中文摘要：

金融政策较强的顺周期性容易导致房地产市场在繁荣阶段滋生泡沫，在衰退阶段陷入萧条，而我国房地产市场在国民经济中的重要地位及其高负债经营特征强化了房地产市场的金融加速器效应。从消费和投资两方面对房地产金融加速器的传导途径进行考察，研究结果表明：我国房地产市场存在显著的金融加速器效应，且在信贷宽松环境下的金融加速器效应大于信贷紧缩环境下的表现。因此，要稳定房地产市场的发展态势，需要提高金融政策的灵活性和前瞻性，转变房地产业经营融资模式。

英文摘要：

Because of the pro - cyclicality of financial policy, the real estate market is easy to get into bubble in boom phase, slide in- to depression in recession phase. The important position of real estate market and its high - debt operation characteristic strengthen the financial accelerator effect. This paper dwells upon transmission channel of financial accelerator of real estate as far as consumption and investment are concerned. The results show that ： China＇ s real estate market has significant financial accelerator effect, and the effect under loose credit environment is greater than the credit Chinch environment performance. Therefore, in order to stabilize the development of real estate market, we need to improve the flexibility and predictability of financial policy, and change the business and finance model.