摘要
房地产行业周期性波动对住房公积金流动性管理提出了更高要求。文章采用中国67个大中城市面板数据,分析了限购政策、房地产景气度对住房公积金流动性的影响。结果显示:限购政策缓解了住房公积金流动性压力;房地产景气度对住房公积金流动性影响存在地区差异,一线城市房地产景气度上升加剧了住房公积金流动性压力,而非一线城市房地产景气度上升则缓解了住房公积金流动性压力;东部及中部城市房地产景气度也在一定程度上缓解了住房公积金流动性压力,而西部及东北地区房地产景气度的影响不显著。因地制宜采取限购政策,加强房地产市场合理预期引导,对管控住房公积金流动性风险具有重要意义。
The periodical fluctuation of the real estate industry puts forward higher requirements for the liquidity management of housing provident fund.Based on the panel data of 67 large and medium-sized cities in China,the authors analyze the influence of purchase restriction policies and real estate prosperity on the liquidity of housing provident fund.The results show that the purchase restriction policy alleviates the liquidity pressure of housing provident fund.There are regional differences in the impact of real estate prosperity on the liquidity of housing provident fund.The rise of real estate prosperity in first-tier cities aggravates the liquidity pressure of housing provident fund,while the rise of real estate prosperity in non-first-tier cities alleviates the liquidity pressure of housing provident fund.The real estate prosperity degree in eastern and central cities also alleviates the liquidity pressure of housing provident fund to a certain extent,while the influence of western and northeast regions is not significant.It is of great significance to control the liquidity risk of housing provident fund by adopting purchase restriction policies according to local conditions and strengthening the guidance of reasonable expectations in the real estate market.
作者
李伟军
刘媛媛
周奕嘉
LI Weijun;LIU Yuanyuan;ZHOU Yijia(School of Economics,Fudan University,Shanghai 200433;School of Business,Anhui University of Technology,Ma'anshan,Anhui 243032)
出处
《上海立信会计金融学院学报》
2022年第3期64-79,共16页
Journal of Shanghai Lixin University of Accounting and Finance
基金
国家自然科学基金面上项目(71874001)
第11批中国博士后特别资助项目(2018T110327)。
关键词
住房公积金
资金流动性
限购政策
房地产景气度
Housing provident fund
Fund liquidity
Purchase restriction policy
Real estate boom
