Option Game Analysis Of High Vacancy Rate Of Commodity House In Our Country

Commodity housing is an important part of real estate. It's vacancy situation is the most important index to evaluate whether the real estate market is mature, healthy or not, so it is concerned by society. Under 20 years' development of China's real estate, great achievement has been obtained and it has become the pillar industry of national economy. However, the high vacancy situation of commodity housing is founding in the development of real estate in our country, especially in recent years.Owing to the fact that the status of the real estate industry of our country is affiliated with the all-aspect benefit of The Government, The Construction Companies and The vast consumers, its current status can be regarded as the outcome of their mutual equivalence. In addition, the commodity market has three apparent characteristics: investment irrevocability, indetermination of policy and economy as well as the interactivity of main body. However, option game investment strategizing method focuses on the value of management flexibility brought by this uncertainty and value of strategy interaction risen by the fierce competition to the main body. Therefore, resorting to the method of option game to analyze the phenomenon of real estate high vacancy rate of our country can enable us to work out a comparatively precise outflux of equivalent strategy of the main body, then it comes out the reason of the high vacancy rate of the real estate commodity.This article, first and foremost, draws the conclusion of unhealthy high vacancy rate through the introduction of the overall and area status of the vacant unit. Then according to the module of option game formed mutually amongst the participating main bodies of the real estate commodity, say, the Government, the real estate companies, the consumers, analyzed the over-investment resulted from the module equivalence consequence between the government and real estate company, the consistent high price resulted from equivalence between real estate companies and the rise up in the unit vacant rate resulted from the increasing number of the uncertain facts between real estate companies and the consumers. These three equivalent consequences contribute significantly to the high unit vacant rate in our country. In the following parts, this essay provides some solutions and strategies to the problems, that is, mainly adjust the flexibility value of real estate companies and consumers, decrease the indeterminations and the swift of government function. On the top of that, this essay provides the relevant strategy equivalence principle which should be promoted by the participating market main bodies.