住房消费、住房投资与金融危机--美国次级债危机对中国房地产业宏观调控理论基础的冲击

Housing Consumption,Housing Investment and Financial Crisis:Impact of the US Sub-prime Loan Crisis on the Theoretic Foundation of China's Macro-control of Real Estate

中国房地产业宏观调控高度重视住房消费与住房投资,尤其突出地表现为对二者的区别对待。"鼓励消费,抑制投资"成为中国房地产业宏观调控的基本原则之一,其理论基础是:住房投资的信贷风险较高,容易引发银行危机,乃至整个金融危机或经济危机;而住房消费似乎具有某种"抗体",其引发金融危机的风险从未引起人们的高度重视。本文认为美国次级债危机从现实层面推翻了以上传统认识,有力冲击了中国房地产业宏观调控的理论基础。本文对住房消费与住房投资在多重视角下的重新解读,从理论层面修正了传统认识。

China＇ s macro - control of the real estate attaches great importance to the difference of housing consumption and housing investment. It is a fundamental principle of China＇ s macro- control that government should encourage housing consumption and curb housing investment. The theoretical basis is that housing investment is prone to lead to banking crises, and even the entire financial crisis or economic crisis. While housing consumption seems to have some antibody. The United States sub - prime loan crisis over- throws the theory in reality. In this paper, housing consumption and housing investment are explained in multiple perspectives, which overthrows the traditional theory.