摘要
房地产业具有实体经济与虚拟经济二重特征,中国房地产经济的虚拟性主要表现在对社会资本的过度吸纳、基于投机动机期房购买的过度膨胀以及房价收入比的居高不下。房地产经济虚拟性的产生需要一定的经济环境和制度因素,中国城市化进程中地方政府对"土地财政"的高度依赖、对房地产资本投资利得对冲的制度缺失以及整个社会对城镇化发展的高度预期,促成了房地产经济由实体经济向虚拟经济的转换。房地产业供给侧结构性改革必须定位于"房子是用来住的"基本功能,实施健康的城市化发展战略和房地产业发展的规制政策。
The real estate industry has double characteristics of real economy and virtual economy.For China,virtual economy of real estate is mainly manifested in excessive absorption of social capital,excessive expansion of investment based on buying and forward delivery housing and high housing price to income ratio.The virtual real estate economy needs certain economic environment and institutional factors,it is contributed to the transformation of real estate industry from the real economy to virtual economy that local government highly depending on land finance in the process of urbanization,lacking of system of real estate investment capital gains hedge,and the whole society highly anticipating on urbanization development in China.The real estate supply-side structural reform must be located in“the basic function of house is for living”,and implement healthy urbanization development strategies and regulation policies of the real estate industry development.
出处
《区域经济评论》
北大核心
2019年第2期126-133,共8页
Regional Economic Review
基金
国家自然科学基金项目"应用大数据识别和控制住房公积金扩面风险研究"(91646126)
国家自然科学基金项目"住房公积金政策性金融功能提升路径研究"(71874001)
关键词
房地产经济
虚拟资本
供给侧结构性改革
Real Estate Economy
Virtual Capital
Supply-Side Structural Reform
