住宅抵押贷款的融资效应对住宅需求价格的影响  

Influence of the Financing Effect of House Mortgage Credit on House Price

作　　者：崔新明[1] 

机构地区：[1]浙江大学房地产研究中心,浙江杭州310027

出　　处：《金融研究》2003年第6期83-93,共11页Journal of Financial Research

摘　　要：传统的理论认为消费融资对住宅需求产生影响 ,但对住宅价格的影响仍具争议。本文通过跨期预算约束住宅价格模型对购房者的按揭方式选择和住宅价格变化的动态关系进行实证研究 ,发现它们之间存在显著的关系 ,并得出引入住宅抵押贷款后住宅价格对收入的变化更为敏感的结论。Traditional theories agree that consumer financing affects the demand for house, but opinions vary as to whether it affects house price. By carrying out an empirical study on a microfundation house price model which helps show the dynamic relation between the choices of mortgage modes consumers make and the changes in house price, the paper holds that there are remarkable connections between the two factors. Furthermore, it comes to the conclusion that house price will become more sensitive to income changes if mortgage credit is introduced into the real estate market.

关 键 词：融资效应 住宅抵押贷款 住宅价格 实证 

分 类 号：F830.5[经济管理—金融学]