房地产

Network economy could reduce costs of exchange and achieve economies of scope and economies of integration. The advancements of network economy urge it to be the mainstream over obstacles. It shifts situations between supplier and demander, changes the characters of demanding and factors of purchasing. Those engender new type of demand. Estate agencies, which integrate on-line and off-line services, will achieve dominancy in the market. In general, estate agencies have to shift from the necessary intermedia to assistant roles. Network economy supplies a gap of information deficiency in estate market and levels down the amplitude of estate economy cycle. Informatization of industry management enhances market efficiency, at the same time decreases systemic risks.

网络经济的进步性能够使其最终重重突破障碍而实现主流化；网络经济从本质上改变了房地产供求双方的主从格局，使需求特征及购买决策因素发生变化，也形成了新型房地产产品需求；网上服务与网下服务相结合的中介主体将主导中介市场，但总体而言房地产中介将由必要的市场环节转变为重要的辅助环节；网络经济改善了房地产市场信息信息缺陷局面，平缓了房地产经济的周期性波动，行业管理信息化提高了市场效率，也降低了系统风险。

This article uses the financial index to analysis the performance of 45 real estate listing companies which are listing on the Shanghai and Shenzhen Stock Exchange, and utilizes the factorization method to calculate their performance score, and analyzes how the capital structure, the equity structure and the company govern influences the performance of the listing companies. At last, we put forward some suggestions to improve the performance of the real estate listing companies.

本文以中国深沪A股市场45家房地产上市公司作为研究对象，主要采用财务指标对房地产上市公司展开绩效分析，运用上市公司绩效评价方法之一的因子分析法，计算房地产上市公司的绩效得分，并就房地产上市公司的资本结构、股本结构、公司治理等方面对其经营绩效的影响进行了分析，最后提出对了改善我国房地产上市公司经营业绩的对策建议。

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。

The special accounting environment of the real estate industry is the accounting environment the real estate industry faced with, which is different from the other industries'. It is included in three aspects: The first is the characteristics of the real estate industry, such as the heterogeneity of the products, the independence of the development activity, the long operation cycle, the complex exchange procedure and mode, and etc. The second is the juristical environment of the real estate industry, including the title system of land and house and administrative and juristical controlling of the real estate development.

房地产特殊会计环境是房地产业所面临的有别于其他行业（主要是与一般工业企业比较）的会计环境，其内容包括三个方面：一是房地产开发经营业有别于其他行业的固有特点，如产品的异质性、开发经营活动的单件性、经营周期长、交易程序和交易方式复杂等等；二是房地产开发经营业的法律环境，包括土地和房屋的产权制度以及房地产开发经营的行政法律管制；三是房地产开发经营业的历史和现状发展水平。

"People's Daily" Overseas Edition, China's market-cast the letter Union Rights Commission and the Chinese Culture Association Joint-related media, on the domestic and international issues of concern to the integrity of real estate to launch "China's real estate market integrity publicity Sunshine" series of activities, real estate and related industries through self-restraint, public commitment to the community, conduct mass supervision, and acceptance of user complaints, conduct public inquiries, held faith forums and set up the China market, property rights Cast Letter Union Council (letter of the real estate market rights cast Union) to promote the construction of credibility and results of the advanced experience of other forms, found a good faith demonstration of construction, building materials, decoration and property management of advanced characters, real estate, business units, leading the trend of integrity, honesty cast brand, recognition of the integrity of individuals and units to speed up the improvement of the Housing real estate and related businesses of integrity conditions, so that people's minds at ease to buy a house.

"人民日报"海外版，中国的市场铸信联盟事务委员会和中华文化协会联合有关媒体，对国内和国际所关注的问题的完整的房地产推出"中国房地产市场诚信公示阳光"系列活动，房地产及相关产业，通过自我克制，市民对社区的承诺，开展群众监督，并接受用户的投诉，进行公众咨询，举行信仰论坛，并建立中国市场，产权铸信联盟理事会（信房地产市场权利投下联盟），以促进诚信建设和成果的先进经验等多种形式，发现了一个善意示范工程，建筑材料，装饰及物业管理的先进人物，房地产，业务单位，主要的趋势，正直，诚实铸品牌，承认完整的个人和单位，加快改善住房房地产和相关业务的完整条件，使人们放心，买房子。

The current system of expenses and taxation of real estate of our country has played a positive role in regarding the display state - owned land resources benefit , increasing country financial revenue , but it still has many problems, we should carry on the reform to the current system of expenses and taxation of real estate, so as to ensure the real estate market run in a healthy and orderly manner.

房地产税费制度是房地产市场体制的重要组成部分，我国现行的房地产税费制度，对于发挥国有土地资源的效益，增加国家财政收入起着积极的作用，针对目前我国房地产税费系统中存在的缺乏规范性等缺陷，应该着力改革、完善财产税费制度，以保证房地产市场健康有序地运行。

Because of the structural change of the housing investment, its GDP elasticity is decrescent.

利率对房地产投资的影响为负；房地产投资的国内贷款弹性为正，并且有一个明显的上升过程，由于国内贷款是房地产投资资金来源的重要一部分，说明可以通过控制房地产投资的国内贷款规模来影响房地产投资的发展速度。

Nowadays, real estate companies mainly gain the commercial loans from domestic banks and the returns of the properties sold and presold. The resources of the developing funds from the monetary trust, IPO and private financing are limited and it is only a small proportion of the sources of the developing funds. Every commercial bank all strengthens the attention of the loan risk and is strict with the process of examining and approving loans. At the same time

现在国内房地产开发项目主要依靠商业银行贷款和项目销售回款，资金信托、上市融资和私募融资都占有房地产项目开发融资资金来源的极小比例，在商业银行强化风险意识，各大银行逐步严格对房地产开发项目的建设贷款的审批，同时国家不断的通过土地政策和开发政策，对房地产行业进行宏观调控，在新的形势下的房地产开发企业在大型房地产项目开发的过程中，拥有足够的融资能力和融资渠道，就显得极为重要了。

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。

But we don't care about Battlegrounds.

但我们并不在乎沙场中的显露。

Ah! don't mention it, the butcher's shop is a horror.

啊！不用提了。提到肉，真是糟透了。