首套房贷款利率动态调整政策、住房价格与实体企业信贷

王鹤1; 严鸿1; 付明卫2

首套房贷款利率动态调整政策、住房价格与实体企业信贷

引用本文：王鹤1,严鸿1,付明卫2.首套房贷款利率动态调整政策、住房价格与实体企业信贷[J].财经理论与实践,2025,(3):141-147

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作者	单位
王鹤1,严鸿1,付明卫2	（1.湖南科技大学商学院/区域经济高质量发展研究中心，湖南湘潭 411201；2.中国社会科学院经济研究所，北京 100836）

中文摘要:依据2021年第一季度到2023年第二季度全国70个大中城市上市企业数据，采用双重差分模型，考量首套房贷款利率动态调整政策对实体企业信贷的影响。结果显示：首套房贷款利率动态调整政策有利于稳定房价，促进房地产市场修复预期，但减少了实体企业信贷资源；异质性检验显示，该政策主要影响企业短期信贷，对非国有实体企业、服务业企业和一、二线城市实体企业信贷影响更大。鉴于此，建议通过金融配套政策，加大对“非优势”实体企业的融资支持力度，提高金融服务质量，逐步解决其融资难、融资贵问题。

中文关键词:住房价格首套房贷款利率政策实体企业信贷挤占

Dynamic Adjustment of Housing Purchase Policyies Housing Prices and Credit for Real Enterprises

Abstract:Based on the data of listed enterprises in 70 large and medium-sized cities across the country from the first quarter of 2021 to the second quarter of 2023, this study employs a difference-in-differences (DID) model to empirically examine the impact of the dynamic adjustment policy for first-home mortgage loan rates on credit allocation to real-economy enterprises. The results indicate that the implementation of this policy helps stabilize housing prices and reinforces current expectations of recovery in the real estate market. However, it also significantly reduces the credit resources available to real-economy enterprises. Heterogeneity tests reveal that the policy primarily affects short-term corporate credit, with a more pronounced impact on non-state-owned real-economy enterprises, service-sector enterprises, and enterprises in first- and second-tier cities. In light of these findings, it is recommended to enhance financial support for “disadvantaged” real-economy enterprises through complementary financial policies, improve the quality of financial services, and gradually address their difficulties in accessing affordable financing.

keywords:housing prices interest rate of the first home loan brick-and-mortar businesses credit crowding

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