中国房地产价格与股票价格相关关系的研究_new教程.docVIP

学年论文 院 系： 金融学院 专 业： 金融学 班 级： 12金融学2班 学 号： 12250501217 姓 名： 黄建龙 指导教师： 林大庞 提交日期： 2015 年 3 月 10日 广财经大学教务处 制 姓名 黄建龙 学年论文成绩 评语： 指导教师（签名） 年 月 日 说明：指导教师评分后，学年论文交院（系）办公室保存。 题目：中国房地产价格与股票价格相关关系的研究中文摘要：近几年，我国房地产市场发展迅速，房地产市场已成为资本市场的重要组成部分。但与此同时，我国房地产价格虚高，股价大起大落，给经济发展及人民生活带来了不利影响。国际经验表明，房地产价格和股票价格的剧烈震荡之间存在紧密关系，本文试图通过宏观分析，综合考虑股价变动对房地产投资的影响，揭示房地产和股票价格之间的联系,即在特定的条件下，由于替代效应和挤出效应会超过财富效应，从而导致股票价格与房地产价格背道而驰。一方面，中国股票市场自身不完善，导致财富效应微弱；另一方面，投资渠道匮乏强化了股票与房地产之间的替代效应。本文主要分析房地产价格与股票价格的相关关系，并提出了一些个人的见解。 关键词：房地产价格，股票价格，相关关系 Abstrat：In recent years, Chinas real estate market is developing rapidly, the real estate market has become an important part of the capital market. But at the same time, the false high price of real estate in our country, the stock price change radically, has brought the adverse effect to the economic development. International experience shows that, there is a close relationship between the turbulent stock prices and real estate prices, this paper attempts to macro analysis, considering the effect of changes in stock prices of real estate investment, between real estate and stock price relation, namely, under certain conditions, because of the substitution effect and the crowding out effect will be more than the wealth effect, thus lead to stock price and real estate price draw further apart. On the one hand, China stock market itself is not perfect, leading to weak wealth effect; on the other hand, the lack of investment channels to strengthen the substitution effect between stock and real estate. In this paper, the main analysis of the relationship between real estate price and stock price, and puts forward some personal opinions. Key words：The price of real estate，The sto