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该文研究信息不对称下住房二级市场中的信息传递行为,从信息传递导致的价值损失角度探究买卖双方信息成本的形成过程,并推导其计算方法;利用Hedonic模型和北京市2008年住房二级市场数据,构建买方和卖方最优价格模型,进而计算买卖双方的信息成本。研究表明:住房二级市场的买卖双方均会因信息传递而产生信息成本;买方和卖方的信息成本分别为实际交易价格的13.65%和19.09%,卖方信息成本大于买方信息成本。为降低信息成本,建议完善住房二级市场的信息传递机制,房地产经纪机构、政府以及行业协会应为市场交易方提供更多信息。
This paper studies the information transfer behavior in the housing secondary market under the condition of information asymmetry, explores the formation process of the information costs of buyers and sellers from the perspective of value loss caused by information transmission, and deduces the calculation method. Using Hedonic model and Beijing Housing 2008 Level market data to build the optimal price model for buyers and sellers, and then calculate the information costs of buyers and sellers. The results show that both the buyers and sellers’ information costs are 13.65% and 19.09% respectively of the actual transaction price, and the seller’s information cost is greater than the buyer’s information cost. In order to reduce the information cost, it is suggested to improve the information transmission mechanism of housing secondary market. Real estate brokerage institutions, governments and industry associations should provide more information to market participants.