我国不同区域房地产财富效应差异

Comparison and Analysis of the Wealth Effect of the Housing Market in Major Cities

根据经济发展基本面及房地产市场的发展水平，将我国大中城市划分为一线、二线及三线市场，利用2001—2010年间的相关数据，采用Panel Data模型分析了不同类型城市的房地产的财富效应。结果表明，从全国范围来看，房地产存在一定的正向财富效应。但一、二线城市，房地产财富效应显著为负，二线城市更为突出，三线城市显著为正。

In this paper, the major cities are classified as first-tier city, second-tier city and third-tier city in terms of the development level of the housing market. Using the annual statistics from 2001 to 2010, this paper analyzes the wealth effect of housing market in different types of cities based on the Panel Data model. Results support that there is positive wealth effect in the nationwide market. But, negative effect in the first-tier cities and the second-tier cities is very prominent, especially in the second-tier cities, while the third-tier cities feature the positive effect.