西方房地产金融化研究述评

ReviewofWestern Real EstateFinancializationResearch

20世纪70年代以来,“金融化”(financialization)的影响范围越来越广泛,房地产金融化在各类金融化中占重要地位,很少有其他领域像房地产特别是住房那样,将全球金融资本的决策与流动同个人和家庭的生活及命运直接联系在一起。在金融化时代,房价主要受金融供给驱使,房地产自身的供求甚至不再是影响房价的主要因素,并将原本不透明、本地化、非标准的房地产商品转变为高流动性和全球交易的金融资产。本文通过梳理西方房地产金融化相关研究,评述金融化的概念、发展历程及主要研究议题,解析房地产金融化的成因、表现和影响,并结合中国房地产发展实践进行简要讨论。

Since the 1970s,the influence of"financialization"is very extensive.Among them,the financialization of real estate has accounted for an important position in various types of financialization.Few other fields,like real estate,especially housing,directly linked the decisions of global financial capital with the lives and destiny of individualsand families.In the era of financialization,housing prices are mainly driven by financial supply.The supply and demand of real estate itself is no longer even the main factor affecting housing prices,and the originally opaque,localized,and non-standard real estate commodities have been transformed into highly liquid and globally traded financial assets.This article combs through relevant research on real estate financialization in the West,reviews the concept,development process and main topics of financialization,analyzes the causes,performance and impact of real estate financialization,and conducts a brief discussion based on China's real estate development.