从“住房改革”到住房金融化:一个综述

From housing reform to housing financialization:a literature review

从1998年"住房改革"至今,中国的"房地产依赖"一直是不仅仅困扰政府部门和产业部门,甚至是困扰每一个国民的问题。那么,为什么会进入这样一个"路径依赖"?基于经济金融化的视角,梳理以往有关"房改"之后住房-宏观经济增长相互作用不同观点的文献,并在此基础上尝试提出新的解释框架。研究认为:第一,依托于房地产的地区经济增长是与全社会债务扩大为本质特征的经济金融化过程相辅相成的。理解这两者之间的关系内涵,需要将之纳入到深刻的经济金融化背景和大规模的城镇化进程进行思考。第二,在经济金融化过程中,三级住房金融化阶段递次实现,双重融资循环机制逐渐成型。第三,住房市场在债务驱动型金融化过程中起到了产生和吸纳债务的双重作用。第四,在金融化逻辑下,住房市场投资属性加深,呈现出不同于以往的空间发展趋势,从区域性市场向全国性市场转型。

Since the"housing reform"of 1998,China’s real estate dependency syndrome has perplexed not only government departments and industrial sectors but also individuals.What causes it?The paper reviews the classic literatures on the interaction between housing and macroeconomic growth after the"housing reform"and tries to build a new analytic framework from the perspective of economic financialization.The study thinks that firstly,the regional economic growth dependent on real estate is highly correlated with the economic financialization process which is featured in debt expansion in the whole society.Understanding the connotation of relationship between the two needs to take into consideration the deep background of economic financialization and the large-scale urbanization process.Secondly,in the process of economic financialization,three-stage housing financialization has formed up step by step and dual financialization mechanism has come into existence.Thirdly,in the debt-driven financialization process,housing market has taken the dual role of producing and digesting debt into full play.Forthly,under the logic of financialization,the property of investment in housing market has been strengthening and functioned differently in reshaping the spatial diversification,which makes regional housing market transformed into national market.