Research On The Effect Of China's Urbanization Efficiency On Real Estate Stock

Urbanization efficiency directly determines the quality of urbanization in our country,and it is of great significance to the construction of the new type of urbanization and supply-side reform in China,and it also has an important impact on the economic development and social stability of our country.As a pillar industry in China,the real estate industry has a huge impact on the national economy and people's vital interests.Therefore,it is of great importance to solve the problem of high stock of real estate.Since the state proposed supply-side reform in late 2015,the real estate destocking has become an important economic target in recent years.Due to the development of the real estate industry and urbanization is closely linked,so on the basis of studying the urbanization efficiency and measuring the stock of real estate in our country,we have a theory discussion and empirical analysis on the relationship between the two factors,to try to provide a possible method or solution to the high stock of real estate in our country,which can not only provides efficiency reference to the construction of new urbanization in China,but also provide some useful Suggestions to the supply-side reform in our country.In this paper,firstly,DEA is used to calculate the urbanization efficiency of 31 provinces and cities in China from 1999 to 2014.Secondly,we collected data of the construction area and housing sales area of 31 provinces and cities in China from 1999 to 2014,so as to calculate the stock-to-sales ratio which can measure the stock situation of real estate.Finally,based on the data of 992 samples of the urbanization efficiency and stock-sale ratio,we have a regression analysis on the two factors using balanced panel data model through Eviews6.0 and there are several conclusions:(1)the efficiency of urbanization has negative effects on real estate stock,that is,the higher the efficiency of urbanization is,the lower the real estate stock is,so we can effectively promote the progress of Real estate destocking by improving the urbanization efficiency;(2)the overall trend of Chinese real estate stock has been rising since 2009,and the pressure of real estate stock is increasing year by year.(3)for different provinces and cities,the effects of urbanization efficiency on real estate stocks are different.So for different provinces and cities,the proportion of factors which influence the real estate stock is different.Based on the research conclusions,this paper puts forward some policy Suggestions on the improvement of urbanization efficiency in China and the stock of real estate destocking in China:(1)accelerate the reform of the household registration system;(2)improve supporting facilities and social security;(3)improve land utilization rate and promote industrial upgrading;(4)guide investment direction and create effective demand of real estate;(5)appropriate purchase of housing in big cities,but for three or four line cities which rely on resources,we should encourage innovation and promote industry upgrading and other methods to make them get rid of dependence on resources and attract more people to settle down by their own strength and charm,thereby creating demand for the local real estate industry;(6)for cities whose urbanization efficiency have a relatively small impact on their real estate stock,they should pay more attention to other possible factors,so as to suit the remedy to the case;(7)Our country should pay attention to construct distinctive small town in urbanization process.Distinctive small town can increase local employment and promote the economic development by cultivating local characteristic industry so that provide more power to our urbanization and real estate destocking.