资产化：住房金融化的中国路径

上海交通大学国际与公共事务学院陈杰教授与英国社科院院士、伦敦大学学院巴雷特规划学院的吴缚龙教授、Nick Gallent教授、Zhang Fangzhu副教授、北京师范大学地理学院潘峰华副教授等共同合作在地理学国际顶级期刊Annals of the American Association of Geographers 2020年第5期正式出刊发表论文“Assetization: The Chinese Path to Housing Financialization”。该文研究了中国特有的土地国有制度下，住房金融化和土地金融化如何相互交织和产生互动，并进而共同推动了中国经济发展中的资本积累。Annals of the American Association of Geographers为地理类SSCI一区期刊，2019年影响因子3.302。 Annals of the American Association of Geographers (AAAG)为美国地理学会旗舰期刊，1911年创刊，至今已有100多年历史，在国际地理学界享有崇高地位。

本文也是陈杰教授与吴缚龙教授共同主持的国家自然科学基金委员会（NSFC）与英国经济和社会研究理事会（ESRC）联合资助项目“中国城市发展的金融化趋势及金融风险”（国家自科基金批准号：NSF71661137004）的阶段性成果。

文献目录信息：

Wu, Fulong, Jie Chen, Fenghua Pan, Nick Gallent, and Fangzhu Zhang. 2020. “Assetization: The Chinese Path to Housing Financialization.” Annals of the American Association of Geographers 110 (5): 1483–99. https://doi.org/10.1080/24694452.2020.1715195.

概要：住房所有权的抵押和证券化以及资本对廉租房的渗透，这是住房金融化方面的文献最关注的问题。但事实上，住房金融化的形式各有不同。在中国，住房的商品化和私有化提高了人们的住房拥有率。住房金融化的结果之一，就是促使业主的自有住房转变为家庭财富的金融资产。尽管中国的住房抵押贷款水平相对较低，但抵押贷款的绝对数量和所占国内生产总值的比例都在上升。住房价格上涨也明显增加了住房消费融资渠道。本文对这些渠道进行了分析，并认为住房金融化是中国整体发展模式的重要组成部分，进一步论证了中国住房金融化的根源不是住房抵押贷款证券化，而是在国家控制的金融环境下，将资助房屋变成金融化资产，以此推动中国经济实现更大范围的金融化。

Abstract: Although the literature on the financialization of housing pays most attention to mortgaged and securitized homeownership and the penetration of capital into subsidized rental housing, forms of financialization are varied. In China, housing commodification and privatization has underpinned a growth in homeownership. One of the outcomes of financialization of housing is the transformation of owner-occupied housing into a financial asset for households’ wealth. Despite a relatively low level of residential mortgage lending in China, both the absolute volume of mortgages and the proportion of gross domestic product they represent are now rising. Housing value appreciation has driven a significant increase in the financing of housing consumption through multiple channels. This article examines these channels and suggests that the financialization of housing in China is a critical part of the country’s overall development model. It is further argued that the root of housing financialization in China is not mortgage securitization but the creation of owner-occupied housing as a financialized asset to propel the wider financialization of the Chinese economy in the context of state-controlled financial environment.

https://www.tandfonline.com/doi/full/10.1080/24694452.2020.1715195