我国房地产业的金融负外部性考察  

The Study on Financial Negative Externalities of China's Real Estate

作　　者：白钦先[1] 主父海英[2] 

机构地区：[1]辽宁大学经济学院国际金融研究所,110036 [2]山东科技大学财政金融学院,271000

出　　处：《经济评论》2011年第6期97-103,共7页Economic Review

基　　金：国家社科基金重点项目"全面协调可持续发展观视角下的中国金融体制改革深化重点研究"(07AJY014);教育部专项委托项目(09JF001)的资助

摘　　要：房地产业有明显的金融属性,其虚拟化易导致泡沫化。本文对长期以来所认为的房地产业是国民经济的支柱产业、房价上升的"财富效应"提出质疑,认为当前房地产业的迅猛发展、高房价的获益小于其带来的社会成本,即房地产市场在追求利润最大化过程中对社会造成福利损失,其经济绩效是局部、片面的,而社会成本是全局性的,此即房地产业金融负外部性效应。房地产业金融负外部性表现在全局性的社会成本,这主要有拉动通货膨胀、对实体经济的挤出效应、银行危机的外部成本、侵占耕地的代际成本、伦理代价、社会不稳定等,这些都是房地产业的成本外溢或成本社会化,是社会福利的纯损失。政府应当在降低房地产金融负外部性中扮演重要角色,通过控制房价与合理调控缓解负外部性影响。Real estate has obvious financial attributes： its virtualization lends itself to froth. In this paper, we question that the real estate is a pillar industry of national economy and the ＂wealth effect＂ of high house prices on the long - believed. This paper concludes that benefits from the rapid development of real estate and the high house prices are negligible when compared with the social costs, the welfare loss in pursuing market profit maximization. The real estate leads to the overall economic and social losses with pursuing its own economic performance and one - sided development,which namely, the negative externality effects of the real estate finance. Its social costs are manifested in the following areas ： inflation pulling, intergenerational cost of occupying cultivated lands, crowding - out effect, banking crisis, ethics cost,and social instability, etc. Of all are the cost spillover or socialized costs of the real estate,which is a net loss of social welfare. The government should play a key role in reducing the negative externality effects of the real estate finance by controlling the housing price and balancing the externality effects.

关 键 词：房地产泡沫 金融负外部性 代际外部性 挤出效应 

分 类 号：F293.3[经济管理—国民经济]