中国启动于2011年初的旨在使房价合理回归的新一轮房地产调控政策，使得投机、投资性购房需求得到明显抑制，2012年一些被限购城市的房价出现同比下降，但 仍有一些特大城市的房价居高不下。本文引入房价收入比指标，讨论了合理房价及房 价收入比的算法，确定各类城市合理房价收入比上限，计算现状房价收入比超出合理 房价收入比上限的程度，由此确定各类城市房价的调控目标（标准），首次建立了房 价调控策略模型，文章最后还提出了在房价合理回归后，稳定房价的长效政策措施。

Started in early 2011, China’s new round of real estate regulation policy, aiming to bring down housing price to a reasonable level, suppressed the speculative and investment housing demand remarkably. Under the purchase control policy, housing prices in some cities fell in 2012 compared to a year ago, but housing prices in a number of megacities still remained in high level. Through introducing the housing price income ratio, the article talks about the algorithm for calculating reasonable housing price and price income ratio, thus determines the upper limit of reasonable price income ratio for different kinds of cities. It also calculates the degrees of exceeding the upper limit of the reasonable price income ratio, on the basis of which, the control standards of housing price are determined and the housing price control strategy model is established for the first time. At the end of this article, effective long-term measures for stabilizing the housing price after the reasonable return of housing prices are also presented.

一、合理房价与房价收入比
二、各类城市房价调控目标
三、房价调控模型与定理
四、房价合理回归后稳定房价的长效政策措施

• 程道平(山东师范大学商学院) | Cheng, Daoping