The Research Of China Real Estate Finance Policy’s Efficiency And Delay

The research of domestic real estate financial policy starting late, the government usereal estate finance policy to regulate the practice experience is not rich. The theory andempirical studies of real estate finance policy are also lacking of systematic and depth, so thepaper launched research about real estate finance policy’s efficiency and delay.The research object is real estate finance policy’s efficiency and delay. Based ontheoretical and empirical analysis; combined with qualitative and quantitative analysis;synthesized macro and micro economics, policy theory, system theory, more equationknowledge of econometrics and so on; studied policy’s efficiency and delay with practicehistory of it. Basing on summarizing research of china real estate finance policy’s efficiencyand delay, establishes efficiency and delay policy transmission mechanism, and finallybuilding the goal of policy system of real estate finance. Analyzing the effect of china realestate finance policy in economic fluctuation period (1988-2011), explores and constructs ascientific real estate finance policy model with the reason and the key link of it.Breaking through the level of qualitative analysis of previous scholars, adopts an moreequation knowledge of econometrics including: unit root test(ADF), Granger causality test,Johansen co-integration test, vector error correction model(VEC), generalized impulseresponse function and variance decomposition method, analysis of china’s real estate financepolicy effect from the view of quantitative. Synthesizes theory and the empirical analysisresults to raise suggestions to solve the efficiency and delay. In the end forecasts China’s2012financial policy trend of the real estate by investigation of "125" plans.