论文部分内容阅读
中国房地产市场泡沫会对经济和社会造成严重的负面影响。除了成本过高和需求过热,政治关联也可能是影响房地产价格泡沫的形成的重要因素。笔者基于包含政治关联的房地产价格决定模型,利用2002年~2012年房地产上市公司面板数据,检验了政治关联对房地产价格的影响。研究发现:政治关联对房地产企业融资具有有利影响,并且这种有利影响在不同所有制的房地产企业中表现形式不同;政治关联不仅对房地产价格有直接影响,而且通过土地供应计划和财政金融政策对房地产价格产生间接影响。
The bubble in China’s real estate market will have a serious negative impact on the economy and society. In addition to the high costs and the overheating demand, political affiliations may also be an important factor influencing the formation of a real estate price bubble. Based on the decision-making model of real estate price with political connection, the author uses panel data of real estate listed companies from 2002 to 2012 to test the influence of political connections on real estate prices. The study found that: political affiliations have a positive impact on real estate financing, and this favorable impact in different ownership of real estate enterprises in different forms; political affair not only has a direct impact on real estate prices, but also through the land supply plan and financial and financial policies on real estate Indirect price impact.