摘要
在1996年至2008年中国31个省级地区数据基础上建立的Panel Data模型,表明房地产业的政府投资对私人投资产生了挤出效应。产生挤出效应的作用机制主要在于政府投资直接介入房产开发领域,在土地资源、信贷资金等方面与私人投资形成了竞争关系,政府大规模投资建设保障性住房也相对减少了房地产市场的需求,从而挤出了房地产业的私人投资。建议房地产业的政府投资应从房产开发领域转向并集中于土地储备开发领域,政府在保障性住房方面的投资应从直接建设住房逐步转向需求补贴。
The Panel Data model based on the data of 31 provincial-level regions from 1996 to 2008 in China shows that public investment has crowded out private investment in real estate indus-try.The major cause of crowding-out effect lies in the direct involvement of public investment in housing development projects,which has formed a competitive relationship between public investment and private investment in the aspects of land resource,credit funds and so on.The large-scale invest-ment of the government in the construction of affordable housing for low-income people also reduced the demand in the real estate market,which crowded out the private investment in this industry.Therefore it is recommended that public investment in real estate should be shifted from housing de-velopment to land reserve and development,and the public investment in the affordable housing should be shifted from building houses directly to providing subsidies.
出处
《当代财经》
CSSCI
北大核心
2010年第10期77-85,共9页
Contemporary Finance and Economics
关键词
政府投资
私人投资
挤入效应
挤出效应
房地产
public investment
private investment
crowding-in effect
crowding-out effect
real es-tate
