中国内地房地产泡沫的争议

Controversies on Real Estate Bubbles in Mainland China

摘要: 中国内地自1998 年推行房改政策以后，房地产市场便活跃起来，亦带来不同学者对房地产价格是否存在泡沫的争议。本文根据修正后的资本边际收益率方法，尝试探讨中国内地自1998 至2009年期间的房地产价格是否存在泡沫的问题，答案是否定的。

Abstract: After the reform in the allocation of housing was implemented in mainland China in 1998, the housing market became active, and led to the arguments among scholars on whether real-estate bubbles did occur in China. By analyzing with the use of “refined marginal return of capital” method, no general bubbles have been detected in the real estate market of mainland China, during the period 1998-2009.