中文摘要：

从金融支持的视角出发,利用我国2006～2011年的数据从全国层面和京津沪渝等省际层面研究发现,全国房价趋于合理,但京津沪的房价泡沫严重,这与我国的金融支持过度密切相关;货币政策工具对房价作用的有效性在全国层面上表现明显,但对京津沪的作用不显著,说明对于房价泡沫除了要控制金融支持过度外还要控制非理性泡沫,更要防止紧缩货币政策对房价的过度挤压,避免刺穿泡沫给实体经济带来的破坏。

英文摘要：

From the perspective of financial support with 2006-2011 data of China on the national and provincial levels,such as Beijing,Tianjin Shanghai and Chongqing,the result shows that the housing prices on the national level become more reasonable,but the housing bubble is serious in Beijing,Tianjin,and Shanghai,which is closely related to excessive financial support in China.The role of monetary policy has obvious effect on the housing price on the national level,but not significant in Beijing,Tianjin and Shanghai.It indicates that control of the housing bubble means not only control of excessive financial support but also control over the irrational bubble,as well as preventing excessive price squeeze caused by contraction monetary policy to avoid the damage to the real economy caused by the piercing of the bubble.