中文摘要：

本文在考虑通货膨胀的条件下,利用我国1998-2006年的实际利用外资和房地产价格的季度数据建立误差纠正模型（ECM）,使用Granger因果检验方法对我国的房地产价格和国际资本流动的关系进行实证检验.得出结论,短期而言,房地产价格上涨吸引了外资的流入;长期来说,外资的流入对我国的住房价格上涨产生了影响.在现阶段控制外资过度流入房地产市场,有利于保持我国房地产价格的稳定.

英文摘要：

In the paper, an error- correction model was formed by considering inflation and using quarterly data of factual foreign capital flow and Chinese housing price from 1998 to 2006, and tested by Granger - causality test. In conclusion, jack - up of housing price results in inflow of foreign capital in the short run; while in the long run, inflow of foreign capital has an effect on jack - up of housing price. Now, it is advantageous for China to keep stabilization of housing price by controlling excessive inflow of foreign capital.