Evolution of Chinese Real Estate Financing Structure Based on Grey Target Decision-Making Analysis
This paper first studies the evolution law of real estate financing structure and problems brought about by the result of evolution. In recent years, with fast development of real estate economy in China, real estate financial scale expanded and its structure changed constantly and obviously. The overall law of real estate financing structural evolution is that the weight of commercial banks’ loans comes down gradually and the weight of non-commercial banks’ capitals (popular capitals) goes up. The result of this evolution, current real estate financing structure, shows that Chinese real estate financial market lacks of liquidity and has low resource allocation efficiency, great systematic risk, operating risk and credit risk. This does not make for the healthy development of real estate financial market. Then this paper uses grey target decision-making model to analyze how the evolution law of real estate financial structure come into being. Under conditions of the current economic and financial regulations and rules, popular capital is the first way to choose to finance, the second way to choose is commercial bank’s loans, the third is foreign capitals, and the last is real estate investment trusts, bonds and stocks. So the structure of real estate finance changes correspondingly. Recently, the Chinese government is taking many macro-measures to adjust and control real estate industry. So the result of this paper can determine the direction and degree of adjustment and control in the aspect of real estate finance. At the same time the method of this paper can be used to analyze changing law of other capital markets efficiently.
Real Estate Finance Structural Evolution Grey Target Decision-making Financing Path
HU Naipeng
College of Economics and Management, Northeast Agricultural University, P.R.China, 150030
国际会议
2009 International Institute of Applied Statistics Studies(2009 国际应用统计学术研讨会)
青岛
英文
1-6
2009-07-25（万方平台首次上网日期，不代表论文的发表时间）