Research On The Influence Of Direct Regulation Policy On Real Estate Price Fluctuation

After entering in twenty-first Century,China's housing prices began to grow for 10 years after experiencing a long period of repression.Real estate bubble had a very bad effect on national macro economy.In order to curb the irrational rise in real estate prices,China has adopted a series of tightening monetary policy,fiscal policy,land policy and other measures,but with little success.The government has introduced a series of direct regulatory policies,such as the Purchasing Limits for properties,accumulation fund policy,housing security policy,adjust the proportion of down payment policy to regulate the real estate market.This shows that China's real estate market transformed from the market control stage to policy control stage.Our country is in the key period of economic transformation and the reasons of real estate price fluctuation are complex.But admittedly,effects of direct regulation policies on the real estate price cannot be ignored.Direct regulation policies have important effect on price fluctuation of real estate.At the same time,we found that with the accumulation fund policy,housing security policy,purchasing Limits for properties,down payment policy's improvement,the government rely more and more heavily on these policies.Objectively,direct regulation policies play important roles in adjusting the price fluctuation of real estate.Therefore,it is of great significance to study the impact of real estate direct regulation policies on real estate price fluctuation.Based on the review and summary of the related literature,this paper studied the effect of direct real estate control policies on the real estate price fluctuations,and made detailed theoretical research and empirical analysis.Firstly,this paper combed the relevant conception of the price fluctuation of real estate and direct real estate control policies,current situation of real estate market,the development of direct regulation policy of real estate.And then the following part analyzed the mechanism of the effect of direct control policy on real estate price fluctuation,respectively introducing the effect of purchasing limits for properties policy,accumulation fund policy,housing security policy,down payment policy on real estate price fluctuation from several dimensions such as supply and demand,game theory,combined with empirical results.The empirical part analyzed the 28 large and medium-sized cities' five years'monthly data.Through analyzing the reality we can get that there are differences between different cities.In order to eliminate the influence of omitted variables among different individuals,and model having time trend,this paper's processing method is to eliminate the time trend and use the processed variable to make regression analysis.Finally,the regression analysis was performed on the subsamples respectively,and the regression results were studied.Through the above empirical analysis,this paper draws the following conclusions.The relationship between real estate price fluctuation and purchasing limits for properties policy,accumulation fund policy are both remarkable.When Policy tightening up,real estate prices showed a downward trend in the short term,and when policy easing,the real estate prices showed an upward trend in the short term.The above results are also applicable to subsamples.Purchasing limits for properties policy and accumulation fund policy significantly affect the real estate price fluctuation.Combined with theoretical analysis and empirical research,this paper puts forward some policy recommendations for the future of China's real estate regulation,such as improving the accumulation fund interest rate pricing mechanism,gradually reducing dependence on purchasing limits for properties policy,resolutely cracking down on speculative real estate and so on.