中国房地产市场非有效性：理论与实证  

Inefficiencies of the real estate market in China:theory and empirical analysis

作　　者：潘爱民[1] 王洪卫[2] 

机构地区：[1]湖南科技大学商学院,湘潭411201 [2]上海财经大学,上海200437

出　　处：《财经科学》2008年第7期55-63,共9页Finance & Economics

摘　　要：本文以国外房地产市场非有效性的研究为经验背景,首先从理论上对房地产市场非有效性的形成机理做出探讨,继而基于中国房地产市场发展实践,对其房地产市场非有效性进行检验。认为:经过二十多年的发展,中国房地产市场仍然是一个非有效的市场,房地产价格对信息的反映程度很低,且房地产市场存在超额利润,表现在房地产价格与价值存在一定程度的背离。This paper takes the research practice of inefficiencies in overseas estate market as the empirical background. We study the mechanism of inefficiencies in the real estate market; and based on the real estate market development practice in China, We examine inefficiencies of the real estate market; and point out that the real estate market in China is an inefficient market, and the real estate market price reflects information in an inefficient way. There exist excess profits in the real estate market, and the price betrays the real value to some extent.

关 键 词：房地产市场 非有效性 形成机理 实证分析 

分 类 号：F293.3[经济管理—国民经济]