中国房地产市场金融加速器效应研究  

Research on the Financial Accelerator Effect of Real Estate Market of China

作　　者：鞠方[1] 于静静[1] 代支祥[1] 

机构地区：[1]湘潭大学商学院,湖南湘潭411105

出　　处：《湘潭大学学报（哲学社会科学版）》2013年第4期62-67,共6页Journal of Xiangtan University:Philosophy And Social Sciences

基　　金：国家社科基金(项目编号:10BJL018);国家自科基金(项目编号:71203190);教育部人文社科基金(项目编号:12YJA790062);中国博士后特别资助金(项目编号:2012T50697);湖南省社科基金(项目编号:12JD72);湖南省高校创新平台项目(项目编号:11K065);湖南省教育厅重点项目(项目编号:11A125)

摘　　要：金融政策较强的顺周期性容易导致房地产市场在繁荣阶段滋生泡沫,在衰退阶段陷入萧条,而我国房地产市场在国民经济中的重要地位及其高负债经营特征强化了房地产市场的金融加速器效应。从消费和投资两方面对房地产金融加速器的传导途径进行考察,研究结果表明:我国房地产市场存在显著的金融加速器效应,且在信贷宽松环境下的金融加速器效应大于信贷紧缩环境下的表现。因此,要稳定房地产市场的发展态势,需要提高金融政策的灵活性和前瞻性,转变房地产业经营融资模式。Because of the pro - cyclicality of financial policy, the real estate market is easy to get into bubble in boom phase, slide in- to depression in recession phase. The important position of real estate market and its high - debt operation characteristic strengthen the financial accelerator effect. This paper dwells upon transmission channel of financial accelerator of real estate as far as consumption and investment are concerned. The results show that ： China＇ s real estate market has significant financial accelerator effect, and the effect under loose credit environment is greater than the credit Chinch environment performance. Therefore, in order to stabilize the development of real estate market, we need to improve the flexibility and predictability of financial policy, and change the business and finance model.

关 键 词：房地产市场 金融政策 金融加速器 

分 类 号：F29[经济管理—国民经济]