摘要
近年来,政府加大了对房地产市场的调控力度,导致房地产商通过银行融资越来越难,转而寻求从其他渠道融资,而具有产品流动性强、申请审批速度快、融资者进场门槛低等特征的影子银行市场就很容易得到房地产开发商的青睐。基于影子银行与房地产价格之间的作用机理,实证研究结果表明,影子银行规模扩大推高了房价,宽松型货币政策对房价也有助推作用,货币政策变化对影子银行规模大小有显著影响。
In recent years, the government will intensify the regulation of the real estate market, and lead to real estate developers through the bank financing has become more difficult,to seek funding from other sources,and shadow banking market have the characteristics of strong product liquidity, fast application approval speed and low barriers to entry for financiers,is easy to get the favour of real estate developers. Based on the mechanism of action between shadow banking and real estate price, the empirical research results show that the expansion of shadow banking scale pushes up the housing price,the loose monetary policy also boosts the housing price,and the change of monetary policy has a significant impact on the size of shadow banking.
作者
任行伟
邢天才
张鑫
Ren Xingwei;Xing Tiancai;Zhang Xin(School of Finance,Dongbei University of Finance & Economics,Dalian 116025,China)
出处
《经济与管理》
CSSCI
2019年第4期58-64,共7页
Economy and Management
基金
国家自然科学基金面上项目(71273042)
教育部人文社科重点研究基地重大项目(13JJD790061)
安徽省自然科学基金项目(1808085MG227)
