房地产可行性研究外文文献及翻译
- 1、下载文档前请自行甄别文档内容的完整性,平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益,请联系客服反馈,我们会尽快为您处理(人工客服工作时间:9:00-18:30)。
The Analysis of the Issue Related to the Feasibility of
Study the Real Estate Project on the Basis of the
Implicit Cost
Abstract: It is known that the feasibility study of real estate project plays an important role in real estate development. Nevertheless, there still remains many problems in the feasibility study. In this paper, the concept of implicit cost will be introduced, which will be used to analyse these problems.Meanwhile, some useful strategies will be raised for these problems,which intends to further improve the feasibility study of the real estate projects.
Keywords: real estate project; feasibility study; implicit cost; problems
1. Introduction
The feasibility study is the decision science has been used in project area, and the basic target is on the basis of the comprehensive investigating and researching to identify a construction object whether have the characteristics of progressive, reality and reliable in the whole prosess from previously project construction to line operation. We also need to know those whether can pay off from the finance and the credibility in the economy to give a big help for the investating decisions. It is real role that a framework to investing project , and is the key factors that can decide the project can be invested or not to give some supports on the project decisions. The real estate is characteristic of accounting for huge financing, a long period relative to the investing and easily influenced by the instable factors. Therefore, the the feasibility study is very important for the real estate. However, currently we are more and more focusing on the explicit cost in the feasibility study and ignoring the intangible cost. The intangible cost is , as opposed to explicit cost and hided among the total cost of enterprise, caused by the decision maker characterized by lower diathesis, wrong concept, and the deficiency of informations, coupled with the non-market factors to lead to the total cost increaseing directly or indirectly . The amount of economic benefits of the project largely depend on getting full knowledge of the intangible cost in the real estate.
2. The Existence of the Questions Lied in the Feasibility Study on the Basis of the Intangible Cost
Recently, the real estate have got a big improvement in the feasibility study. As the main contents and methods, it have been normed and stabilized gradually to use in the project decisions. But that is fact that the
feasibility study cannot play the role above mentioned in the real case. The worst case is that there is no the feasibility study before starting the work. And another events is that the feasibility study had been done, but the result was not fit to the requestions. The main problems are following:
2.1. The Investor with Low Diathesis Did Not Pay More Attentions on it
Until now, a number of the investors did not get a clear clue and realize the importantance related to the feasibility study. They had made a decision whether building the real estate relied on their own wish, and reckoned the feasibility study was just a “payable paper” to submit to lending institution, investor and government. There is no meaning in the feasibility study because of carrying on is not thorough, focusing on the format. Therefore, the “feasibility study” is the aim that how to get a permission from the related department and a loan from the bank, so the data cannot be used to reflect the real conditions. The economic benefits of the whole real estate project have decreased, even failed that was mainly ascribed to the invetor’s attitude, ignoring the importance of feasibility study. Those are called the intangible cost. The other factors is linked closely with calibre that a excellent decision maker should be characterized by determination, confidence, far-sighted.ect. When a favorite investing project lie in front of a investor, he must be confidence and determination to make a decision as soon as possible, or the prob lems relative to the economic benefits′ lost would be happened to create the intangible cost. Moreover, the investor should have the characters of far-sighted to consider the investing process, and not care the “gain and loss” in a small events to make a wrong decision. It is obviously that the high-calibre is an very important factor to the investor to avoid the intangible cost.
2.2. The Feasibility Study Related to theConstruction Project is Mainly Completed by the Consultant Agency and Design Dthe Deviser Has Low-Calibre
Department of construction entrusted by investor. It is possible that the accuracy largely depend on those institutions′ level controlled by the deviser’s calibre. Unfortunately, a huge number of devisers are lacking of the attitude on seek truth from facts. They have partially used the data to optimistically evaluate the market price movement. They also did not exploit the market survey in details to predict the market prospect; at the same time, they did not care about some faults, however, more lights shed in exaggerateing the advantages of technology and product that reducing the success rate of investing. On the basis of the devisers having low-calibre, the feasibility study cannot be completed by course of correct way and canonical process that the decision maker got a wrong judgement to result in losting the economic benefits, even the whole project’s depleting.
2.3. The Analysis and Forecasting of the Market is not Enough
The earning power of investing project is not only depending on the all kinds of available resources, but also relying on the current and potential requests needed by society. Currently, there are no more attenions