Определение финансового результата хозяйственной деятельности застройщика в текущем периоде на основе модели синхронного измерения затрат и результатов (стр. 9 )

35.        Leung B., Hui E., Seabrooke B. Pricing of presale properties with asymmetric information problems // Journal of Real Estate Portfolio Management. 2007. № 2 (13). C. 139–152.

36.        Leung B. Y.P. Pricing of presale properties with asymmetric information 2008.

37.        Liaw A., Wiener M. Classification and regression by randomForest // R news. 2002. № 3 (2). C. 18–22.

38.        Malpezzi S. Hedonic Pricing Models: A Selective and Applied Review Oxford, UK: Blackwell Science Ltd, 2008. 67–89 с.

39.        Wang H., Wang K. What is Unique about Chinese Real Estate Markets? // Journal of Real Estate Research. 2012. № 3 (34). C. 275–289.

40.        Wong S. K. [и др.]. Do the forward sales of real estate stabilize spot prices? // The Journal of Real Estate Finance and Economics. 2006. № 3 (32). C. 289–304.

41.        Yiu C. Y., Wong S. K., Chau K. W. Transaction volume and price dispersion in the presale and spot real estate markets // The Journal of Real Estate Finance and Economics. 2009. № 3 (38). C. 241–253.

42.        Zhou S. Z., Bao H. X. Modelling price dynamics in the Hong Kong property market // Theoretical and Empirical Researches in Urban Management. 2009. № 1S. C. 8–27.

ПРИЛОЖЕНИЕ

Расчёт финансового результата застройщика, на основе ежемесячных данных.

Приведённые ниже цифры вычислены как отношение фактического значения к максимальному значению поступлений за период (чтобы не нарушать условия неразглашения коммерческой тайны)

Месяц	Расходы	Поступления	Итого
янв.11	-0.07	0.03	-0.04
фев.11	-0.10	0.05	-0.04
мар.11	-0.19	0.07	-0.12
апр.11	-0.40	0.09	-0.31
май.11	-0.11	0.10	0.00
июн.11	-0.14	0.09	-0.05
июл.11	-0.25	0.06	-0.19
авг.11	-0.19	0.13	-0.06
сен.11	-0.22	0.18	-0.04
окт.11	-0.27	0.15	-0.12
ноя.11	-0.16	0.23	0.07
дек.11	-0.18	0.31	0.12
янв.12	-0.13	0.28	0.15
фев.12	-0.27	0.37	0.10
мар.12	-0.22	0.62	0.40
апр.12	-0.41	0.64	0.22
май.12	-0.25	0.54	0.29
июн.12	-0.72	0.43	-0.29
июл.12	-0.29	0.43	0.14
авг.12	-0.52	0.46	-0.06
сен.12	-0.44	0.43	-0.01
окт.12	-0.31	0.31	0.00
ноя.12	-0.16	0.25	0.09
дек.12	-0.24	0.32	0.07
янв.13	-0.23	0.26	0.03
фев.13	-0.38	0.39	0.00
мар.13	0.02	0.26	0.28
апр.13	-0.21	0.35	0.14
май.13	-0.22	0.36	0.15
июн.13	-0.22	0.32	0.10
июл.13	-0.37	0.51	0.14
авг.13	-0.32	0.48	0.17
сен.13	-0.21	0.35	0.13
окт.13	-0.90	0.63	-0.26
ноя.13	-0.45	0.80	0.35
дек.13	-0.54	1.00	0.45
янв.14	-0.90	0.59	-0.31
фев.14	-0.54	0.86	0.32
мар.14	-0.86	0.60	-0.26
апр.14	-0.83	0.55	-0.29
май.14	-0.59	0.56	-0.03
июн.14	-0.90	0.52	-0.37
июл.14	-0.83	0.98	0.15
авг.14	-0.83	1.00	0.17
сен.14	-0.74	0.84	0.10
окт.14	-0.58	0.94	0.36
ноя.14	-1.10	0.93	-0.17
дек.14	-0.76	0.92	0.17

Регрессионные таблицы гедонистического анализа.

