论文部分内容阅读
房价变动影响企业投资决策。不同类型房价对住宅投资的影响可分为绝对价格效应和相对价格效应,绝对价格效应在全国、东部和西部地区省级面板数据的经验研究中得到验证,相对价格效应未得到经验证据的显著支持,对住宅投资的影响较弱。面板数据模型的回归结果显示:住宅投资受滞后1期住宅价格的影响最为显著,商业用房价格升高、工业用房价格降低有利于住宅投资增加。因而,对住宅投资的调节应集中于住宅价格本身,抑制住宅价格上涨有利于减少资金向住宅产业过度集聚,有利于避免出现房地产泡沫。
Changes in housing prices affect business investment decisions. The effect of different types of housing prices on residential investment can be divided into absolute price effect and relative price effect. The absolute price effect has been verified in empirical studies of provincial panel data at the national, eastern and western regions. The relative price effect has not been significantly supported by empirical evidence , The impact on residential investment is weaker. The regression results of the panel data model show that the residential investment is most significantly affected by the lagged price of residential housing in the first phase, the price of commercial housing increases, and the reduction of industrial housing prices is conducive to the increase of residential investment. Therefore, the adjustment of residential investment should focus on the price of housing itself, curb housing prices will help reduce the excessive concentration of funds to the housing industry, help to avoid a real estate bubble.