[摘　要]　构建了我国1950～2006年住宅投资的时间序列，以OECD国家为参照，分析住宅投资波动的时空差异，发现：计划经济时期住宅投资的波动剧烈，1980～1997年房改时期波动减小，1998年停止实物分房后波动降到最低，表明市场化取向的住房制度改革有助于减小住宅投资的波动。以上海、深圳、长沙、成都为例的分析发现，我国住宅投资的波动呈现出东部较大、中部居中、西部最小的地域特征。

[关键词]　住宅投资,波动,长期趋势,区域差异

Abstract: By constructing a time series dataset of Chinese residential investment from 1950 to 2006, and comparing with OECD countries, this paper analyses tempo-spatial diversity of Chinese residential investment fluctuations, and finds that the market-oriented housing reform helps to reduce residential investment fluctuations. Meanwhile, there is a significant spatial diversity, behaving a decreasing mode from the eastern coastal areas to western inlands.

Key words: residential investment; fluctuations; long run trend; tempo-spatial diversity

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