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房地产业在国民经济中的重要地位及房地产开发企业的高负债率决定了我国房地产市场金融加速器效应的显著性。同时,通过期房预售实现滚动开发的筹资模式也增强了金融加速器效应的非对称性。为缓和房地产景气周期进入下降通道时,金融加速器效应引发的产业衰退与宏观经济紧缩,除应采取适度宽松的货币政策外,还需要转变开发模式和拓宽筹资渠道,降低房地产业负债水平及对银行资金的过度依赖。
The important status of real estate in the national economy and the high debt ratio of real estate development enterprises determine the significance of the financial accelerator effect in China’s real estate market. At the same time, the financing model of rolling development through pre-sale of 期房 also enhances the asymmetry of the financial accelerator effect. In order to ease the cycle of real estate industry into a downward spiral, the industrial recession and macroeconomic tightening triggered by the financial accelerator will require a more modest monetary easing as well as a shift in development mode and broadening funding channels to reduce the level of real estate indebtedness and the banks’ Over-reliance on funds.