Первый набор данных

	ln_pm
1.period	0	65.zastroyshik	0.170***
	[0,0]		[0.0831,0.258]
2.period	-0.00215	66.zastroyshik	-0.0994
	[-0.00937,0.00507]		[-0.200,0.00158]
3.period	-0.0135***	67.zastroyshik	-0.0793
	[-0.0207,-0.00639]		[-0.168,0.00912]
4.period	-0.0518***	68.zastroyshik	0.0157
	[-0.0591,-0.0446]		[-0.101,0.132]
5.period	0.00076	69.zastroyshik	-0.214***
	[-0.0329,0.0344]		[-0.301,-0.128]
1.srok1	0	70.zastroyshik	0.048
	[0,0]		[-0.0309,0.127]
12.srok1	-0.0741***	71.zastroyshik	0.0753
	[-0.0878,-0.0605]		[-0.00321,0.154]
24.srok1	-0.169***	72.zastroyshik	0.383***
	[-0.209,-0.129]		[0.296,0.470]
36.srok1	-0.196***	73.zastroyshik	0.312***
	[-0.230,-0.162]		[0.230,0.393]
48.srok1	-0.273***	74.zastroyshik	0.0818
	[-0.318,-0.228]		[-0.0188,0.182]
s	0.000925**	75.zastroyshik	0.119**
	[0.000368,0.00148]		[0.0374,0.200]
0.rooms	0	76.zastroyshik	-0.0232
	[0,0]		[-0.101,0.0550]
1.rooms	-0.0698***	77.zastroyshik	-0.0975**
	[-0.0905,-0.0491]		[-0.172,-0.0234]
2.rooms	-0.144***	78.zastroyshik	-0.265***
	[-0.173,-0.116]		[-0.343,-0.186]
3.rooms	-0.206***	79.zastroyshik	-0.250***
	[-0.249,-0.164]		[-0.334,-0.166]
4.rooms	-0.177***	80.zastroyshik	0.151***
	[-0.237,-0.117]		[0.0742,0.229]
metro_dist	-0.00000515***	81.zastroyshik	0.121**
	[-0.00000592,-0.00000438]		[0.0429,0.200]
cad_dist	8.88E-07	82.zastroyshik	0.207***
	[-0.000000787,0.00000256]		[0.129,0.284]
1.station	0	83.zastroyshik	-0.470***
	[0,0]		[-0.559,-0.382]
2.station	0.0658	84.zastroyshik	0.160***
	[-0.00663,0.138]		[0.0706,0.250]
3.station	0.161***	85.zastroyshik	-0.353***
	[0.0871,0.234]		[-0.430,-0.275]
4.station	-0.326***	86.zastroyshik	-0.273***
	[-0.381,-0.271]		[-0.365,-0.181]
5.station	-0.281***	87.zastroyshik	-0.306***
	[-0.335,-0.227]		[-0.391,-0.220]
6.station	-0.0572*	88.zastroyshik	-0.0425
	[-0.114,-0.000573]		[-0.149,0.0635]
7.station	-0.130***	89.zastroyshik	0.310***
	[-0.186,-0.0747]		[0.221,0.399]
8.station	0.101**	90.zastroyshik	-0.0618
	[0.0376,0.164]		[-0.147,0.0235]
9.station	-0.119***	91.zastroyshik	-0.0032
	[-0.176,-0.0611]		[-0.0879,0.0815]
10.station	-0.135***	92.zastroyshik	-0.0116
	[-0.194,-0.0762]		[-0.104,0.0812]
11.station	-0.0109	93.zastroyshik	-0.131**
	[-0.110,0.0883]		[-0.216,-0.0470]
12.station	0.112**	94.zastroyshik	-0.131**
	[0.0435,0.181]		[-0.215,-0.0478]
13.station	-0.00208	95.zastroyshik	-0.038
	[-0.0561,0.0519]		[-0.122,0.0458]
14.station	0.0422	96.zastroyshik	-0.161***
	[-0.0187,0.103]		[-0.241,-0.0817]
15.station	0.225***	97.zastroyshik	-0.387***
	[0.139,0.311]		[-0.465,-0.309]
16.station	-0.00186	98.zastroyshik	0.159***
	[-0.0795,0.0758]		[0.0726,0.246]
17.station	0.194***	99.zastroyshik	-0.016
	[0.128,0.260]		[-0.105,0.0733]
18.station	0.331***	100.zastroyshik	0.197***
	[0.224,0.437]		[0.119,0.275]
19.station	-0.182***	101.zastroyshik	-0.358***
	[-0.253,-0.111]		[-0.439,-0.277]
20.station	0.125***	102.zastroyshik	0.0317
	[0.0698,0.180]		[-0.0525,0.116]
21.station	-0.0596*	103.zastroyshik	-0.124**
	[-0.118,-0.00133]		[-0.211,-0.0376]
22.station	0.442***	104.zastroyshik	0.174***
	[0.345,0.539]		[0.0877,0.260]
23.station	-0.0949***	105.zastroyshik	-0.0447
