价格分化与投资回报率——以北京房产市场为例的实证研究  

Price Dispersion and Return on Investment-An Empirical Study of the Real Estate Market in Beijing

作　　者：陈悉榕 沈一帆 秦子明 朱胜豪 CHEN Xirong;SHEN Yifan;QIN Ziming;ZHU Shenghao(School of International Trade and Economics,University of International Business and Economics;School of Economics and Management,Tongji University)

机构地区：[1]对外经济贸易大学国际经济贸易学院 [2]同济大学经济与管理学院

出　　处：《经济管理学刊》2023年第1期41-60,共20页Quarterly Journal of Economics and Management

基　　金：国家自然科学基金青年项目(72103035);国家自然科学基金面上项目(71873034)对本文研究的支持。

摘　　要：本文运用2008一2017年北京市二手房交易数据,研究了小区层面的资产投资回报异质性和价格分化现象。结果显示,房产投资回报率体现出显著的异质性,揭示了中国房产市场有持续的价格分化现象。本文也发现房价分布具有肥尾特征,并测算了相应的帕累托指数。在去杠杆稳步推进、房产税可能出台等宏观经济背景下,本文的实证研究结果具有重要的政策意义。This paper study the heterogeneous returns on investment and the price dispersion in the real estate market,using the pre-owned house transaction data in Beijing from 2008 to 2017.Re-sults show that the returns to real estate investment have significant heterogeneity,and reveal that China's real estate market has price dispersion.We also find that the distribution of house prices has a fat tail,and calculate the Pareto index.These results have important policy implications in the background of deleveraging and possible implementation of real estate taxes.

关 键 词：房产价格分化 投资回报率差异 肥尾 

分 类 号：F299.23[经济管理—国民经济]