房价变动对固定资产投资影响的实证分析

Empirical Analysis on the Real Estate Price on the Impart of Fixed Asset Investment

在定性分析房价对固定资产投资影响机制的基础上,利用2003-2016年期间固定资产投资额、国内生产总值、商品房平均销售价格以及1-3年期央行贷款利率等指标的年度数据,对包含房价的固定资产投资函数进行协整回归,得出我国房价对投资有显著的正向刺激效应,同时对可能的原因进行分析,并给出房价调控的政策建议.

On the basis of qualitative analysis the mechanism of real-estate price influence on residents consumption, this paper firstly uses the seasonal data of real-estate average price, fixed asset investment, GDP and 1-3 years interest rate from 2003 to 2016, the combining qualitative analysis of China＇s national conditions, to estimate the investment function in- cluding house prices factor by the method of cointegration regression, concluding that China＇s real estate market exist significant positive promoting effect on investment, and analyze the possible causes of this conclusion. Finally the house-market regulations are offered.