	[-0.148,-0.0417]		[-0.131,0.0421]
24.station	0.0879*	106.zastroyshik	0.325***
	[0.0192,0.157]		[0.239,0.411]
25.station	-0.0587	107.zastroyshik	-0.0636
	[-0.126,0.00852]		[-0.150,0.0233]
26.station	-0.109***	108.zastroyshik	0.275***
	[-0.172,-0.0467]		[0.190,0.359]
27.station	-0.143***	109.zastroyshik	-0.393***
	[-0.198,-0.0881]		[-0.485,-0.301]
28.station	-0.529***	110.zastroyshik	-0.129**
	[-0.785,-0.274]		[-0.220,-0.0370]
29.station	-0.198***	111.zastroyshik	0.0322
	[-0.254,-0.142]		[-0.0594,0.124]
30.station	-0.0146	112.zastroyshik	0.109*
	[-0.0803,0.0511]		[0.0244,0.194]
31.station	0.169***	113.zastroyshik	0.0542
	[0.111,0.226]		[-0.0336,0.142]
32.station	-0.263***	114.zastroyshik	0.085
	[-0.315,-0.211]		[-0.000803,0.171]
33.station	0.0936***	115.zastroyshik	0.0205
	[0.0387,0.149]		[-0.0688,0.110]
34.station	0.0853*	116.zastroyshik	0.382***
	[0.0194,0.151]		[0.271,0.493]
35.station	0.295***	117.zastroyshik	-0.269***
	[0.196,0.393]		[-0.351,-0.188]
total_square	3.04E-07	118.zastroyshik	-0.112**
	[-9.76e-08,0.000000707]		[-0.191,-0.0321]
1.zastroyshik	0	119.zastroyshik	0.406***
	[0,0]		[0.329,0.483]
2.zastroyshik	-0.321***	120.zastroyshik	-0.0871*
	[-0.404,-0.238]		[-0.174,-0.0000102]
3.zastroyshik	0.442***	121.zastroyshik	0.360***
	[0.351,0.534]		[0.276,0.443]
4.zastroyshik	0.437***	122.zastroyshik	0.137***
	[0.354,0.519]		[0.0571,0.217]
5.zastroyshik	0.236***	123.zastroyshik	-0.332***
	[0.154,0.318]		[-0.412,-0.252]
6.zastroyshik	0.00917	124.zastroyshik	-0.118**
	[-0.0708,0.0892]		[-0.199,-0.0374]
7.zastroyshik	0.465***	125.zastroyshik	0.0694
	[0.389,0.542]		[-0.0140,0.153]
8.zastroyshik	-0.166***	126.zastroyshik	0.0432
	[-0.263,-0.0696]		[-0.0441,0.130]
9.zastroyshik	0.0723	127.zastroyshik	-0.0027
	[-0.00905,0.154]		[-0.0826,0.0772]
10.zastroyshik	0.145***	128.zastroyshik	-0.0757
	[0.0595,0.232]		[-0.167,0.0157]
11.zastroyshik	-0.198***	129.zastroyshik	-0.422***
	[-0.274,-0.122]		[-0.504,-0.340]
12.zastroyshik	0.0930*	130.zastroyshik	0.185***
	[0.0102,0.176]		[0.101,0.269]
13.zastroyshik	0.107*	131.zastroyshik	0.159***
	[0.0135,0.200]		[0.0790,0.239]
14.zastroyshik	-0.113**	132.zastroyshik	-0.277***
	[-0.193,-0.0333]		[-0.358,-0.196]
15.zastroyshik	-0.375***	133.zastroyshik	0.0398
	[-0.461,-0.289]		[-0.0489,0.128]
16.zastroyshik	-0.278***	134.zastroyshik	-0.0842
	[-0.362,-0.194]		[-0.174,0.00512]
17.zastroyshik	0.299***	135.zastroyshik	0.287***
	[0.222,0.377]		[0.191,0.384]
18.zastroyshik	-0.0454	136.zastroyshik	-0.496***
	[-0.122,0.0312]		[-0.588,-0.404]
19.zastroyshik	-0.0501	137.zastroyshik	0.0111
	[-0.139,0.0389]		[-0.0400,0.0623]
20.zastroyshik	0.175***	138.zastroyshik	0.125**
	[0.0925,0.258]		[0.0338,0.216]
21.zastroyshik	0	139.zastroyshik	0.0830*
	[0,0]		[0.00148,0.165]
22.zastroyshik	0.193***	140.zastroyshik	-0.233***
	[0.117,0.269]		[-0.316,-0.151]
23.zastroyshik	0.144***	141.zastroyshik	0.399***
	[0.0597,0.227]		[0.319,0.479]
24.zastroyshik	0.233***	142.zastroyshik	0
	[0.101,0.365]		[0,0]
25.zastroyshik	0.385***	143.zastroyshik	-0.358***
	[0.305,0.465]		[-0.443,-0.274]
26.zastroyshik	0.345***	144.zastroyshik	0.0305
