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3(256)20053ResearchonFinancialandEconomicIssuesNumber3(GeneralSerialNo1256)March,2005(,100045):()(),(),;,,;,:;;:F28718:A:10002176X(2005)0320003208,,,,,,,,,;,,(),,,,(2004),1998(20012003),,,:2004212220:(1978),,,,©1994-2009ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.,,[1](2003,2004)Hotelling(1929),,[2][3],,,,?,,,(HHI)()[4],,,,,,(LernerIndex),,,014,(,2004)[5](2004)19962002,016,,014,,:LI=1||=p-MCp,,,p,MC,,(AC)(MC),,,,,,,,,,(LernerIndex),:LI=1||=p-MCp,,,p,MC:,,:(q)=pq-C(q)=TR-C(q),d(TR)dq=C(q)=MCd(TR)dq,MRTR=p(q)q,MR(q)=d(p(q)q)dq=p(q)+qdp(q)dq=p(q)1+dp(q)dqqp(q)=p(q)1-1||,||,||=-dqdppq420053256,,©1994-2009ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.=MC,MC0,||1,||1,MC0,MC0,1,1,,,(mark2up),,(MR=MC)q3,q3,()pm,pmMR=MC,,,(pm-AC)q3,,:,,,,;,,,,,,,,,,,;,,(),,,,1,,,,,11,,1999,,,32,199920035(panel),,160,198720031998,,(),()21,,:,:,,,D,P5,(),,,,,©1994-2009ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.,logyit=log+Tlogxit+loguit(1),:dyityit=Tdxitxit:T=xityitdyitdxit,,,,,5,,,,:yit=it+Titxit+uit,i=1,,N;t=1,,N(2):xTit=(x1it,x2it,,xKit),,Tit=(1it,2it,,Kit),,K,i,T,uit,,,,,(2):yit=i+Tixit+uit(3),ii,,:,:H0:1=2==N,1=2==N,:yit=+Txit+uit,i=1,,N;t=1,,N(4)(),,19992003()1987200319992003(),11,Eviews410:DependentVariable:LNDMethod:GLS(CrossSectionWeights)Sample:19992003Includedobservations:5Numberofcross-sectionsused:32Totalpanel(balanced)observations:160VariableCoefficientStd1Errort-StatisticProb1LNP118482560100499636919217010000WeightedStatisticsR-squared01996137Meandependentvar32124883AdjustedR-squared01996137S1D1dependentvar21120064S1E1ofregression11317655Sumsquaredresid27610580620053256©1994-2009ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.,1%,0199,1185,(1),0154,,,21,,WTO,,::,,,,(32),,1119992000200120022003LND=117763603LNPLND=11821423LNPLND=118373373LNPLND=11865833LNPLND=118879833LNP(01000597)(01004310)(01001920)(01005163)(01002693)(29751437)T(42216314)T(9561948)T(36114139)T(70019408)T(010000)P(010000)P(010000)P(010000)P(010000)PR2=01999996R2=01999715R2=01999958R2=01999525R2=01999911LI=015630LI=015490LI=015443LI=015360LI=015297,1%,01995,5,,,,,31199819872003,221987200319871988198919901991199219931994()408503573703802105012801409()110096714721641637542201826323785974265938863714110184950199519961997199819992000200120022003()171018061997206320532112217022502359()125772691427129217994763251330272987873439354423486275176032341376708995:,,7©1994-2009ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.,1998,,,,,,,:19871997,;19982003,,,,,1:1998,,Eviews410,,33:19872003:19871997:19982003LND=21250043LNPLND=21223163LNPLND=212898753LNP(0101215)(0101132)(0101619)(1851096)T(1961367)T(14114187)T(010000)P(010000)P(01000000)PR2=019341R2=019372R2=0148048,2125,01444,,19871997,21223,0144981,,,1987199119921997,1992,199219972125,198719912126,1992(01444)1992(01442),,,,1993,1998,,2129,014367,,,,,,,4119992003(),,5,,,,1%,,R201970191019041820053256©1994-2009ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.()210127014968118471015414119962015009118270015473119866015034118237015483119775015057118002015555119587015105117971015564119152015221117930015577119122015230117869015596119102015235117851015602119057015247117545015699119025015256117536015702118901015291116962015896118805015318116523016052118762015330115407016490118731015339115354016513118684015352111811018467118494015407119992003()41,,,,,,,,,,,,:11,(),,,21,,,,,,,9©1994-2009ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.,,,,,,,41,,,,,,(,2004)[6],,,,,,,,:[1],1:1995200214[J]1,2004,(6)1[2]1[M]1:,20031[3]1[J]1,2004,(7)1[4]Hay,DandD1Morris1IndustrialEconomicsandOrganization[M]1OxfordUniversityPress,199112072161[5],1[R]1,No1C2004012,2004,(8)1[6],1[J]1,2004,(7)1[7]1[M]1:,20011[8]Henderson,J1MandR1E1Quandt1MicroeconomicTheory[M]1McGraw-HillBookCompany,NewYork,19801[9]Hotelling,H1StabilityinCompetition[J]1TheEconomicJournal,Vol139,No1153119291[10]Tirole1TheTheoryofIndustrialOrganization[M]1MITPress,Cambridge,19881AStudyontheMonopolyPowerofChinapsRealEstateMarketTheMeasureoftheLernerIndexLIHong2jin(FinanceReasarchDepartmentofTheChineseBank,Beijing100045,China)Abstract:Theexistenceofmonopolypowerisoneofthemostimportantcharacteristicsoftherealestatemar2ket1TheLernerIndex(LI)isasatisfactorymeasurementforthemonopolypower1Inthisarticle,basedondif2ferentsamples(paneldataofthesateaswellasprovinces,provincialcrosssections,timeseriesofthestateandprovinces,forinstance),wedoanempiricalstudyontheLernerIndexoftherealestatesector1WefindoutthatthemonopolyprobleminChinapsrealestatemarketissevere1Withtheprocessofthemarketeconomyandthegrowth,thecompetitionfactorsbecomesemergingandthemonopolyfactorsfading,althoughthepacesisslow1So,wehavethepolicyimplicationsthatthegovernmentmusttakethecompetitionpolicyasthebasisinordertoachievethegoalofthelongrunandhealthydevelopmentofther