如何构建澳门房地产价格指数.docVIP

Finance金融, 2012, 2, 131-137 /10.12677/fin.2012.23014 Published Online July 2012 (/journal/fin) Macao Real Estate Pricing Index Structuring Method Xu Wang Bank of China (Macao Branch), Macao Email: wangchenxu@ Received: Apr. 21st, 2012; revised: May 14th, 2012; accepted: May 25th, 2012 Abstract: Macao real estate market is small, its price changes by external factors showed high-frequency oscillation, thereby increasing bank lending, government regulation, and other difficulties. This paper describes how to structure the real estate pricing index for Macao SAR. This method was developed, mainly based on the hedonic method for real estate pricing index structuring, the advantage of which is to be able to reflect changes in the implied value of the house price (e.g., characteristics) to changes in demand and supply of real estate in Macao SAR. The data collection sources of public housing intermediary “Centaline (Macau)” housing transaction data, this data is correct and timely manner to reflect the Macao real estate transactions. Secondly, the use of smoothing method e.g. moving average to solve the problems of the characteristics of Macao Real Estate Index high frequency due to the lack of environmental characteristics of Macao housing transaction database. Therefore the structuring method is also suitable for other similar cases, such as Hong Kong and Mainland China. Keywords: House Price Index; Hedonic; Macao 如何构建澳门房地产价格指数 王 旭 中国银行澳门分行，澳门 Email: wangchenxu@ 收稿日期：2012年 4月 21日；修回日期：2012年 5月 14日；录用日期：2012年 5月 25日 摘 要：由于澳门房地产市场微小，其价格受外界因素影响变动幅度大，从而增加了银行放贷，政府 调控等的困难。本文主要介绍如何构建澳门的房地产价格指数。所采用的方法主要属于特征法，其优 点是能够将房屋的隐含价值(如特点)的变动反映到需求和供给的变化上。数据集合来源采用公开的房 屋中介“中原地产(澳门)”的房屋交易数据，此数据可以正确和及时地反映澳门房地产交易情况。其 次，利用平滑处理(Smoothing)方法(例如，移动平均)来解决由于澳门房屋交易数据库中缺少环境特征 所引起的特征法房地产指数同比高频率震荡的问题。该房地产价格指数构建方法也适用于其他类似地 区，如香港或中国大陆。 关键词：房地产指数；特征法；澳门 1.介绍 度同比变化(year to year changes)，例如，人口，失业 率，收入，以及财富与借债(wealth or debt)变化。以建 模为目的，研究住房市场需要一