| 投资者行为、正反馈交易与房地产价格异常波动 |
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| 引用本文： | 孙小琰,沈悦,赵建军.投资者行为、正反馈交易与房地产价格异常波动[J].预测,2007,26(5):59-63. |
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| 作者姓名： | 孙小琰 沈悦 赵建军 |
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| 作者单位： | 1. 西安交通大学,管理学院,陕西,西安,710061
2. 西安交通大学,经济与金融学院,陕西,西安,710061 |
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| 摘 要： | 本文通过研究投资者信念、正反馈行为与房地产价格之间的联系,提出了投资者信念是支持正反馈行为的心理基础和正反馈行为是影响房地产价格波动的原因等观点。理论和实证研究表明,当出现影响投资者信念的突发性政策时,投资者信念会引起投资者的正反馈行为并使房地产价格产生波动。实证研究还表明,正反馈行为会引起房地产价格的自相关,正反馈交易是引起当前房地产价格持续上涨的重要因素。本文的研究结论对当前的宏观调控具有重要意义。
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| 关 键 词： | 投资者信念 正反馈行为 房地产价格波动 |
| 文章编号： | 1003-5192（2007）05-0059-05 |
| 收稿时间： | 2007-06-17 |
| 修稿时间： | 2007年6月17日 |
Investor's Behave, Positive Feedback Trading and Fluctuations of Real Estate Price |
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| SUN Xiao-yan,SHEN Yue,ZHAO Jian-jun.Investor''''s Behave, Positive Feedback Trading and Fluctuations of Real Estate Price[J].Forecasting,2007,26(5):59-63. |
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| Authors: | SUN Xiao-yan SHEN Yue ZHAO Jian-jun |
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| Abstract: | This paper studies the links among investor belief,the positive feedback trading and real estate prices.Investors' belief is a psychological support and positive feedback effects are the reasons for fluctuations in real estate prices.Theoretical and empirical studies have shown when some sudden policies appeared,positive feedback trading arises by Investors' belief.It makes real estate prices fluctuated.Empirical studies also show that real estate prices autocorrelation triggered by the positive feedback trading,positive feedback trading is an important factor in the continuing rising in real estate prices.The conclusion of this article is of great significance to the current macroeconomic control. |
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| Keywords: | investors' belief positive feedback trading fluctuations of real estate price |
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