In order to test the existence of“leverage effect”between new and second-hand housing prices,we established the EGARCH model with the monthly data of new and second-hand housing price index from July 2005 to January 2014 and further established the vector auto regression model(VAR),then used the Impulse response function and variance decomposition method to discuss the interactive information delivery between new and second-hand house. The result shows the existence of leverage effect,and the difference is that the new house has a positive leverage effect,but the second-hand house has a negative leverage effect. Meanwhile the new house price plays a leading role on the second-hand house price,while second-hand house has only a very weak influence on new house.%以2005年7月至2014年1月我国新房与二手房月度价格指数为样本,通过指数自回归条件异方差(EGARCH)模型来检验我国新房和二手房价格是否存在“杠杆效应”,进一步建立向量自回归模型,利用脉冲响应函数分析与方差分解法探讨我国新房和二手房的价格互动信息传递。研究表明我国新房和二手房价格存在杠杆效应,其中新房价格存在正的杠杆效应,而二手房价格存在负的杠杆效应,新房价格对二手房价格起主导作用,二手房价格对新房价格影响力较弱。
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机译:Study on the Quality and Safety of Information Transmission in China’s Export of Aquatic Products Supply Chain Based on a Traceability System基于可追溯体系的我国出口水产品供应链质量安全信息传递研究