住房消费需求、投资需求与租买选择差异研究

Study on Investment and Consumption Demands for Housing and the Difference of Housing Tenure Choice

租买结构失衡是制约我国住房市场健康发展的关键问题,探究其内在作用机理十分必要。该文基于租买选择效用最大化模型分析城市居民住房消费行为,引入租售比作为衡量住房租售市场均衡发展的指标,结果表明租买效用差异、住房及其他金融投资增值预期是影响居民租买选择的主要因素。在此基础上,分析其对美国住房市场发展的适用性,对比我国住房租买现状,进而从租买差异和房价预期两方面剖析我国租买结构失衡的动因及作用机理。最后,从加强房地产长效机制建设、稳定房地产市场预期两个层面提出对策建议,以期推动我国住房市场租买平衡发展。

The imbalance of rent-purchase structure is key issue that restricts the healthy development of China＇s housing market, and it is essential to explore its internal mechanism. Based on the utility maximization model of tenure choice, this paper analyzes the housing consumption behavior of urban residents in China, and introduces the rental ratio as a indicator to measure the balanced development of housing market. The results show that the main factors of the residents＂ tenure choice are the utility difference of rent-purchase, the expected appreciation of housing and other financial investment. Thus, this paper compares the current situation of housing rent-purchase in China, and dissects mechanism of the imbalance of rent-purchase structure from the aspects of rent-purchase difference and house price expectancy. Finally, it recommends strengthening the long-term mechanism construction of real estate and stabilizing the real estate market expectation to promote the rent-purchase balanced development of housing market.