摘要
后金融危机时代是全球性的债务扩张时代。债务扩张会渗透到国民经济各个部门。全社会债务扩张过程与住房部门的持续繁荣密切作用并共同形成复杂机制。本研究以"债务驱动"为本质特征的金融化为研究视角,审视金融危机后我国住房投资扩张过程,系统梳理了中国地方经济的债务扩张机制,并特别强调了住房市场在这一过程中产生和吸纳债务的作用,基于此刻画出双融资循环机制,提出地区金融化规模和房企金融化水平助推住房价格上涨的研究假说。实证研究发现:(1)每一单位金融化规模增加会带动0.13单位住房投资,体现出了显著"以债投房"的经济特征;在引入空间计量分析后发现:(2)地区房企金融化水平每增长1%,住房投资会增长33.7%;(3)土地财政和城镇化水平等因素,对于地方住房投资扩张也具有显著促进作用。
The post-financial crisis era is the era of debt expansion globally.Debt expansion process will affect all sectors of the national economy.Such process has a tight interaction with the continued booming of housing price and more importantly a complex mechanism of financing was formed.This study conceptualize the term"Financialization"featured as"debt-driven"mechanism and examines how it pushes the process of rising housing investment in China after the financial crisis.From financialization perspectives,the dual financing circulation mechanism are proposed to provide a new theoretical explanation for the increase in housing investment in China during the post-financial crisis period,and the spatial analysis method is used to test the promoting effects and spatial differentiation of financialization on housing prices booming process and their spillover effects.The empirical study concludes that:(1)a one unit increase(or decrease)of AFRE brings about a significant change of 0.126 units of housing investment nationally,but when divided by region(east,middle,and west)the correlations are not significant;(2)every 1%increase in the financialization of real estate enterprises,housing investment will increase by 33.7%;(3)the factors of land finance and urbanization level,etc.,also promote the rise of housing investment in local areas.
作者
李嘉
朱文浩
董亚宁
任卓然
Li Jia;ZhuWenhao;Dong Yaning;Ren Zhuoran
出处
《财经科学》
CSSCI
北大核心
2021年第3期1-13,共13页
Finance & Economics
基金
中国博士后科学基金面上资助项目“住房金融化的空间差异与地方公共财政转型”(2018M641039)
“基于微观异质性的城乡要素流动与产业重构:理论与模拟”(2018M640003)
关键词
双级金融化
住房金融化
住房投资
Dual Financing Circulation
Financialization of Housing
Housing Investment
作者简介
李嘉(1987—),中国宏观经济研究院投资研究所,博士后。电子邮箱:edward_li@126.com;朱文浩(1988—),中华全国供销合作总社管理干部学院,博士后。电子邮箱:zhuwenhao9963@126.com;通讯作者:董亚宁(1987—),北京大学城市与环境学院,博士后。电子邮箱:dongyn@pku.edu.cn;任卓然(1996—),北京大学城市与环境学院,博士生。电子邮箱:rzhuoran@126.com。
