[摘　要]　通过对香港地区1979~2007年间商业物业价格与租金关系的定量研究指出，房价与租金存在长期均衡的协整关系。运用Granger因果检验法得出，商业物业市场仅存在房价对租金的单向因果关系，而租金对房价的影响并不显著，同时结合脉冲响应函数分析了房价与租金之间的动态关系。

[关键词]　商业物业,价格,租金,关系,协整

Abstract: This study carries out a quantitative investigation on the relationship between prices and rentals of the Hong Kong commercial property during 1979-2007. The result shows that there exists a long-run equilibrium and co-integration relationship between the commercial property prices and rentals. Based on the Granger-causality test, we also find out the unilateral causality relationship between prices and rentals, while no obvious impact of rentals on prices. In addition, the dynamic relationship between prices and rentals is analyzed by means of Impulse Response Function.

Key words: commercial property; price; rental; relationship; co-integration

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建筑经济，2008（12）：51-54