房地产市场与金融市场联动关系的实证研究
发布时间：2018-08-14 12:43
【摘要】：市场经济中金融市场与房地产市场相互影响、相互渗透,而在当前中国宏观经济环境下,这种互动关系复杂而多变,更需要实证的检验。本文首先通过复相关分析筛选出两市场代表性指标,随后进行协整检验、误差修正模型以及脉冲响应分析,论证两市场间存在长期动态均衡关系,刻画了两市场短期互动关系以及突发冲击的长期互动影响,并据此提出谨慎选择房地产金融政策,开拓房地产多元化融资,保持金融和房地产市场稳定发展的政策建议。
[Abstract]:In the market economy, the financial market and the real estate market interact and infiltrate each other, but in the current macroeconomic environment of China, this kind of interactive relationship is complex and changeable. In this paper, the representative indexes of two markets are screened by complex correlation analysis, then cointegration test, error correction model and impulse response analysis are carried out to prove that there is a long-term dynamic equilibrium relationship between the two markets. This paper describes the short-term interaction between the two markets and the long-term interactive impact of sudden shocks, and puts forward some policy suggestions on how to choose the real estate finance policy carefully, to develop the diversified financing of the real estate and to maintain the stable development of the financial and real estate market.
【作者单位】： 中央财经大学;中国信达投资股份有限公司;
【分类号】：F293.3;F832.5;F224
，
本文编号：2182898
[Abstract]:In the market economy, the financial market and the real estate market interact and infiltrate each other, but in the current macroeconomic environment of China, this kind of interactive relationship is complex and changeable. In this paper, the representative indexes of two markets are screened by complex correlation analysis, then cointegration test, error correction model and impulse response analysis are carried out to prove that there is a long-term dynamic equilibrium relationship between the two markets. This paper describes the short-term interaction between the two markets and the long-term interactive impact of sudden shocks, and puts forward some policy suggestions on how to choose the real estate finance policy carefully, to develop the diversified financing of the real estate and to maintain the stable development of the financial and real estate market.
【作者单位】： 中央财经大学;中国信达投资股份有限公司;
【分类号】：F293.3;F832.5;F224
，
本文编号：2182898
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