中文摘要：

货币政策立场与房地产异质性特征会影响房地产信贷政策调控效果。利用我国31个省、市、自治区的相关数据构建动态面板模型进行实证研究发现：房地产信贷对异质性房地产商品价格的调控效果有明显的不同,货币政策立场与房地产信贷政策之间存在协同与拮抗作用,且这一交互作用也存在种类异质性和区域异质性,反映出房地产信贷政策与货币政策立场间的矛盾是近年来我国房地产价格调控效率较低的一个重要原因。因此,只有配合货币政策立场、充分考虑银行风险承担行为,并针对不同种类、不同地域实行差异化的房地产信贷政策,才能发挥出最佳的调控效果。

英文摘要：

Monetary policy stance and heterogeneous house prices have significant impacts on the effect of real estate credit policy. Employing the data of 31 provinces in China,the paper constructs a dynamic panel data model to make an empirical study,and finds that real estate credit policy has significantly heterogeneous effects on house prices. There exist collaboration and antagonism effects between monetary policy stance and real estate credit policy,which also behave heterogeneously among different types and areas. The research results imply that,the contradiction between monetary policy stance and real estate credit policy is a major cause for the inefficiency of China＇s controlling policy of housing prices in recent years. Consequentially,the specific real estate credit policies which coordinate with the stance of monetary policy and take the risk-taking channel of banks into account would achieve better regulating and controlling effects.