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1 住房金融与商品房价格影响的理论与实证研究1.1 理论研究 住房金融对商品房价格具有一定的影响作用,反之,商品房价格的高低,同样对住房金融具有影响作用。按照西方经济学观点,在一个效率市场上,商品的最终成交价格,包含了一切与该商品有关的信息,如生产成本、产商利润、市场需求、同类竞争力、质量与价值、收益预期等。从这个意义上说,商品房价格的形成无疑是建造成本、开发商利润、购房需求、租赁价格、利率等多方面因素作用的综合结果。 首先,我们分析住房金融因素是如何反映到商品房价格中去的。一般地,房地产开发项目资金投入主要由自有奖金和银行贷款两部分构成,银行贷款需要支付利息成本,因此,项目的负债率和利率水平是影响商品房成本的两个重要变量。通常,一个房地产项目的负债率越高,贷款利率越高,开
1 Theoretical and Empirical Study on the Impact of Housing Finance and Commercial Housing Price 1.1 Theoretical Study Housing finance has a certain impact on the price of commercial housing. On the contrary, the price of commercial housing also plays an influential role in housing finance. According to Western economics, in an efficiency market, the final transaction price of a commodity contains all the information related to the commodity, such as production costs, profits of producers and retailers, market demand, competing forces, quality and value, income expectancy, etc. . In this sense, the formation of commercial housing prices is undoubtedly a comprehensive result of various factors such as construction costs, developer profits, purchase demands, rental prices and interest rates. First, we analyze how the housing finance factor is reflected in the price of commercial housing. Generally speaking, the capital investment in real estate development projects mainly consists of self-owned bonuses and bank loans. The bank loans need to pay interest costs. Therefore, the project’s debt ratio and interest rate are two important variables that affect the cost of commercial housing. Generally, the higher the debt ratio of a real estate project, the higher the interest rate of the loan