agºÍ¼Ç

À´Ô´£ºÖйúרÀûÍø £¬×÷Õߣº £¬£º

°¥Äã½²Âï £¬´ºÔËÕâ¶Îʱ¼ä £¬Î÷°²ÄÇ¿­È˶àµÃÏñÂìÒϰá¼Ò¡£ÄãÒªÊǵÚÒ»´Î¿Ë £¬»¹ÕæÓеããµÃÂѶ¼µø¡£ÒªÕÒЩ¿¿Æ×µÄµØ·½ £¬±ð˵ÊdzԺÈÍæÀÖ £¬Á¬¸öºÃÂÛ̳¶¼ÄÑÕÒ¡£½ñÌìÎҾ͸úÄã°Ú°Ú¡°Î÷°²Æ·²èÂÛÌ³Íø¡± £¬ÈÃÄãÏþµÃЩÃŵÀ¡£

½²ÂÑÃŵÀ £¬Î÷°²Æ·²èÂÛÌ³Íø¾¿¾¹ÊÇɶ¹¤¾ß£¿

ุúÄ㽲࣠£¬Õâ¸ö¡°Î÷°²Æ·²èÂÛÌ³Íø¡± £¬ÆäʵÊǸöÂùÐÑÁúµÄƽ̨¡£½²°×Á˾ÍÊÇÎ÷°²ÍâµØÈË´µË®¡¢½»Á÷¡¢ÕÒ×ÊÔ´µÄµØ·½¡£ÓгԺÈÍæÀÖµÄÐÅÏ¢ £¬Ò²ÓÐЩСÖÚµÄÐËȤȦ×Ó¡£ÄãÒªÊÇ´ºÔËÅÜÎ÷°² £¬¿ËÄÇ¿­Ö®Ç°·­·­Õâ¸öÂÛ̳ £¬ÂÑÓиãÍ·¡£

ËüÉÏÃæÓзÖÀàµÄ £¬ÖÖÖÖ¡°Æ·²è¡±×ÊÔ´¶¼ÁеÃÇåÇå³þ³þ¡£ÄãÊÇ¿ËÕÒ¸öµØ·½×ø×ø £¬ÕÕ¾ÉѰµãÌØÉ«Ô˶¯ £¬ÂѶ¼Äܸ㶨¡£Ïñ´ºÔËÕâÖÖñ²µÃÂѶ¼µøµÄʱºò £¬ÂÛ̳ÉÏÁíÓÐЩÐÑéÏ魵Ĺ¥ÂÔ £¬½ÌÄãÔõô¿Ë±Ü¿ªÈ˳± £¬ÂÑÃ͵úÜ¡£

·Ï½² £¬ÔõôÓÃÎ÷°²Æ·²èÂÛÌ³Íø£¿

ÄãÏþµÃ࣠£¬´ºÔËÆÚ¼äÓÐЩµØ·½È˶àµÃÂÑë»Ò £¬¸ãµÃÄãÐÄ·³ÆøÔê¡£ÂÛ̳ÉÏÒ»°ãÓиö¡°ÈÈÌû¡±Çø £¬ÄÇ¿­¶¼ÊÇ×î½üÁ÷ÐеÄÌÖÂÛ¡£Äãµã½ø¿Ë £¬¾ÍÄÜ¿´µ½Ð©ÐÑÁúµÄÍÆ¼ö £¬ºÃ±ÈÄÄ¿­µÄ²è�Çé¿öÂÑºÃºÈ £¬Ð§ÀÍÂéÖ± £¬¼Û¸ñÒ²ËãÂѺÏÊÊ¡£

ËäȻ࣠£¬ÓÐЩÌû×ÓÊÇßóÔû³æ·¢µÄ £¬ÐÅÏ¢ÂÒÆß°ËÔã¡£ÄãÒªÊǸãÂÑû¼û £¬·Ö²»Çå³þÄÇÖÖ¿¿Æ× £¬ÄǾ͵ÿ´ÆÀÂÛÁË¡£ÆÀÂÛÀïÒ»°ãÓÐЩ¸ßÈË £¬½²µÃÍ·Í·ÊǵÀ £¬ËãÂÑÃÍ¡£¼Ç×Å £¬¹ýÁúµÄÌû×ӾͱðÀ˲ÙÐÄÇéÁË £¬Ö±½Ó¿´ºÃÆÀ×î¶àµÄ¡£

ÐÑÁúµã£ºÓиãµÄµØ·½Ò»°ãÈË¶à £¬Äã×îºÃ¼°Ôç¿Ë £¬Ã»È»ÂѼ·ÈË £¬¸ãµÃ´ðÄã¶¼À§¡£
Ïà¹ØÍ¼Æ¬

¶ªÄÇÐÇ £¬Ôõô±Ü¿ª¡°¿Ó¡±£¿

½²µ½ÕâÀï࣠£¬ÓÐЩÂÛ̳ÉϵÄ×ÊÔ´ÊÇÄÇÖÖ°ÇÀô¬µÄ¡£ÄãÏþµÃ࣠£¬´ºÔËÆÚ¼äÆ­×Ó¶àµÃÂÑÔ¶ £¬¸ãʺ¹÷ÂÒ·¢Ð©¼ÙÐÅÏ¢ £¬×¨ÃÅ¿ÓÍâµØÈË¡£ºÃ±È½²Ä³¿­ÓиöÂÑÃ͵IJè� £¬½á¹û¿Ëµ½ÄÇ¿­·¢Ã÷ÊÇÈý½Å迪µÄ £¬ÂÑÓö¼Ã»ÓС£

