摘要
商品房价格由房地产市场供给和需求关系决定。国内商品房价格波动具有明显的周期性特征,每一个周期性价格波动的拐点,均伴随着房地产信贷政策的出台。2003年~2015年国内房地产信贷政策的出台,均以稳定房价为基本调控导向。受房地产供给侧缺乏价格弹性的影响,针对房地产行业供给侧的信贷政策,能够在房地产市场投资过热的情况下抑制房地产开发投资增速,但无法稳定商品房价格;而针对供给侧的信贷政策紧缩,则会抑制市场需求方资金流动性,对商品房价格上涨起到抑制作用。
The commercial housing price is determined by the relationship between demand and supply of real estate market. The price fluctuation of commercial housing in domestic real estate had obvious cyclical characteristics, and inflection point of each cyclical price fluctuation accompanied the introduction of real estate credit policy. The introduction of domestic real estate credit policy in 2003-2015 all toke price stability as basic regulation guidance. Impacted by supply side lack of price elasticity, aiming at the credit policy of the supply side, it can inhibit the real estate development investment growth in the situation of high demand for investment, but the commercial housing price cannot be stabilized; But the credit deflation policy on supply side will inhibit the capital liquidity of market demand party, which inhibits the rise in commercial housing price.
作者
常国珍
CHANG Guo-zhen(Guanghua School of Management Peking University, Beijing 100871)
出处
《价格月刊》
北大核心
2017年第1期51-56,共6页
关键词
信贷政策
商品房价格
周期性波动
credit policy commercial housing price cyclical fluctuation
