中国房地产市场处于直接融资条件下的市场需求驱动形态,既受制于资金链上游银行业的投资决策,也束缚于资金链下游市场需求方的购买决策,表现出强烈的金融心理属性。在金融与心理因素交互作用下,中国房地产行业自发性地形成了吸引资金、适度繁荣、非理性繁荣的路径,并相伴产生不断增强的流动性风险。非理性市场会放大流动性风险,引发流动性危机;而培育价值投资型买方,发展理性房地产交易市场,则可有效抑制房地产泡沫,稳定市场情绪,引导房地产行业进入良性竞争。
China's real estate market is in the form of market demand drive under the direct financing conditions,both being subjected to the capital chain of the upstream banking industry investment decisions,and bound to the purchase decisions of downstream market capital chain,displaying a strong financial mental attributes.Under the interactive impact of financial and mental factor,the real estate industry spontaneously formed a path of money attraction,moderate prosperity,irrational exuberance,together with the continuously increasing liquidity risk.Irrational market will magnify the liquidity risk;trigger liquidity crisis;cultivating the value investment buyers and developing of rational real estate market can inhibit the real estate bubble,stabilize the market emotions of real estate industry and lead to benign competition.