And the paper argues that the integration of macro-environment, institutions in real estate, and micro-factors.
认为原因在于宏观经济环境、制度性因素以及微观因素三个方面的综合。
The paper empirically analyzes effects of micro-factors on company R&D expenditure by using data from Chongqing's listed companies.
以重庆上市公司为样本，实证分析了其R&D支出的微观因素影响。
The micro-factors that are direct reason of bubbles involve : disorder of market, immature psychology of consumption, herd behavior, speculation, and otherwise.
微观上直接引发泡沫产生的因素则在于房地产市场秩序不规范、不正常的消费心理与羊群效应、投机炒作等方面。
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