高杠杆视角下我国房地产泡沫风险研究

Study on the risk of China's real estate bubble from the perspective of the high leverage

大量高杠杆信贷流入房地产催生泡沫是日本、东南亚和美国经济危机发生的共同原因。房地产是我国国民经济的支柱产业,所以也要警惕和防范房地产业高杠杆化产生的资产性泡沫所带来的金融风险问题。文章研究发现,企业高杠杆扩张、投机性需求旺盛、人口迁移集聚和房地产价格上涨是我国房地产市场产生金融泡沫的4个原因。文章分析了因房地产企业高杠杆而形成的房地产泡沫风险,并针对防范和解决房地产高杠杆风险从4个方面提出了政策性的建议。

The research shows that a large inflow of highly leveraged credit into real estate creates a bubble that is a common cause of the economic crisis in Japan,the southeast Asia and the United States.Real estate is the pillar industry of China’s national economy,so we should be alert to and guard against the financial risks caused by the asset bubbles and the highly leveraged real estate industry.This paper finds that the high leverage expansion,the strong speculative demand,population migration and real estate price increase are the four causes of the financial bubbles in China’s real estate market.This paper tries to analyze the real estate bubble risk caused by the high leverage of real estate enterprises,and finally puts forward policy suggestions on preventing and solving the high leverage risk of real estate from the four aspects.