、ent 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

21、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 f

22、loors, 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

23、 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 Governmen

24、t. 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 th

25、e 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

26、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

27、-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

28、 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

29、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

30、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 ext

31、ernal 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

32、 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 environmen

33、tal 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 divid

34、ed 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 p

35、eriod 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 inde

36、pendent 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

37、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 dif

38、ferences 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

39、 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 contai

40、nment 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

41、 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

42、 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, th

43、e 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 effi

44、ciency, 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 in

45、formation 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 purpo

46、se, 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

47、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 p