房地产信贷与住房可支付性_况伟大

D0:10.20l63f.cnki.11-3651/f.2024.01.007分析ANALYSIS42房地产信贷与住房可支付性况伟大黄烨华马赫中国人民大学商学院，北京100872摘要：本文使用2010一2022年中国135个城市房地产信贷、房价、房租以及家庭收入与消费数据，考察房地产信贷对住房可支付性影响。实证研究发现，城市房地产开发贷款占比越高，城市房价收入比越低；城市住房抵押贷款占比越高，城市房价收入比与房租收入比越高；房地产信贷对房价可支付性的影响大于房租可支付性；房地产开发贷款提高城市中等收入者住房可支付性，但住房抵押贷款降低城市中等收入者住房可支付性。因此，住房信贷政策应主要解决城市中等收入者房价可支付问题而非房租可支付问题。关键词：房地产开发贷款；住房抵押贷款；房价收入比：房租收入比中图分类号：F293.35文献标志码：AReal Estate Credit and Housing AffordabilityAbstract:This paper exploits the effects of real estate credit on housing affordability.Employing thedatabases of real estate credits,housing prices (rents),and household income and expenditure in China's135 cities during 2010-2022.This paper finds that housing affordability is negatively associated withconstruction and development loan-to-GDP ratio,while is positively relevant to residential mortgage loan-to-GDP ratio.Moreover,real estate credit exerts a greater impact on housing price to income ratio thanrent to income ratio.As a consequence,construction and development loan boosts housing affordability ofmedian-income households,whereas residential mortgage loan depresses housing affordability of median-income households.Housing credit policy should concentrate on housing price affordability rather thanrental price affordability.Keywords:Construction and development loan;residential mortgage loan;housing price-to-incomeratio;rent-to-income ratio作者简介：况伟大(970一)，男，博士，教授，祖籍山东胶州：任职单位：中国人民大学商学院：研究领域：房地产金融与经济、家庭金融、城市经济：邮箱：weidakuang(@ruc.edu.cn黄烨华(1994一)，女，2020级博士研究生，祖籍江苏无锡：就读学校：中国人民大学商学院：邮箱：huangyh0126@gq.c0m马赫(2002一)，男，2020级本科生，祖籍天津宁河：就读学校：中国人民大学商学院：邮箱：mahe0213@ruc.edu.cn资助项目：本文受国家社科基金重大项目“防范化解房价波动引发的经济金融风险研究”（基金号：228ZD130)的资助。感谢专家与编粗部宝贵意见，文责自负。中国知网https://www.cnki.net