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本文对目前我国金融集聚的发展现状及其对房地产价格的影响进行了背景和理论分析。在此基础上,通过构建包含房地产价格空间相关项、房地产供给和需求等因素的计量模型,并选取2001-2013年我国31个省(直辖市及自治区)面板数据,全面客观地考察金融集聚对房地产价格的作用方向和大小,并采用工具变量和系统GMM方法解决有关变量内生性问题。结果显示:金融集聚程度的提高是房地产价格上涨的重要原因,且银行业集聚对房地产价格的促进作用最为显著,保险业集聚次之,证券业集聚影响最弱。通过引入房地产价格省际交叉影响项进一步发现,我国房价的变动受到邻近区域房地产价格的正向冲击。在经济发展的新常态时期,政府应该通过对金融市场和金融资源的优化配置实现
This article has carried on the background and the theoretical analysis to the present development of the financial agglomeration in our country and its impact on the real estate price. On this basis, we construct a econometric model that includes the related items such as real estate price space, real estate supply and demand, and select the panel data of 31 provinces (municipalities and autonomous regions) in our country from 2001 to 2013 to comprehensively and objectively examine the impact of financial agglomeration on real estate The direction and size of the price action, and the use of instrumental variables and system GMM methods to address the issue of endogenous variables. The results show that the increase of the degree of financial agglomeration is an important reason for the real estate price increase. And the banking industry agglomeration has the most significant promotion effect on the real estate price, followed by the insurance industry agglomeration and the securities industry agglomeration the least. By introducing the inter-provincial cross-impact items of real estate prices, we further find that the changes of house prices in our country are positively affected by the real estate prices in the neighboring regions. In the new normal period of economic development, the government should realize the optimal allocation of financial markets and financial resources