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In this thesis,through use for reference relating law of Hongkong and Singapore,probe into the problem of law perfected in avoiding real estate bubble,these problems including the system of glebe management,using fashion of exploitation fund of real estate,the finance system of real estate,the market trade of real estate,the revenue innovation of real estate and the configuration problem of real estate.

本文通过借鉴我国香港地区和新加坡的有关法律，在土地管理制度、房地产开发资金的使用方式、房地产金融体制、房地产市场交易、房地产税收改革以及住房结构性问题等方面，探讨我国防治房地产泡沫的法律完善问题。

For the incompliant lending patterns mentioned above, on commercial banks part, improving the management and business technique will reduce, or even eliminate the incompliant behaviors in the pre-investigation process. From the Central bank and China Banking Regulatory Commission side, setting the inner network in the same industry, controlling the ratio of real estate loan, and enhancing the penalty to suppress the development of incompliant lending of real estate are effective ways to control risk. Fundamentally, the government should conduct the developer of real estate to search for the new financing mode to improve the stability and development, this might include some measures as follows: improving the liability financing structure of large real estate companies, develop the Reits and support its securitization to form the multi-financing.

对上述违规模式，从银行内部提高管理及业务水平方面，本文提出了针对性的风险防范措施，可有效地将违规的苗头扼杀在贷前调查过程中；从央行及银监会角度，可以通过建立同业信息沟通网络、严格控制房产信贷比重、加大违规惩戒力度等手段抑制房地产违规信贷的发展；而最根本的，政府应当引导房地产开发企业寻找新的融资渠道来促进房地产行业稳定和健康的发展，包括改善大型地产企业的债务融资结构、发展房地产投资信托基金及推动房产抵押证券化等方式形成房地产多元化融资的格局，这样，房地产违规信贷模式也就不攻自破了。

Survey shows that the real estate industry is a major means of tax evasion: individual real estate enterprises to take advantage of off-the-books, accounting, false invoices for the apparent increase of tax evasion; part of the real estate business to avoid tax regulation, does not accurately pre - pay corporate income taxes; own Jian'an inflated costs, the cost ratio does not follow the principle of carry-over, corporate profits as the year in advance the size of carry-over costs, man-made regulation of profits, corporate income tax evasion; together to build the party issuing false invoices, the expansion of another party development costs, the transfer of profits, corporate income tax evasion; advance purchase transactions shall be pegged not to declare their taxable accounts, low-priced sale of product development, drilling policies do not take advantage of value-added tax timely clearing of land; sales garage, storage room through the non-Non-invoiced transfer income, tax evasion related taxes; way to reduce the recording of non-existent staff made售房sales royalty income, personal income tax evasion; with branches or associated enterprises business is not a normal transaction between independent enterprises, and through cross-cutting shared billing or concealed operating items, operating income to conceal tax evasion; bank into the personal housing mortgage loans credited to the "short-term borrowing" subjects, the transfer of income, tax evasion business tax, land value-added tax and enterprise income tax; will develop products for their own use, foreign donations, to cover the debt in exchange for non-monetary assets are not regarded as sales in accordance with the regulations and carry-over income, tax evasion related taxes.

调查显示，房地产业是一个重要的手段逃税：个别房地产企业利用账外账，会计，假发票的情况明显增加逃税；部分房地产业务，以避免税收调节，并没有准确地预先-支付公司所得税；夸大自己的建安成本，费用率并不遵循结转，企业利润为提前一年规模结转成本，人为调节利润，逃避企业所得税；共同建设党的虚开发票，扩大另一方开发成本，转移利润，逃避企业所得税；预购交易应盯住不申报应纳税帐户，低价销售的产品开发，钻政策不利用增值税及时交换土地；销售车库，储藏室通过非非发票转让收入，偷税漏税有关的税收；方式，以减少该记录不存在的工作人员取得售房销售版税收入，逃避个人所得税；与分支机构或关联企业的业务不是一个正常的独立企业之间的交易，并通过交叉共享帐单或隐瞒经营项目，隐瞒经营收入逃税；银行的个人住房按揭贷款记入"短期借款"科目，转移收入，偷税漏税营业税，土地增值税和企业所得税；将开发的产品供自己使用，外国捐款，用于支付债务，以换取非货币性资产不视为销售依照条例和结转收入，偷税漏税有关的税收。房价上涨后，股市下跌

According to the Circular, there are three conditions under which the donor and the donee of the real estate endowed as gift may be exempted from individual income tax: where the owner of the real estate donates the ownership for no consideration to his or her spouse, parents, offspring, paternal grandparents, maternal grandparents, paternal grandchildren, maternal grandchildren or siblings; where the owner of the real estate donates the ownership for no consideration to the person who is under the direct obligation to take care of or support the owner; where the ownership of the real estate, following its owner's demise, is transferred to the legal heir by operation of law or to the legatee or donee under the will.

