摘要
金融杠杆和房价之间存在内在联系,房价如果持续上涨,银行信贷规模扩大,影响金融稳定性,也不利于产业升级和未来经济长足发展。文章基于金融杠杆与房价之间作用机理及其途径,综合考虑多种金融政策杠杆对我国房价波动的影响进行实证检验,采用28个大中城市2004—2018年商品房销售价格增幅作为研究样本,实证研究发现:货币供应量对我国商品房销售价格存在明显的正向关系,利率对我国商品房价格存在负相关的关系,资本充足率与房价正相关,总资产收益率、资产负债率与房价正相关。因此,未来必须通过各种金融杠杆的精准运用,在稳定调控房价基础上,同时保持金融市场的稳健性。
There is an internal relationship between financial leverage and house price,if house prices continue to rise and bank credit scale expands,it will affect financial stability,and it will not be conducive to industrial upgrading and fu⁃ture economic development.Based on the mechanism and approach between financial leverage and house price,this pa⁃per makes an empirical test by comprehensively considering the impact of various financial policy levers on house price fluctuation in China.This paper uses 28 large and medium-sized cities from 2004 to 2018 as the research sample.The empirical study finds that the money supply has a significant positive relationship with the sales price of commercial hous⁃ing in China,the interest rate has a negative correlation with the price of commercial housing in China,the capital adequa⁃cy ratio has a positive correlation with the house price,and the return on total assets and asset liability ratio have a posi⁃tive correlation with the house price.Therefore,in the future,through the accurate use of various financial levers,on the basis of stable control of house prices,we must maintain the stability of the financial market.
作者
伍文中
李燕
WU Wenzhong;LI Yan(School of Economics and Statistics,Guangzhou University,Guangzhou 510006,China;School of Finance and Economics,Guangdong Polytechnic Normal University,Guangzhou 510665,China)
出处
《华东经济管理》
CSSCI
北大核心
2021年第2期106-111,共6页
East China Economic Management
基金
广东省自然科学基金项目“房价波动经济溢出效应的实证检验”(2016A030313725)
广东省哲学社会科学规划项目“广东省精准扶贫进程中转移支付机制构建”(GD16CYJ11)。
关键词
房价
金融杠杆
互动机制
有效性
house price
financial leverage
interactive mechanism
effectiveness