Ïà¹ØÍ¼Æ¬

ËùÒÔ࣠£¬¼Ç×ÅÒ»µã£º±ðÐÅûÂÑÀíµÄ¡°ÕÛ¿Û¡±ÐÅÏ¢¡£ÁíÓÐ £¬¹ÙÍøÉϲ鲻µ½µÄ¹¤¾ß £¬ÂѱðÐÅ¡£ÄãÓÃÂÛ̳µÄʱºò £¬×îºÃµã½øÄÇЩÐÑÁúµÄÌû×Ó £¬ÀïÃæÓÐʵÅÄͼ £¬ÓÐÈËÇ××ÔÊÔ¹ýµÄ £¬ÕâÑù²ÅËã¿¿Æ×¡£Äã½²ÊDz»ÊǸü×Ó£¿

Ïà¹ØÍ¼Æ¬

ÄǾ¿¾¹ÔõôÓÃÎ÷°²Æ·²èÂÛÌ³Íø²Å²»²ÈÀ×£¿ÂѼòµ¥£¡µÚÒ» £¬ÌôÈÈÌû£»µÚ¶þ £¬¿´ÆÀÂÛ£»µÚÈý £¬Õç±ðÐÑéÏé­µÄÐÅÏ¢¡£Ò»¾ä»° £¬±ð¸ãŨˮ £¬Ö±½ÓÕÒºÃÆÀ×î¶àµÄµØ·½¡£

Î÷°²Æ·²èÂÛÌ³Íø, ÕÒ¿¿Æ××ÊÔ´, ´ºÔ˹¥ÂÔ, ²è�ÍÆ¼ö, ÍâµØÂÛ̳

¡¶Ð¡ÏïæÎÊìÅ®¡·

ºØ¼Ñ £¬2005ÄêÖÁ2009ÄêÓÚÄÏ¿ª´óѧ¾­¼ÃѧԺ¹¥¶Áѧʿѧλ¡£2009ÄêÖÁ2014ÄêÓÚÐÂ¼ÓÆÂ¹úÁ¢´óѧ·¿µØ²úϵ»ñ²©Ê¿Ñ§Î»¡£2014ÄêÆðÔÚÄÏ¿ª´óѧÈνÌ¡£½ÌÓý²¿¹ú¼Ò¼¶ÇàÄêÈ˲ÅÏîÄ¿ÈëÑ¡Õß £¬ÑÇÖÞ½ðÈÚÓë¾­¼ÃÑо¿¾Ö£¨ABFER£©Fellow £¬ÄÏ¿ª´óѧ¡°°ÙÃûÇàÄêѧ¿Æ´ø¸ÐÈË¡±¡£Ñо¿ÁìÓòΪ·¿µØ²ú½ðÈÚ¡¢¼ÒÍ¥½ðÈÚ¡¢Ïû·Ñ½ðÈÚ¡£ÔÚJournal of Financial Economics, Review of Financial Studies, Management Science, Review of Finance¡¢¡¶½ðÈÚÑо¿¡·¡¢¡¶¾­¼Ãѧ£¨¼¾¿¯£©¡·µÈÔÓÖ¾¹ûÕæÐû²¼ÂÛÎÄ¶àÆª¡£¶à´Î»ñµÃº£ÄÚÍâ½ðÈÚÁìÓòѧÊõ½±Àø £¬ÈçPWC3535×î¼ÑÂÛÎĽ± £¬Global Social Science Institute (GSSI) International Real Estate Review×î¼ÑÂÛÎĽ± £¬Öйú¹ú¼ÊΣº¦ÂÛ̳×î¼ÑÂÛÎĽ± £¬Öйú½ðÈÚѧÊõÄê»á×î¼ÑÂÛÎĽ± £¬ÑÇÖÞ·¿µØ²úѧ»á×î¼ÑÂÛÎĽ± £¬ÄÏ¿ª´óѧÊ×½ì¿ÆÑ§Ñо¿ÇàÄêÁ¢Òì½±µÈ¡£ÈÙ»ñÌì½òÊÐÇàÄêÎåËĽ±ÕºÍÄÏ¿ª´óѧÇàÄêÎåËĽ±Õ¡£

¡¶ÏëÒªÌØÊâЧÀÍÔõô°ì¡·

ËØÓС°ÖйúÖá³ÐÖ®Ï硱ÃÀÓþµÄÁÙÎ÷ÏØ £¬¹¹½¨Æð¼¯Ñз¢¡¢ÖÆÔì¡¢ÎïÁ÷ÓÚÒ»ÌåµÄÈ«Á´Ìõ¹²ÏíÉú̬¡£2025ÄêÒÔÀ´ £¬Ëæ×ÅÈû¶ûάÑÇZ&SÖá³Ð¹«Ë¾¾«ÃÜÄ£¿éÖá³ÐÖÇÄÜÖÆÔìÏîĿ˳ÀûͶ²ú £¬ÏȽø¼¼ÊõÓëÖÎÀí¾­Ñéͬ²½Â䵨 £¬Ô°ÇøÐ½¨µÄÖÐÈû£¨¹ú¼Ê£©Öá³Ð¹¤Òµ¹²ÏíʵÑéÊÒ £¬¸ü½«ÆóÒµÑз¢ÖÜÆÚËõ¶ÌÁË20%-30%¡£

¡¶±±¾©²è�ÐÅÏ¢ÍøÂÛ̳¡·

Q4£º¡°Öйú¼Æ»®¡±´ÓÒ»¸ö¼¼ÊõÃû´Ê £¬Éú³¤ÎªÊܵ½¹ú¼ÊÊг¡ÐÅÀµµÄÆ·ÅÆ £¬ÄúÈÏΪÕâ¸öÉú³¤Àú³ÌÖÐ×îÒªº¦µÄÊÇʲô£¿

ÍøÕ¾µØÍ¼