金融理论与实践

大力发展市场化长租公寓是培育与发展住房租赁市场、建立“租购并举”住房制度的重要抓手。基于2022—2023年我国26个大中城市月度面板数据，将租赁住房REITs（不动产投资信托基金）试点发行作为一项准自然实验，采用多期双重差分方法，从消费替代和要素保障视角分析租赁住房REITs对市场化长租公寓供给规模的影响效应及作用机制。研究发现，租赁住房REITs显著提升了市场化长租公寓供给规模，且经过多种稳健性检验后结论依然成立。异质性分析表明，租赁住房REITs对于人口净流入多、租金回报率高及金融发展水平高城市的市场化长租公寓供给规模的提升作用更显著。进一步分析表明，租赁住房REITs能够通过提高租赁人口规模及增长率、增加租赁住房用地供给水平及占比，提升市场化长租公寓供给规模。研究结论对于推进租赁住房REITs和住房租赁市场发展具有一定现实意义。

Vigorously developing market-oriented long-term rental apartments is an important lever for fostering and developing the housing rental market and for establishing a dual-track housing system that gives equal weight to renting and homeownership. Using monthly panel data from 26 large and medium-sized cities in China from 2022 to 2023, this study treats the pilot issuance of rental housing Real Estate Investment Trusts(REITs) as a quasi-natural experiment and employs a multi-period difference-in-differences approach to examine the effects and underlying mechanisms of rental housing REITs on the supply of market-oriented long-term rental apartments from the perspectives of consumption substitution and factor support. The results show that rental housing REITs significantly increase the supply of market-oriented long-term rental apartments, and this conclusion remains robust after a series of robustness tests. Heterogeneity analysis indicates that the positive effect of rental housing REITs is more pronounced in cities with greater net population inflows, higher rental yields, and higher levels of financial development. Further analysis shows that rental housing REITs can expand the supply of market-oriented long-term rental apartments by increasing both the size and growth rate of the rental population, as well as by raising both the level and share of land supply for rental housing. These findings have practical implications for advancing rental housing REITs and promoting the development of the housing rental market.