宏观调控背景下我国房地产金融创新的理论逻辑及影响

Study on Theoretical Logic and Influence of Real Estate Finance Innovation Based on the Current Macro-control Background

各类房地产金融创新为开发商和购房者提供了充足的金融支持,出现这一局面的根本原因在于房地产市场是一个生产者主权市场。这些金融创新不仅抑制了房地产金融调控效果,还在商品房供给增加的同时推动房价不断上升,使得房地产市场和房地产金融市场风险加速聚集。对此应改变房地产调控思路,增加供给,管理预期,转变银行的信贷管理思路,加强对非银行金融机构的房地产金融业务监管。

Various real estate finance innovations provide adequate financial support for real estate developers and house hunters. The fundamental reason for this phenomenon is the producer sovereignty in the property market. Because of these fi-nance innovations, the effect of the financial regulation on real estate industry is not obvious. Furthermore, they led to the in-crease of housing price with the additional housing supply. In the same time, the risk of both property market and real estate financial market is concentrating quickly. Changing the policy frame on real estate market is necessary. Both increase of sup-ply and strengthen of management of the expectations should be emphasized. The banks＆#39; management ways of credit should be changed as well. Moreover, the real estate financial business of nonbanking financial institutions should be directed and supervised effectively.