CAJ | 학술논문

通过梳理中国宏观经济因素与房地产市场波动现状，应用向量自回归方法对二者间的动态联系进行分析，主要发现：收入水平不是造成中国房价波动的主要原因，信贷、利率与房市之间存在紧密联系；中国房市主要依赖信贷市场资本，股市融资能力较弱；房地产投资与房价之间存在强烈的循环作用。
통과소리중국굉관경제인소여방지산시장파동현상，응용향량자회귀방법대이자간적동태련계진행분석，주요발현：수입수평불시조성중국방개파동적주요원인，신대、리솔여방시지간존재긴밀련계；중국방시주요의뢰신대시장자본，고시융자능력교약；방지산투자여방개지간존재강렬적순배작용。
By combing the Chinese real estate market volatility of macroeconomic factors and current situation, the paper applies the vector auto regression method to analyze their dynamic relationship. It＇ found that： income level is not the main cause of price fluctuations, there exist close relationships between credit, interest rates and housing market; the housing market mainly relies on the credit, equity financing capacity is weak; there exists strong interrelationship between real estate investment and real estate prices.