使用者成本、住房按揭贷款与房地产市场有效需求

An Analysis on the User Cost,Financing Effects and the Demand for Real Estate Based on the Inter-temporal Equilibrium Model

本文基于房地产耐用消费品特征并引入使用者成本概念,对已有的房地产市场跨期均衡理论模型进行改进,并对按揭贷款影响房地产市场有效需求的作用机理进行了数理分析。结果表明,按揭贷款能够从使用者成本和预算约束两个方面影响房地产市场需求,二者作用方向相反。在此基础上发现,按揭贷款利率对房地产市场需求的影响程度远大于按揭成数影响,但按揭成数调整的累积效应更大。

By introducing user cost and durable goods characteristics into the agent＇s consumption function, the paper reconstructs the inter-temporal equilibrium analysis framework on the real estate market demand. The authors analyze the financial support effects on the real estate market in this framework. The results show that under certain conditions, financial support will effectively expand consumer demand. And the percentage of loan to value （LTV）, mortgage interest rates have an important impact on housing demand, Furthermore, lower mortgage interest rates, increasing LTV will expand effective demand in the real estate market, and the former plays a more important role in the real estate market.