中文摘要：

在相关理论分析和综述前提下,在对我国近十年房地产价格上涨和银行信贷数据分析基础上,利用DCC-MGARCH动态相关性分析、脉冲响应分析和G ranger因果关系检验等计量方法,对我国房地产价格、信贷和房地产投资之间的关系进行了分析,并进一步检验房地产价格的金融加速器效应的存在性。得出以下主要结论：①我国房地产信贷风险暴露值被低估,近几年其真实值大于25%,情况不容乐观;②我国房价上涨促使了房地产投资和信贷的增加,但是还没有形成从信贷增长到房价上涨和房地产投资增长的反馈机制;③我国房地产价格的金融加速器机制是存在的。

英文摘要：

Based on the theoretical analysis and literature review,we analyze China＇s housing price and bank credit data.Using DCC-MGARCH dynamic correlation analysis,impulse response analysis and Granger causality test,we analyze the relationship between housing price,housing investment and bank credit,and test the financial accelerator effect of housing price.We can draw the main conclusions： ①The credit risk exposure related on real estate has been underestimated in recent years.The true value has been greater than 25%.②China＇s housing price has prompted the increasing in real estate investment and bank credit,but the feedback mechanism did not form.③The financial accelerator of housing price has formed.