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土地价格、房地产价格过高和内需不足已经成为我国当前最受瞩目的社会问题。土地价格是构成房地产价格最基本的要素,房地产价格则可以通过“财富效应”和“购房压力效应”对居民消费产生不同方向的影响。基于我国35个大中城市1999～2009年面板数据的实证检验表明,地价与房价互为因果,但相互影响机制显著不同;房产的“财富效应”作用微弱,房价的过快上涨抑制了居民消费。
Land prices, excessive real estate prices and insufficient domestic demand have become the most watched social problems in our country. The price of land constitutes the most basic factor of the real estate price. The real estate price can have different impacts on the residents’ consumption through the “wealth effect” and the “pressure effect of purchasing a house”. The empirical test based on the panel data of 35 large and medium-sized cities in China from 1999 to 2009 shows that the land price and house price are mutual causalities, but the mutual influence mechanism is significantly different. The effect of real estate ’s Wealth Effect is weak and the excessive rise of house price inhibits Residents consumption.