房地产属性、收入差距与房价变动趋势

Real Estate Attributes,Income Gap and Change Trend of Housing Prices

以往关于收入差距与房价之间关系的研究,较少兼顾房地产的消费与投资双重属性。文章基于双重属性的角度,首先从理论上阐述了收入差距与房价之间的动态关系。在经济发展水平较低的情况下,房地产的消费属性凸显,收入差距扩大会抑制房价上涨;随着经济的进一步发展,房地产单一属性不明显,收入差距变化对房价不存在显著影响;当经济发展水平较高时,房地产投资属性占优,收入差距扩大会促进房价上涨。进一步对理论结果进行实证研究发现,整体上我国收入差距与房价之间无显著相关关系,单一属性不明显;但就省际差异而言,在经济发展水平较高的省份,收入差距促进了房价上涨,而在经济发展水平较低的省份,收入差距则抑制了房价上涨。随着时间的变化,收入差距由抑制房价上涨转变为促进房价上涨。

Previous studies on the relationship between income gap and housing prices pay little attention to the dual features of real estate,namely consumption and investment.From the perspective of dual attributes of real estate,this paper firstly theoretically explains the dynamic relationship between income gap and housing prices.The results show that in the stage of low-level economic development,consumption attribute of real estate dominates and the widening income gap curbs rising housing prices.With further development of the economy,the single attribute of real estate is not obvious,and the changes in income gap do not have the significant effect on housing prices.In the stage of high-level economic development,the investment attribute of real estate dominates and the widening income gap promotes rising housing prices.Further empirical study of theoretical results indicates that as a whole there is no significant correlation between income gap and housing prices in China and the single attribute is not obvious.But in terms of inter provincial differences in the level of economic development,the income gap causes rising housing prices in developed provinces,and inhibits rising housing prices in underdeveloped provinces.As the time goes on,the role of income inequality in housing prices transfers from curbing to promoting.