發(fā)布時間：2018-04-29 19:22

  本文選題：信息不對稱 + 存量房市場　； 參考：《西安建筑科技大學(xué)》2014年碩士論文

【摘要】：存量房市場即住房二級市場，其能否有效運行不僅關(guān)系到房地產(chǎn)業(yè)的健康發(fā)展，也關(guān)乎國計民生。近年來，在我國城市化及住房商品化的進程中，存量房市場規(guī)模迅速擴大，但市場中嚴(yán)重的信息不對稱致使市場機制缺乏效率的現(xiàn)象引發(fā)了學(xué)者的廣泛關(guān)注。本文借鑒金融經(jīng)濟學(xué)“有效市場假說”的市場效率經(jīng)典理論并根據(jù)存量房市場作為特殊的商品市場的發(fā)展特點的基礎(chǔ)上形成了存量房市場效率理論，在分析中得出有效的存量房市場能夠通過價格機制實現(xiàn)存量房資源的優(yōu)化配置，存量房市場效率即為衡量其實現(xiàn)存量房優(yōu)化配置的程度，即買方能否以合理價格買到合適的房屋，從而滿足真正有住房需求的消費者，特別是廣大中低收入階層群體。因此，基于“有效市場假說”對我國存量房市場效率狀況進行深入的定性與定量分析探討，對于提高存量房市場效率，豐富房地產(chǎn)市場效率理論具有重要的現(xiàn)實意義和研究價值。 從運行至現(xiàn)階段的我國存量房市場現(xiàn)狀來看，我國各地存量房市場發(fā)展不均衡，市場規(guī)模與與國外發(fā)達(dá)存量房市場仍有較大差距，主要原因在于存量房本身如權(quán)屬、質(zhì)量、價格方面的問題以及在交易過程中對于存量房信息的提供及獲取、經(jīng)紀(jì)機構(gòu)信息的提供及獲取問題均導(dǎo)致市場中嚴(yán)重的信息不對稱。而買賣雙方及委托方與經(jīng)紀(jì)機構(gòu)兩種形式的信息不對稱會影響市場優(yōu)化存量房資源配置功能的實現(xiàn)，造成市場效率的損失，而誠信經(jīng)紀(jì)機構(gòu)的信息傳遞在一定程度上能夠?qū)κ袌鲂实奶嵘鸬揭欢ǖ姆e極作用。 針對信息不對稱對存量房市場效率的影響，本文以不完全信息動態(tài)博弈為基礎(chǔ)建立了非合作框架下信息不對稱和不存在信息不對稱的完全信息市場買方收益模型，并在博弈的分析過程中證實了信息不對稱導(dǎo)致存量房市場效率的損失效應(yīng)。 文章還通過“時間價格序列”研究的方法，以我國北京，廣州等5個典型城市為例，收集各樣本城市2008年1月—2013年11月的存量商品房價格指數(shù)月度數(shù)據(jù)，應(yīng)用自相關(guān)檢驗、自回歸模型對存量房市場效率水平進行了實證分析，結(jié)果顯示5個城市目前均尚未具備“弱式有效”的效率水平，由此分析這五個城市的存量房市場處于非有效甚至無效的低效率水平階段。 最后以降低信息不對稱、提升市場效率水平為出發(fā)點，針對現(xiàn)階段市場較低的效率水平，本文建0議應(yīng)進一步加快存量房市場信息共享平臺建設(shè)，，加強信息披露，提高市場信息透明度；建立經(jīng)紀(jì)機構(gòu)的買方代理制度，同時加強市場監(jiān)督和管理；改進并完善存量房價格信息統(tǒng)計方法，提高存量房市場價格信息調(diào)查統(tǒng)計的準(zhǔn)確性和完整性。
[Abstract]:The stock housing market, the two level housing market, is not only related to the healthy development of the real estate industry, but also to the national economy and the people's livelihood. In recent years, in the process of urbanization and housing commercialization in China, the size of the stock market has expanded rapidly, but the serious information asymmetry in the market causes the lack of efficiency of the market mechanism. Based on the market efficiency classic theory of the "effective market hypothesis" of financial economics and the development characteristics of the stock market as a special commodity market, this paper forms the theory of stock market efficiency on the basis of the stock market market as a special commodity market. In the analysis, it is concluded that the effective stock housing market can realize the stock housing through the price mechanism. To optimize the allocation of resources, the efficiency of the stock market is to measure the extent of the optimal allocation of existing housing, that is, whether the buyer can buy the right house at a reasonable price to meet the real housing demand, especially the low and middle income group. In order to improve the efficiency of the stock market and enrich the theory of the efficiency of the real estate market, it is of great practical significance and value to study the qualitative and quantitative analysis of the rate.
From the current situation of the stock housing market in China, the market development of stock housing market in China is not balanced, and the market size and foreign developed stock market still have a large gap. The main reason is that the stock housing itself, such as ownership, quality, price, and the supply and acquisition of stock information in the process of trading. The information asymmetry in the market will result in the information asymmetry in the market. The two forms of information asymmetry between the buyer and the buyer and the broker and agency will affect the realization of the allocation function of the market optimization stock, and cause the loss of the market efficiency, and the information transfer of the honest broker is to a certain extent. It can play a positive role in improving market efficiency.
In view of the effect of information asymmetry on the efficiency of stock market, this paper builds a buyer's income model of complete information market with asymmetric information and information asymmetry on the basis of incomplete information dynamic game, and confirms the loss of the stock market efficiency caused by asymmetric information in the process of game analysis. Effect.
Through the method of "time price series", this paper takes 5 typical cities such as Beijing and Guangzhou in China as examples to collect monthly data of stock commodity house price index of each sample city from January 2008 to November 2013, and use autocorrelation test and autoregressive model to make an empirical analysis on the efficiency level of the stock market, and the results show that 5 At present, the city has not yet had the "weak effective" efficiency level, thus the analysis of the stock market in these five cities is in an ineffective and ineffective low efficiency level.
In the end, in order to reduce the information asymmetry and improve the market efficiency level, in view of the low efficiency level in the present market, the 0 proposal should further accelerate the construction of the information sharing platform of the stock market, strengthen the information disclosure and improve the transparency of the market information, establish the agent system of the brokerage agency, and strengthen the market supervision as well as the market supervision. Management, improve and improve the stock housing price information statistical methods, and improve the accuracy and integrity of the stock market price information survey and statistics.

【學(xué)位授予單位】：西安建筑科技大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F299.23

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

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本文編號：1821237