我国房地产业金融加速器效应研究——基于面板数据的实证分析  

Financial Accelerator Effect and Chinese Real Estate Industries Regulation——An Empirical Analysis with Panel Data

作　　者：王曼怡[1] 刘同山[1] 

机构地区：[1]首都经济贸易大学金融学院

出　　处：《经济与管理研究》2010年第9期88-92,100,共6页Research on Economics and Management

摘　　要：房地产业作为国民经济的支柱产业,政府对其宏观调控颇为必要。根据金融加速器理论,微小的外部冲击会造成大幅度的实体经济波动,且对小企业的影响比对大企业大。本文通过对沪深上市房地产企业的面板数据进行实证分析表明,货币政策金融加速器效应在我国房地产业显著,且存在不对称性。政府在调控房地产行业时,要考虑货币政策对不同规模房地产企业的不同影响。As a pillar of the national economy, real estate should necessarily be macro - controlled by the government. According to the financial accelerator theory, even tiny external shocks can cause significant fluctuations in the real economy, with much more impacts on small enterprises than that on large ones. The empirical analysis shows that financial accelerator effect of monetary policy significantly shows in Chinese real estate industry, and the smaller real estate business is, the less the effect is. So government should consider the distinct impact of monetary policy on real estate enterprises of different sizes when controlling the real estate industry.

关 键 词：房地产业调控 金融加速器效应 面板数据 

分 类 号：F830[经济管理—金融学]