华中师范大学学报（自然科学版）2017，Vol.51Issue(6)：736-746,11.DOI:10.19603/j.cnki.1000-1190.2017.06.003
基于个人投资视角反观房地产市场的宏观调控
Review macro-control of the real estate market based on the view of personal investment
摘要
Abstract
According to empirical analysis to Chinese real estate market,this paper finds that the market has fractal feature and exists a kind of linear relation between house prices and rent.Under the premise of it,we use the real option theory to estimate investing earnings,then build the renting-selling conversion model and solve model by the stopping time and numerical simulation method,get the prices feasible sector of investors making renting-selling conversion decision.By analysing qualitatively the influence of Hurst exponent,growth rate of house prices,volatility,investment horizon and riskfree interest rate to feasible section of house prices,we draw a conclusion.In the end,this paper utilizes the conclusion to make periodic research to the market of second-hand residential real estate in Beijing and dissects a series of macro-control policy that the government made for the real estate market reversely.关键词
房价/分形特征/实物期权/停时/分数布朗运动Key words
house prices/fractal feature/real option/stopping time/fractional Brownian motion分类
管理科学引用本文复制引用
吴迪,郭思培,何穗..基于个人投资视角反观房地产市场的宏观调控[J].华中师范大学学报（自然科学版）,2017,51(6):736-746,11.基金项目
湖北省自然科学基金项目(2015CKB732). （2015CKB732）
