Influencing Factors Of Fictitious Features Of Real Estate Based On SEM

more and more investment in real estate market and so on. However, most of the traditional researches of real estate are on the basis of the real economy theory, which are not able to give good explanations for the features of fictitious economy of the real estate market. In addition, although several scholars have done some research on the fictitious economic features of the real estate, very small number of quantitative studys have been conducted before. This thesis attempts to do quantitative research of what infuencing the fictitious economic features of the real estate based on existing achievements. On the one hand, it is able to supplement the theoretical system of the real estate economy. On the other hand, it can provide theory support for predicting the trends of the real estate market and making related policies by the government..Some analysis of influencing factors of fictitious features of real estate is done using Structural Equation Modeling (SEM) on the basis of the theory of fictitious economy and fictitious features of real estate. Firstly, the fictitious economy theory and fictitious economic features of real estate are explained in details, and also some necessary principles of structural equation models. Then we introduce five hypotheses based on the analysis of fictitious economic features of real estate, that is:①the real economy has positive direct impact on the real economy level of real estate;②the real economy has positive affect on the fictitious features of real estate;③the finance development has positive direct impact on the real economy;④the finance development has positive direct impact on the fictitious economy level of real estate;⑤the real economy level of real estate has positive direct impact on the fictitious features of real estate. And the next is establishing four competing SEM models under the guidance of the alternative competitive strategy. Finally, an empirical test is done using the monthly data from 2000 to 2009 of China's real estate market.We found that the real economy has positive direct impact on the real economy level of real estate and positive indirect affect on the fictitious features of real estate, and the finance development has both positive direct impact on the real economy and the fictitious economy level of real estate.The innovation of this thesis is introducing SEM into the quantitative research of fictitious economy of real estate, and proving the influencing factors of fictitious features of real estate.