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本文基于省级面板数据,运用联立方程模型(SEM)和两阶段最小二乘(TSLS)估计法研究发现,房价与国民收入分配中的资本收入份额存在相互作用关系。房价上涨1%会使资本收入份额提升0.16%到0.43%,资本收入份额上升1%则会推动房价上涨约0.39%到0.54%。不过,这种相互作用机制存在一定的区域异质性,即在东部地区资本收入份额的提高会显著推高房价,而中西部地区后者对前者的影响效应更为明显。要实现房地产市场的健康成长,离不开国民收入分配结构的调整优化,而鼓励对适合我国劳动力比较优势的实体经济进行投资、减少资本对房地产的投机炒作,将有助于促进国民收入分配中劳动收入份额的提升。
Based on provincial panel data, using the simultaneous equations model (SEM) and the two-stage least squares (TSLS) estimation method, we find that there is an interaction between housing prices and the share of capital income in national income distribution. A 1% rise in home prices will increase capital gains by 0.16% to 0.43% and a 1% rise in capital gains will push home prices up by about 0.39% to 0.54%. However, this kind of interaction mechanism has some regional heterogeneity, that is, the increase of capital income share in the eastern region will significantly push up housing prices, while the latter has a more pronounced effect on the former. Realizing the healthy growth of the real estate market can not be achieved without the adjustment and optimization of the national income distribution structure and encourages the investment in the real economy that suits the comparative advantages of the labor force in our country and reduces the speculative speculation of capital by the real estate industry and will help promote the distribution of national income Labor income share increase.