A Study Of The Relationship Between Fictitious Parts And Real Parts Of Real Estate Industry

"Sub prime mortgage crisis" in the United State 2007 has triggered the outbreak of the global financial crisis, making the research focus return to the real estate industry. Because of the special composition of real estate industry, which involves the real economy and the fictitious economy, the interaction between the real part and fictitious part of real estate is complex, meanwhile, the healthy operation of the real part and fictitious part is important to the development of macro economy. Therefore, in today's complex economic environment, the relevance research of real part and fictitious part of real estate is particularly important.Base on the available research results of fictitious economy, from the demand of the economic activities, this paper presents a division criterion of the fictitious economy and the real economy. Meanwhile, from a macro level the real estate industry is divided into four major components. The four major components judged by the division criterion, and we can re-judge the properties of the real estate and re-local the industry. In the current situation analysis, the qualitative judgments and the quantitative (DEA-Data Envelope Analysis) analysis are made by using the data of the real estate industry in Guangdong province from 1994 to 2008. In relevance analysis, the qualitative analysis of the correlation between the real part and the fictitious part is drawing on the relationships between the real economy and the fictitious economy. Finally, using the data of the real estate industry in Guangdong province from 1994 to 2008, a VAR system is established and impulse response functions and variance analysis methods are used to judge the relevance between the real part and fictitious part quantitatively, and appropriate conclusions are drew.Finally, basing on the theoretical and empirical analysis, a series of policy recommends are made to make sure the real part and fictitious part can develop healthily, stably and coordinately. In the current complex economic environment, to analysis the component of real estate industry weather real or fictitious from fictitious economy perspective is a new perspective to understand the real estate industry, helping us understand the internal mechanism of real estate, and it is practical important for explain current major economic phenomenon.