货币政策对我国房地产市场波动性的影响——基于金融加速器效应角度的分析

根据金融加速器效应原理，货币政策变化往往导致房地产市场产生很大的波动性，我国房地产市场也不例外。我国普遍采用期房预售制度和滚动开发模式，导致房地产市场金融加速器效应呈现出周期不对称性。不同地区房地产市场发展的差异性，则导致金融加速器效应呈现区域不对称性。不同规模房地产企业融资难易程度的差异，导致金融加速器效应因企业规模不同而不同。为保持房地产市场平稳发展．我国需要有针对性地采取相应的政策措施。

How Monetary Policy Affects the Volatility of the Real Estate Market in China --Based on the Financial Accelerator Effect

According to the theory of financial accelerator, the change in monetary policy often leads to great volatility in the real estate market, and there is no exception in China. The system of period room sale and the scrolling development model which are common in real estate market in China brings about the cyclical asymmetry on the financial accelerator effect. The variance of the development level in different regions for the real estate market in China has led to the regional asymmetry on the financial accelerator effect. The difference in financing availability between the large real estate enterprise and the medium and small ones varies on the financial accelerator effect. To maintain the stable development in real estate market in China, some related policies and measures need to be taken.