There are a lot of academic attentions devoted to the problem of investment efficiency in real estate industry in our country recently. This paper seeks to use the method of Super Efficiency DEA to establish an evaluation model of investment efficiency in real estate industry, which is based on Super Efficiency DEA. 35 large and medium cities from China are selected as samples to evaluate the investment efficiency of these cities. The results show that there exist the problems of excessive investment and low investment efficiency in real estate industry in China as a whole; and it is also found that compared with middle regions of china, the investment efficiency of eastern costal areas and northwest areas are higher, they all reach or close to DEA Efficiency.

Upswing of the real estate price brings disputed of bubbles of real estate in China's cities by scholars.The paper combines theory research and empirical analysis,researches the bubble's degree of real estate of cities in China,taking advantage of a objective method-FAHP and a subjective method-PCA,selecting and estimating the index target bubbles of real estate in China's cities,through a method of revise circularly modify and proof the estimate system of bubbles of real estate in China's cities.After estimate the bubble's degree of real estate of 35 cities in China,the conclusion is:to a certain degree there are bubbles in these 35 cities,and the bubbles' degree of coastal cities are higher than inland cities.

文章针对投资者特征与其投资组合中的地缘效应关系问题进行研究.论文以有序分类的logistic模型作为研究方法,选取了上海、天津、大连三个城市8 229个投资者样本,以2005年10月31日为时间点,对投资者特者与其投资组合中的地缘效应关系进行研究.实证研究发现:上海、天津、大连三个城市的投资者具有明显的地缘效应,其中投资者的年龄、累计入市时间、累计投资额、累计投资收益率对地缘效应具有显著影响,年龄大,累计入市时间长,累计投资多,累计投资收益率高的投资者发生地缘效应的概率较高.

The way how financial constraint affects investment activity has long been a hot issue of the academic world. The present thesis starts from the analysis of influencing factors of financial constraint. It constructs a financial-constraint-measuring system by adopting factor analysis, which has avoided the deviation resulted from the traditional single-index measuring. What's more, it introduces financial constraint into the multiple regression model of investment and analyses the influences financial constraint exerts on investment. Results of the study indicate that investment is restricted by financial constraint.

The study takes 19964 investors from Shanghai, Tianjin and Dalian as samples to prove that there really is home bias with Chinese investors. Under controlling the Urban per disposable income, the paper uses the multinomial logistic model, takes the proportion of holding stock, the cumulative time in the market, age and sex as explanatory variables to detail home basis grade value, and also analyzes the impact of risk aversion level, investment experience, sophistication and sex on home basis. Finally, we conclude that the young investors with high level of risk aversion, investment experience and sophistication shortage are more likely home bias; and also the male is more likely home bias than female. The different judgments of risk and benefit caused by the investors' individual differences, such as risk aversion, investment experience, sophistication, age and sex, may be one reason of home bias.