一鲸落而万物生?——美国房地产金融模式及其对中国的影响和启示  

A Whale Falls and Everything Grows?-The U.S. Real Estate Finance Model and its Impact and Implications for China

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作  者:王礼 WANG Li(Chief Editor of Construction Bank Newspaper,China Construction Bank)

机构地区:[1]中国建设银行《建设银行报》

出  处:《金融市场研究》2025年第2期114-121,共8页Financial Market Research

摘  要:房地产市场深度调整,没有带来先前一些人士预期的“一鲸落而万物生”,反而成为当前中国经济发展的严峻挑战。房地产金融化被认为是诸多经济社会问题的肇因之一。金融地产成为美国经济中的第一大行业,对实体经济和科技创新产生了深远影响。房地产是美国金融危机的重要源头之一。本文通过对美国房地产金融发展模式的历史比较,以期为中国打造房地产发展新模式和探索金融高质量发展路径提供参考。从美国的经验教训看,房地产金融化有其现实逻辑和发展规律。展望未来,房地产金融将迎来规模缩量,但房地产市场的金融需求将长期存在。房地产金融对实体经济的影响利弊相生,不能一概而论。与美国不同,中国房地产金融风险成因相异且基本可控,但其外溢影响不容忽视,美国应对风险的部分经验值得借鉴。The deep adjustment of the real estate market has not brought about the"one whale falls and everything grows"as expected by some people,but has instead become a serious challenge to China's economic development.The financialization of real estate is considered to be one of the causes of many economic and social problems.Financial real estate has become the first major industry in the U.S.economy,with far-reaching impact on the real economy and technological innovation.Real estate is one of the important sources of the U.S.financial crisis.This paper provides reference for China to create a new model of real estate development and explore the path of highquality development of finance through the historical comparison of the U.S.real estate financial development model.From the lessons learned in the United States,the financialization of real estate has its realistic logic and development law.Looking ahead,real estate finance will see a downsizing in scale,but the financial demand of the real estate market will exist for a long time.The impact of real estate finance on the real economy has both pros and cons,and cannot be generalized.Unlike the U.S.,the causes of real estate finance risk in China are different and basically controllable,but its spillover impact should not be ignored,and part of the U.S.experience in dealing with the risk is worth learning from.

关 键 词:美国房地产金融模式 实体经济 金融风险 比较 

分 类 号:F299.23[经济管理—国民经济] F832F299.712F837.12

 

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