文档介绍：16 王子龙苏州:广义虚拟经济视角下房地产市场财富效应研究
广义虚拟经济视角下房地产
市场财富效应研究
王子龙苏州
(南京航空航天大学经济与管理学院江苏南京 210016)
摘要:中国居民的财富特征与发达国家居民的财富特征明显不同,这是由于我国房地产市
场发展程度、金融市场自由化程度、住房自有率的高低、房地产市场的投机程度以及人们对待房
地产财富的观念等方面的差异所导致。本文基于广义虚拟经济的视角,利用我国30个大中城市
1998~2009年的季度数据,建立房地产财富效应模型,对广义虚拟经济条件下房地产财富效应
进行了实证检验。计算结果表明:我国30个大中城市的广义房地产财富效应表现形式存在明显个
体差异,大部分城市的房地产财富效应为负,30个城市的总体房地产财富效应也为负,且系数较
小不显著。这表明我国近年来房价持续上涨对居民消费产生了一定的“挤出”效果和“抑制”作
用,但从全国总体来看这种“挤出”和“抑制”作用并不明显。
关键词:广义虚拟经济;房地产市场;财富效应;房地产价格
中图分类号: 文献标识:A 文章编号:1674-9448 (2011) 02-0016-29
Research on the Wealth Effect of Real Estate
Market from Generalized Virtual Economy
WANG Zi-long SU Zhou
(Nanjing University of Aeronautics & Astronautics, Nanjing Jiangsu 210016, China)
收稿日期: 2011-02-25
基金项目:国家自然科学基金(71003048); 教育部人文社会科学基金(09YJC790147)
作者简介:王子龙(1978—), 男, 汉族, 河南永城人, 南京航空航天大学经济与管理学院副教授、硕导, 北京大学应用经济学
博士后, 研究方向为房地产经济、广义虚拟经济;
苏州(1975—), 男, 汉族, 江苏无锡人, 南京航空航天大学科技部副部长, 副研究员, 研究方向为管理科学与工程。
广义虚拟经济研究 2011年第2卷第2期 17
Abstract: China's personal wealth characteristic is obviously different from the developed countries. This is due to
the differences of real estate market development degree, financial market liberalization degree, privately-owned
house rent, real estate market speculative degree and the concept of people treating real estate wealth in China. In
order to reveal the relationship of real estate prices and consumer, real estate wealth effect was measured by the
model of the quarter data of China's 30 cities from 1998 to 2009 on the basis of generalized virtual economy. The
conclusion indicates that the general real estate wealth effect of China's 30 cities shows obviously different in the
individual differences. Most of the city's real estate wealth effect is negative. Overall real estate wealth effect of 30
cities is also negative, and coefficient is lesser, not significant. The empirical result shows that real estate wealth has
significantly promoted residents' consumption in China in recent y