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针对新一轮房地产投资扩张的现象,本文从政府的各项经济政策对房地产投资的影响出发,着重分析目前我国政府的财政政策、货币及信贷政策传导至房地产投资的传导机制。在此基础上的实证分析表明,经济政策所引致的地方财政支出对房地产投资具有较强的拉动作用,而货币政策和中央财政支出对房地产投资的影响都不明显。
In view of the phenomenon of the new round of real estate investment expansion, this article starts from the influence of various economic policies of the government on real estate investment, and emphatically analyzes the current transmission mechanism of our government’s fiscal, monetary and credit policies to real estate investment. The empirical analysis based on this shows that the local fiscal expenditure caused by the economic policy has a strong stimulating effect on the real estate investment, while the influence of the monetary policy and the central government expenditure on the real estate investment is not obvious.