房地产企业的全面风险管理研究——基于经济资本度量模型  

Research on the Integrated Risk Management of Real Estate Enterprises:Based on the Economic Capital Measurement Model

作　　者：刘宁[1] 宋晓东[1] 

机构地区：[1]北京航空航天大学经济管理学院,北京100191

出　　处：《经济问题》2014年第10期53-56,96,共5页On Economic Problems

基　　金：国家自然科学基金重点项目(70821061)

摘　　要：房地产是中国经济发展的基础,通过问卷调查发现中国房地产企业的全面风险管理存在严重漏洞,缺乏量化管理工具是制约性因素。在调查基础之上,首次将经济资本管理的技术引入房地产企业,基于TailVaR函数构建房地产企业的经济资本度量模型。对38家样本企业进行实证分析,对企业损失率分布进行正态检验与Gamma分布检验,采取对应模型度量企业经济资本,并对实证结果加以比较分析,为经济资本管理在房地产企业的应用提供依据。结合调查与实证分析,针对如何推进房地产企业的全面风险管理提出行之有效的建议。Real estate is the foundation of China＇ s economic development. We tlnd some serious problems m me enterprise integrated risk management in Chinese real estate enterprises through a questionnaire survey, and find that the lack of effective management tool to quantify integrated risk is the restrictive factor. Based on the survey, we introduce the technology of Economic Capital Management into real estate enterprises firstly and construct models based on TailVaR in measuring economic capital of real estate enterprises. We construct normality test and Gamma distribution test of the loss rate in the empirical analysis of 38 enterprises and measure the economic capital under corresponding models. By analyzing the comparing, we put forward basics for the application of Economic Capital Management in real estate enterprises. In the end of the paper, we put forward reasonable proposals of how to pro- mote the real estate integrated risk management according to our findings and survey.

关 键 词：经济资本 TailVaR 房地产企业 全面风险管理 

分 类 号：F293.3[经济管理—国民经济]