| Housing have becoming people’s the basic requirement.As the housing reform of the curtain opened in 1998,the development of Chinese real estate industry began in the true sense.The development of real estate industry need variety of industry support and assist,thus it involves large upstream and downstream industries.On one hand real estate have big contribution to GDP,on the other hand it also brings hidden trouble and crisis of contradictions.House prices is related to people’s basic survival needs,but house prices are rising,the government’s macro-control constantly still failed to effectively restrain the heat degree,housing problem becomes more and more important for the people.The impact of housing factors,financial factors indispensable bear the brunt of this paper focus on the impact of financial factors on China’s real estate prices.On the theoretical side,the qualitative and quantitative relationship between these factors and real estate prices are discussed respectively by selecting the main financial factors such as money supply,interest rate and foreign major financial factors.In the qualitative discussion,not only from the micro perspective of how these financial factors through the supply and demand forces on the impact of real estate prices,but also from the macro point of view of these factors on the impact of housing prices.In the quantitative analysis,the time series analysis method is used to divide the financial factors into domestic and international research,and finally put forward constructive suggestions on the basis of qualitative and quantitative analysis.The conclusion shows that there are long-term and stable relationships between house prices and three financial factors.Three financial factors contribute to real estate prices and the contribution of money supply is the largest.Domestic empirical study found that: money supply and loan interest rates are real estate price fluctuations in the Granger reasons,and the money supply and housing prices in a positive relationship between the five-year loan interest rates and short-term positive relationship between the short-term,long-term negative relationship.International factors empirical study found that: exchange rate and real estate prices exist Granger relationship,the appreciation of the renminbi is expected to be accompanied by international hot money into the domestic,into the real estate market,the price rose.Cointegration test shows that the domestic financial factors and the impact of international finance on real estate prices are long-term.Main innovation: This paper examines the impact of multiple variables on real estate prices.The empirical part divides the domestic financial market and the international financial market,and selects the data with large time span,and uses a variety of test methods to verify.To discuss the impact of financial factors on real estate prices,it can provide a reference basis for national macro-control,which is of great significance to promote national economy and maintain social stability. |
