credit on real estate meaning in Chinese

不动产信用

With a rapid expanding of banking credit on real estate industry since 1998 , as long as the housing price soaring , there are a theoretical controversy on real estate bubble in china . at the present , our real estate industry depends deeply on credit funds , the bank credit supports our real estate to its full flourish , while accumulating substantial risk correspondingly . therefore , researching the relationship between bank credit behavior and real estate bubble is of great meaning to understand the formation mechanism of bubble and to take measures to guard against and to dissolve the risk of real estate bubble
本文借鉴carey模型和herring & wachter模型来研究银行信贷行为与房地产泡沫之间的关系,认为银行提供的信贷资金是房地产价格的一个决定因素,银行信贷扩张是造成房地产价格上涨直至泡沫形成的重要因素;房地产业的高收益率、银行对风险评估的失败是银行信贷集中于房地产业的主要原因;运用行为金融学理论研究表明,房地产信贷市场存在着过度自信与羊群效应行为,这些行为使得银行低估信贷集中于房地产业的风险,从而使得大量的信贷资金集中于房地产业。