	[0.230,0.459]		[-0.0624,0.123]
27.zastroyshik	-0.0421	145.zastroyshik	-0.0838
	[-0.122,0.0378]		[-0.168,0.0000647]
28.zastroyshik	-0.0970***	146.zastroyshik	-0.202***
	[-0.151,-0.0435]		[-0.306,-0.0968]
29.zastroyshik	0.119*	147.zastroyshik	0.206***
	[0.0219,0.217]		[0.118,0.293]
30.zastroyshik	0.303***	148.zastroyshik	-0.101*
	[0.221,0.384]		[-0.178,-0.0232]
31.zastroyshik	-0.078	149.zastroyshik	0.221***
	[-0.162,0.00610]		[0.143,0.299]
32.zastroyshik	0	150.zastroyshik	-0.0985*
	[0,0]		[-0.186,-0.0112]
33.zastroyshik	-0.421***	151.zastroyshik	-0.191***
	[-0.530,-0.313]		[-0.274,-0.108]
34.zastroyshik	-0.390***	152.zastroyshik	-0.0509
	[-0.477,-0.304]		[-0.133,0.0311]
35.zastroyshik	-0.168***	153.zastroyshik	0.129**
	[-0.246,-0.0912]		[0.0421,0.217]
36.zastroyshik	0.057	154.zastroyshik	-0.349***
	[-0.0440,0.158]		[-0.443,-0.256]
37.zastroyshik	-0.0435	155.zastroyshik	-0.083
	[-0.129,0.0422]		[-0.175,0.00913]
38.zastroyshik	-0.0143	156.zastroyshik	-0.149***
	[-0.0938,0.0653]		[-0.229,-0.0683]
39.zastroyshik	0.225***	157.zastroyshik	0.170***
	[0.141,0.309]		[0.0756,0.263]
40.zastroyshik	0.495***	158.zastroyshik	-0.0894
	[0.412,0.578]		[-0.189,0.00999]
41.zastroyshik	-0.139**	159.zastroyshik	0.0527
	[-0.222,-0.0556]		[-0.0296,0.135]
42.zastroyshik	-0.231***	160.zastroyshik	-0.0026
	[-0.315,-0.147]		[-0.102,0.0971]
43.zastroyshik	-0.0548	161.zastroyshik	0.00816
	[-0.140,0.0304]		[-0.0676,0.0839]
44.zastroyshik	-0.251***	162.zastroyshik	0.354***
	[-0.374,-0.129]		[0.272,0.436]
45.zastroyshik	-0.173***	163.zastroyshik	0.224***
	[-0.275,-0.0702]		[0.110,0.338]
46.zastroyshik	-0.541***	164.zastroyshik	-0.327***
	[-0.623,-0.458]		[-0.411,-0.243]
47.zastroyshik	-0.417***	165.zastroyshik	0.00059
	[-0.501,-0.333]		[-0.0824,0.0836]
48.zastroyshik	0.101*	166.zastroyshik	0.0751
	[0.0169,0.185]		[-0.0166,0.167]
49.zastroyshik	0.112*	167.zastroyshik	0.0387
	[0.0198,0.203]		[-0.0359,0.113]
50.zastroyshik	0.313***	168.zastroyshik	0.012
	[0.229,0.396]		[-0.0703,0.0942]
51.zastroyshik	0.339***	169.zastroyshik	0.0797
	[0.258,0.419]		[-0.0317,0.191]
52.zastroyshik	0.0262	170.zastroyshik	-0.659***
	[-0.0597,0.112]		[-0.740,-0.579]
53.zastroyshik	0.171***	171.zastroyshik	-0.308***
	[0.0883,0.255]		[-0.391,-0.225]
54.zastroyshik	0.0977*	172.zastroyshik	0.201***
	[0.00754,0.188]		[0.113,0.288]
55.zastroyshik	-0.0712	173.zastroyshik	0.557***
	[-0.158,0.0153]		[0.444,0.670]
56.zastroyshik	0.111*	174.zastroyshik	0.259***
	[0.0246,0.196]		[0.182,0.336]
57.zastroyshik	-0.0173	175.zastroyshik	-0.0547
	[-0.0934,0.0588]		[-0.141,0.0319]
58.zastroyshik	0.123**	176.zastroyshik	-0.103*
	[0.0432,0.203]		[-0.183,-0.0225]
59.zastroyshik	-0.0337	177.zastroyshik	0.249***
	[-0.131,0.0633]		[0.161,0.337]
60.zastroyshik	-0.112**	178.zastroyshik	-0.138**
	[-0.192,-0.0311]		[-0.229,-0.0479]
61.zastroyshik	-0.0686	179.zastroyshik	0.425***
	[-0.148,0.0112]		[0.341,0.509]
62.zastroyshik	-0.101*	_cons	11.57***
	[-0.182,-0.0202]		[11.48,11.66]
63.zastroyshik	-0.038	N	11248
	[-0.133,0.0575]	adj. R2	0.475
64.zastroyshik	0.113**	AIC	4957
	[0.0309,0.195]	BIC	6613.1

Второй набор данных