房地产出租业与房地产投资替代 ——以美国为例的实证分析

华东师范大学(哲学社会科学版) ›› 2011, Vol. 43 ›› Issue (2): 139-146.

房地产出租业与房地产投资替代 ——以美国为例的实证分析

崔裴

华东师范大学商学院，上海，200241

收稿日期:1900-01-01 修回日期:1900-01-01 出版日期:2011-03-30 发布日期:2011-03-30
通讯作者: 崔裴

An Analysis of Real Estate Rental and Its Substitution for Investment ----A Focus on U.S.A.

CUI Pei

Received:1900-01-01 Revised:1900-01-01 Online:2011-03-30 Published:2011-03-30
Contact: CUI Pei

摘要/Abstract

摘要： 从对房地产出租业形成、行业地位的理论分析入手，通过对美国房地产业行业结构的调查，以及对其房地产投资信托规模与非金融机构的房地产资产规模的格兰杰检验，可以发现，房地产出租业是房地产业内部分工内生演进的产物，是现代房地产业的核心主体——房地产投资者；房地产出租业具有将房地产直接投资转化为对房地产出租企业股权投资的投资替代效应；房地产投资替代有助于缓和房地产买卖市场的供求矛盾，增加有效房地产服务供给，形成房地产租买选择机制。这对于解决中国住房价格过快上涨和售出商品房大量空置等问题，具有重要的启发意义。

关键词: 房地产出租, 房地产投资, 投资替代

Abstract: Real estate is either essential material for production and living or expensive investment goods. This paper discloses that renters of real estate are virtually real estate investors, and the core role of modern real estate industry is a result of evolutions of labor division. This research discovers that renters of real estate have a substitution effect for real estate investment by transferring direct investment on real estate to investment on real estate leasing companies. This paper points out that this effect helps to abate a conflict between supply and demand on real estate asset market, increase effective real estate service supply, form real estate tenure choice mechanism, and make sense for solving the problem of too fast increasing of housing price and high empty rate of sold residential real estate in China.

Key words: real estate rental, real estate investment, investment substitution

崔裴. 房地产出租业与房地产投资替代 ——以美国为例的实证分析[J]. 华东师范大学(哲学社会科学版), 2011, 43(2): 139-146.

CUI Pei. An Analysis of Real Estate Rental and Its Substitution for Investment ----A Focus on U.S.A. [J]. Journal of East China Normal University (Philosoph, 2011, 43(2): 139-146.