根据《通知》，房屋产权无偿赠与的当事双方免征个人所得税的三种情况包括：（1）房屋产权所有人将房屋产权无偿赠与配偶、父母、子女、祖父母、外祖父母、孙子女、外孙子女、兄弟姐妹；（2）房屋产权所有人将房屋产权无偿赠与对其承担直接抚养或者赡养义务的抚养人或者赡养人；（3）房屋产权所有人死亡，依法取得房屋产权的法定继承人、遗嘱继承人或者受遗赠人。

The ratio of stock right calculated according to venture investment experiential principles is sound and easy to accept. It can give quantitative analysis support to the venture investment practice.(6)According to the theory of the real option, the author derived value formula of the real option fixed price and investment criterion. Based on above, the paper further research for optimal investment strategy of real option in monopolizing and competition under asymmetry information, and built the value model of real option for the investor and administrator by using the theory of the principle trust-agent Meanwhile, the solution of real option optimal investment and the shift value are derived applying the maximal principle .

针对高新技术企业发展的特点：研制周期长、投资费用高、每阶段风险水平特征差别大，运用实物期权理论与计算方法，通过研究建立嵌入期权现金流量图深入分析计算了企业发展中风险投资的最优策略、股权占有比例问题，对不确定性问题由于采用了有关实物期权计算公式，所以计算结果比基于传统的现金流量图的NPV方法更加客观、科学，同时按照风险投资经验法则计算出的股权占有比例合理易于接受，可为企业风险投资实践活动提供数量分析支持。

Hangzhou City Housing Authority to provide a written reply to a few days ago that the future will establish a real estate information network system, the development of modern market management software system, through the networks and the institutionalization of the market to regulate behavior, improve the transparency of the operational behavior of the market ; real estate market to establish a sound early warning and information disclosure system, in time to inform, to remind people using the network system for each approved name of the pre-sale properties for sale, nature, related to the conditions of the Internet publication of timely, transparent to the development of real estate sales, real estate various problems encountered in the market to the media exposure.

杭州市房委会提供一份书面答复几天前，未来将建立房地产信息网络体系，发展现代市场管理软件系统，通过网络和制度化的市场调节行为，提高透明度的经营行为的市场，房地产市场，建立健全预警和信息披露制度，及时通知，提醒人们使用网络系统对每个批准名称预售属性销售，性质，有关条件的互联网出版的及时，透明的发展，房地产销售，房地产遇到的各种问题，在市场上向媒体曝光。

Therefore, it can be regarded as a great improvement of the investment decision-making theory and methods .This article makes a systematic research on real options theory and method and its application, including the following several main aspects:Firstly, it makes a detailed discussion about the common theoretical basis of financial options and real options, including no-arbitrage equilibrium principle, risk-neutral definition, complete market and dynamic tracking.Secondly, it analyze three basic characteristic of investment decision-making in modern market economic system: irreversibility, uncertainty and flexibility, and from the angle of their mutual quantitative and qualitative interactions, it makes a comparison between the traditional NPV methods and real options methods and makes a summary of the general analytical methods of real options.Thirdly, it discusses the all elements in the application of real options such as the ^leakages in value of real assets, basis risk, and private risk, and furthermore, it attempts to put forth a normalized strategy of its application and construct a basic framework of its application.Fourthly, it applies real options theory to strategetic investment of enterprises and the buy-out of company, putting forth a value model for strategetic investment program and making a concrete analysis of its application to buy-out. Furthermore, it advocates that a flexible investment decision-making system should be setup according to real options theory in our country.

本文对实物期权理论和方法及其应用进行了系统研究，主要内容包括如下几个方面：(1)详细讨论了金融期权和实物期权共同的理论基础，主要包括无套利均衡原理、风险中性定义、完全市场以及动态复制方法，对这些理论方法的探讨既是本文的出发点和基础，它们提供了研究实际应用实物期权的一个基准点，也是贯穿全文的线索和灵魂；(2)分析了现代市场经济体系中投资决策的三个基本特征即不可逆性、不确定性和时机选择，并从它们数量上和质量上相互作用的重要意义的角度，分析了传统的净现值法与实物期权方法的差异，指出了净现值法在不确定环境中存在的缺陷及实物期权处理投资灵活性的价值，并将净现值法纳入实物期权投资分析决策体系当中，总结了企业投资决策实物期权的一般分析方法；(3)探讨了实物期权应用中要考虑的各种要素，如实物资产的价值漏损、基差风险和非市场风险等，并进一步提出了实物期权应用的规范化策略和构建了一个实际应用实物期权方法的基本框架，尝试将期权的基本原理与企业在现实经济环境中投资决策的要素结合起来，从而可以在一定程度上超越期权的复杂的数学计算而汲取期权思想的精华，从而促进期权决策方法在实际投资决策中的应用；(4)将实物期权方法应用于企业战略投资，得出了战略投资项目的价值模型，指出可以将实物期权理论和方法应用于企业并购，分析了应用的具体方面，并提出应根据实物期权理论建立一套适合我国企业的灵活的投资决策系统。

