近期，我院周航、周正怡老师与合作者的论文 Down Payment Requirements and House Prices: Quasi-Experiment Evidence from Shanghai（首付要求与房价——来自上海的准实验证据）发表在房地产经济学领域的国际权威期刊 Real Estate Economics（简称“REE”）上。在线资源请点击“阅读原文”获取链接。
Down Payment Requirements and House Prices: Quasi-Experiment Evidence from Shanghai
Haopeng Shen, Hang Zhou, Zhengyi Zhou
Real Estate Economics, publishied.
Real Estate Economics
“Real Estate Economics（不动产经济学）”是介绍不动产主题的顶级期刊。自1973年以来，Real Estate Economics一直致力于促进学术研究人员与产业从业人员之间的交流，并改进不动产决策的分析。所刊载的文章涵盖多种问题，从税则到经纪人佣金，再到企业不动产，包括住房与城市经济学以及不动产开发与投资的金融经济学。该期刊近五年的影响因子为2.6。
周正怡
周正怡
周正怡，上海财经大学金融学院副教授，主要从事房地产金融与中国经济的研究。成果发表于国际一流期刊Journal of Banking and Finance, Real Estate Economics(x2), The Journal of Real Estate and Finance Economics，Regional Science and Urban Economics等。
周航
Down Payment Requirements and House Prices: Quasi-Experiment Evidence from Shanghai
Haopeng Shen, Hang Zhou, Zhengyi Zhou
Using the regression discontinuity design, a quasi-experiment approach, this paper establishes a causal relationship between the down payment requirement and house prices by exploiting a unique institutional background in Shanghai. In the unique setting, the required minimal down payment ratio jumps at the Inner Ring, a circular elevated highway, from 50% to 70% for a large group of buyers. With transaction level data from the largest real estate broker in Shanghai, we find that a lower required down payment ratio increases the apartment price by 138.8 thousand RMB, around 3.71% of the average transaction price.
（版权归金融学院所有，转载请注明出处。）
