期刊论文

中文

现代财经(天津财经大学学报)

1005-1007

2019

1

16-28

10.19559/j.cnki.12-1387.2019.01.002

国家社会科学基金项目(15CJL017).

本校为其他机构

基于行为经济学视角理论发现,居民有限理性提高投资者的住房投资偏好,加剧房地产价格泡沫;住房不同属性的凸显,引致收入差距影响房地产价格泡沫存在门槛效应。并构建动态面板门槛数据模型,采用Kremer等(2013)提出的动态面板阈值方法进一步验证。结果显示,我国房地产价格泡沫存在动量效应,不存在反转效应,非理性泡沫理论和噪声交易理论解释更加合理,理性泡沫理论解释力度不够;收入差距是房地产价格泡沫的缓冲器,对房地产价格泡沫产生显著门槛效应,低于门槛值时,影响为抑制作用,高于门槛值时,影响转为促进作用。结合实证研究与现实境况,要协调房地产市场平稳健康发展,不仅要扭转居民非理性的住房投...

Based on the theory of behavioral economics,this study found that:residents’ limited rationality increases investors’ housing investment preference and aggravates the house price bubble;the difference of housing attributes leads to the income gap,which further leads to the threshold effect of real estate price bubble.We built a dynamic threshold panel data model and used the dynamic panel threshold method that put forward by Kremer et al.(2013)for further verification.The results showed that:there is momentum effect existing in China’s house...