Broke estate wind water, a five favorable because, first, home of the popular wave is advancing wave upon wave, the wave of tidehead Guanwaidichan as one has not been 关内 Nanshan "substitutes" have been contained, rather because work gets big cake, enjoy more Gospel; Second, the department kilometer momentum to continue sweeping, that the current direction is still a certain potential to be tapped village, but village has water reserves for the development of land, and only broke with the village close to successfully enjoy Phuket real estate situation favorable to the extension; Third, broke a vast reserve of land and 11 million square metres of land available for the real estate industry highly competent, and broke the natural environment unique, for the development of high-quality flats for the rich soil; Fourth, Shenzhen, Guangzhou, Zhongshan and Zhejiang, and other well-known developers have about broke, overseas Chinese,"Guangzhou Biguiyuan,""Zhongshan Garden Music" will be successfully settled in that the supply of real estate market is rapidly broke assembly, formed; Fifth, further spread kilometer race, For kilometer property kilometer race with the actual contribution to local economic development, then broke to "miss"!

2000年横岗地产风声水起，得缘于五大利好，其一，全民置业化浪潮一浪高过一浪，关外地产作为这一浪潮中的潮头之一，并未因关内南山&替代品&的出现受到抑制，反倒因为蛋糕越做越大，享受到更多福音；其二，布吉片区发展势头继续势如破竹，显示目前布吉方向仍有一定潜力可挖，但是布吉可供开发土地储备已经告急，而横岗与布吉只是咫尺之遥，使横岗可望享受到布吉地产形势利好的延伸；其三，横岗土地储备丰厚，1100万平方米土地可供地产界游刃有余，同时，横岗自然环境得天独厚，为开发高素质楼盘预备了丰厚的土壤；其四，深圳、广州、中山及浙江等地知名地产商纷纷看好横岗，中国海外、&广州碧桂园&、&中山雅居乐&等即将在横岗落脚，表明横岗地产供应市场正在迅速集结、形成；其五，片区竞赛进一步蔓延，片区竞赛对于片区地产的实际贡献与对于当地经济的发展有目共睹，使横岗不愿再&错失良机&！

A water which the real love is the spouse is thirsty when hands over, the real love is goes out when an urge, the real love is when the spousal sob opens the bosom, the real love is the road which goes home hurriedly goes to the head flashes through ", if I do not go home, he will not be able to sleep" the thought that the real love will be when the spousal indisposition will wish one could to go to the pain for her one mood, the real love will be ", so long as she happy, I am willing to make all" the tenacity, the real love will be regards as her the human who will be in the world is frailest, most needs to protect.

真爱是爱人口渴时递上的一杯水，真爱是出门时的一句叮咛，真爱是爱人哭泣时张开的怀抱，真爱是匆忙回家的路上脑中闪过的&如果我不回家，他就会睡不着觉&的念头，真爱是爱人病痛时恨不得替她去痛的一种心情，真爱是&只要她开心，我愿意做一切&的固执，真爱是把她看作是世界上最脆弱、最需要呵护的人。

According to Wang, the city in 2004 issued a series to invigorate the stock of real estate policies, including various types of idle speed up the clearance of land, and properly deal with the expiration of real estate and real estate issues left over by history, inter alia, to expedite the processing of the "uncompleted flats", to actively promote the "Villages" transformation of a wide range of utilizing land in stock and the stock of real estate measures, which is conducive not only to the city to contain the deterioration of the city's ecological environment, to further improve the urban landscape, but also be able to add real estate in the city and tightening the supply of land for continued strong market demand, under the premise of the increase in effective real estate supply, to solve the increasingly sharp contradictions of market supply and demand, the city's residents to meet the growing demand for living.

另据介绍，该市于2004年出台了一系列搞活存量房地产的政策，包括各类闲置加快清理土地，妥善处理到期房地产和房地产历史遗留问题，除其他外，加快处理的&楼花&，积极推进&城中村&改造的范围广泛的盘活存量土地和存量房地产措施，这不仅有利于城市，以控制恶化的城市生态环境，以进一步改善城市景观，而且还能够购买房地产在城市和紧缩土地供应的持续强劲的市场需求，的前提下，增加有效的房地产供应，解决日益尖锐的矛盾，市场供给和需求，城市的居民，以满足不断增长的需求生活水平。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。