| In the process of China’s rapid economic development, the real estate industry has gradually become pillar industries of the national economy, consumption of the residents there is a significant impact. In recent years, the rapid growth of China’s real estate prices, far beyond the affordability range of residents. Study Rates mechanism behind the rapid growth of the healthy and stable development of China’s real estate market, the growth of the national economy has a very important significance.After 1998, with the implementation of physical housing allocation system of cancellation and mortgage policies, China’s real estate market and the real estate industry has entered a period of stable and rapid development. In 2003, the State Council clearly one of the real estate industry as a pillar industry of the national economy. In recent years, with economic development, gradually opening up the international market, China’s real estate market ushered in a new rapid development,but also creates a lot of problems, rising investment demand, supply and demand is unreasonable, housing prices rose too fast, resulting in the real estate bubble and the like. Bank credit as an important aspect of monetary policy, but also real estate investment funds an important source of funds, its size on China Rate whether there is a significant impact on the focus of this study. Study on the relationship between bank credit and house prices, in relation to the development of China’s real estate market.This paper studies the impact of China’s banking credit scale price fluctuations from both theoretical and empirical aspects. First, from the theory of supply and demand perspective of bank credit scale affecting the real estate market, which have an impact on prices. Secondly, in view of 31 different provinces and cities from 2002 to2014 years data, selecting variable commercial housing prices, GDP, bank real estate loans, real estate investment scale, disposable income and dummies whether the implementation of the "restriction order", establish variable coefficient panel data model, according to the established model can analyze the results of bank real estate credit scale has a different degree of positive impact on housing prices in different regions, "restriction order" have imposed varying degrees of reverse influence on prices. Based on the findings above empirical analysis, the paper summarizes the policy recommendations related to the regulation of real estate prices, hoping to contribute to research in this area, implement differentiation loan system strictly;adjust the real estate industry credit scale and structure; implement stabilization ofhousing finance policy; to guide the credit funds to strengthen the support of affordable housing; strengthen the innovation of financial. |
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