| Statistical data shows that China’s real estate sales area and sales amount appeared in a rapidly rising trend especially in first-tier cities since the abolition of the welfare housing distribution system. The government launched several rounds of cooling measures to control of the real estate industry through market means and administrative means from the year of2004meanwhile the analysis of the impact factors of price fluctuation has become a hot academic research. At present, the research of impact on prices mainly focused on the macro economy, people’s living standards, loans, interest rate, money supply, land prices, expectations etc., but the relevance analysis between housing price and city capital stock hasn’t yet been researched.City capital stock is a new research hotspot in recent years that it reflects the city capital over the years after total depreciation. Therefore the city capital stock is neither the simple reflection of the investment in very year, nor the simple sum of investment every year. On the other hand, the price of real estate is not the simple refection of the amount of investment in the land in that very year but the investment over the years. In other words, real estate price mainly reflects the land capital stock. Consequently, compared with the previous studies on investment and housing price, this paper has better rationality and creativity.Firstly, the paper reviewed the research results on the city capital stock and the influence factors of real estate price and then put forward the path of city capital impact on real estate prices on the basis of Marx differential land rent theory. Secondly, using the perpetual inventory method to estimate Shanghai capital stock and carrying out correlation analysis between capital stock and housing price. Finally, putting forward the research conclusions and policy recommendations on the basis of the analysis of above theory description and empirical analysis. |
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