Housing Stock Market Efficiency: Information-asymmetry Based View

The housing stock market is actually the secondary housing market. That if it caneffectively operate is not only related to the healthy development of the real estateindustry, but also beneficial to the people’s livelihood. Recent years, with the processof urbanization and housing commercialization in China, the housing stock marketscale expanded rapidly, but that the serious information-asymmetry in the market ledto the phenomenon that the market mechanism lack of efficiency caused the wideattention of scholars. Based on the classical theory of financial economics called“efficient market hypothesis”，this paper analyzed theory of the housing stock marketefficiency and get that housing stock resources can receive optimal allocation throughprice mechanism in effective housing stock market, the housing stock marketefficiency is to measure if the allocation is in real degree, namely if the buyers canobtain the appropriate houses at a reasonable price, thus meeting the consumers of realneeds, particularly low-income groups. Therefore, deeply carried on theoretical andempirical analysis of China’s housing stock market efficiency based on the "efficientmarket hypothesis" is of practical significance and research value to enrich the theoryof rich real estate market efficiency and to improve the housing stock marketefficiency.From the situation and the operation of China’s housing stock market to thepresent stage, the housing stock market’s development is not balanced in differentareas, trading volume is still a big gap compared with the developed housing stockmarket, the main reason is that the problems of the stock housing itself suchas ownership, quality, price information and the provision and acquisition of the housing stock and the agency information in the transaction process. All theseproblems cause serious problems of information-asymmetry in the market. And theinformation-asymmetries in two forms of the clients and agencies of both sides willaffect the function of market to optimize the resource allocation, resulting in the loss ofmarket efficiency, but credit broker agencies’ information transmission play a positiverole can improve the efficiency of the market to a certain extent.In view of the influence of information-asymmetry on the housing stock marketefficiency, Based on the incomplete information dynamic game theory as thefoundation, this paper established buyer’s profit model of information–asymmetry andnon information–asymmetry of non cooperative game framework, and confirmed thatthe information-asymmetry caused the loss of housing stock market efficiency.The article also test the level of the housing stock market efficiency through “timeseries of prices” research based on five typical city Beijing, Guangzhou as example inChina, collecting the monthly data of the stock commercial housing price indexcollection of each sample city from Jan,2008to Nov,2013with the application ofautocorrelation test, autoregressive model, the result show that five cities currently notyet reached the weak type effectiveness level of efficiency, thus analyzing the five cityof the housing stock market is not effective or inefficient level.Finally, pointing at the low level of the present market efficiency and in order toreduce the information-asymmetry and enhance the level of market efficiency. thispaper suggested that the housing stock market information sharing platformconstruction should be speeded up; the disclosure of information strengthened,enhancing market transparency of information; established the buyer agent system ofbroker agencies, at the same time strengthen market supervision and management;improve the statistical methods of housing stock price information, improving thetimeliness, accuracy and integrity of the housing stock market price informationsurvey.