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中国的财政分权推动了经济增长也带来了一些负面效应。为了验证房产价格是否受到财政分权与政府投资的显著影响,本文采用2000年至2010年中国30个省级地方政府的面板数据,分别利用混合OLS回归、固定效应与随机效应对模型进行了检验。结果表明,在控制了地价、通货膨胀、GDP与人均可支配收入等变量后,财政分权与政府固定资产投资对当地房价仍具有显著影响,两者相互促进,推动了房价的上涨。稳健性检验结果还表明,模型具有一定的地区效应与时间效应。在此基础上,本文提出了相应的政策建议。
China’s fiscal decentralization has also brought some negative effects to economic growth. In order to verify whether real estate prices are significantly affected by fiscal decentralization and government investment, the panel data of 30 provincial-level local governments in China from 2000 to 2010 were used to test the model using mixed OLS regression, fixed effects and random effects respectively . The results show that fiscal decentralization and government investment in fixed assets still have a significant impact on local housing prices after controlling for such variables as land price, inflation, GDP and per capita disposable income, and the two promote each other and push up housing prices. Robustness test results also show that the model has some regional effects and time effects. On this basis, this paper put forward the corresponding policy recommendations.