Research On The Real Estate Market Interests Coordination Policy Based On Stakeholder’s Behavior

Real estate industry is not only the mainstay of the national economy, but also the major source of local financial revenue, the fundamental support of the people’s living standard and the important carrier of people’s wealth. In order to create a stable and healthy environment for the development of the real estate industry, the governments take different regulative measures in terms of the current economic and financial situation both at home and abroad. At present, the supply and demand of the real estate industry is still in imbalance, however, the house price in our country keeps overheating, what’s worse, the real estate market remains in disorder. Prominent problems, such as the imperfect mechanism of benefits distribution in the real estate market should be responsible for all these bad conditions. The central government, local governments, real estate developers as well as ordinary residents are all eager to benefit from the real estate industry. Hence, a “smokeless war” between the ordinary residents and the vested interests group starts. Therefore, how to coordinate the conflict of interests among stakeholders determines whether the real estate market can be developed in a healthy and sustainable way. In view of this, taking the practical situation of our country’s real estate market into consideration, this paper lies its foundation on the Systematic Dynamics, Econometrics, Game theory, and other methods to analyze the stakeholders’ behavior from the following aspects: stakeholders’ targets and behavior; associations among stakeholders’ behavior; influences of stakeholders’ behavior on the house price, and main conflicts of interests among stakeholders. This paper hopes to put forward feasible policy recommendations on how to coordinate interests among stakeholders in our country’s real estate market.The paper comprises six chapters. Chapter One makes a general introduction to the study through elaborating the research background, the research objectives and significance, the research methodologies, and main ideas of this paper. Chapter Two defines concepts which are related to the real estate market, and also provides the theoretical basis for the whole paper. Chapter Three firstly makes an analysis on the goals and behaviors of the central government, local governments, real estate developers as well as ordinary residents, then, probes into associations among all these stakeholders by adopting the causal feedback loop of the Systematic Dynamics, finally, taking local governments as an example, constructs the P-VAR model to analyze the house price which is influenced by local governments’ behavior, such as, controlling of land supply, raising sale price and so on. Chapter Four focuses on analyzing interests games among stakeholders, including the game between the central government and local governments; the game between local governments and real estate developers, also the game between real estate developers and buyers. Chapter Four combing with the principles of interests balancing, tries to put forward feasible policy recommendations on how to coordinate interests among stakeholders in our country’s real estate market based on the targets and behavior of stakeholders, associations among stakeholders and interests game among stakeholders. Chapter Six hopes to arrive at the conclusion of the whole thesis by summarizing major findings, pointing out limitations and making suggestions for further studies.