房地产直接投资风险及市场反应分析

房地产是一种特殊的商品,房地产市场是一个资金量大、周期长且影响因素复杂的特殊市场.这些特点决定了房地产直接投资是一种高风险行业,不确定因素对房地产投资的成败起着决定性作用.因此,研究房地产直接投资风险,对于房地产企业的经营和发展,具有重要意义.本研究通过对房地产直接投资风险及其影响因素的分析得出,房地产直接投资所面临的风险会受到经济环境、交易成本、信息不对称、不公平竞争等因素的影响；在进行房地产直接投资时,应着重分析变现风险对投资决策的影响,从而做出正确的投资决策.在此基础上,该研究也对2007年中国深圳房地产市场直接投资风险进行了实证分析.

Analysis on Real Estate’s Direct Investment Risk and Market Response

Since real estate is a special commodity,real estate market is a special market with large fund amount,long period and complicated impacting factors.These different characteristics determine that real estate’s direct investment is an industry with high risk;uncertainty plays a decisive role to success of real estate’s investment.So the investigation of real estate’s direct investment risk is of great significance to operation and development of real estate enterprise.Through the analysis on real estate’s direct investment risk and its impacting factors,this investigation found that risk of real estate’s direct investment will be influenced by factors such as economic conditions,transaction cost,asymmetric information and unfair competition.During the process of real estate’s direct investment,we should emphasize the analysis of influence of liquidity risk on investment decision,so as to make correct investment decision.On this basis,the investigation also makes positive analysis on direct investment risk of real estate market in Shenzhen,China in 2007.