| The real estate industry plays an important role in economy development of China.It not only stimulates consumption and investment to enhance total economic volume,but also improves the living environment of Chinese residents and satisfies people's housing needs.However,due to the premature investment attributes of China-property,speculators purchase lots of properties lead to make the market overheated.Meanwhile,buyers with rigid demand have to buy houses at the higher prices resulting in further boost the real estate bubble.The government has issued a series of regulatory policies of Chinese real estate market for several years,but the effect is unsatisfactory.Because the trend of real estate market as a whole is still unsteadily upward.Nowadays,China is facing increasingly severe domestic and foreign environment with all kinds of risks.The international trade protectionism affects Chinese import and export trade,and the domestic economy is under downward pressure due to focusing on preventing financial risks.Under this background,it is the social concern that.So it is necessary to study and analyze the relationship between relevant regulatory policies and the real estate market,which can explore the law of real estate market cycle fluctuations in order to provide the basis for relevant policy measures.Based on the theory of financial Accelerator,this paper studies the financial accelerator effect of Chinese real estate market under the impact of monetary policy.Firstly,the paper introduces the research methods and achievements of the financial accelerator from two aspects of theoretical research and empirical research.Then it expounds the function chain and transmission mechanism of the theory in detail.Because of the relationship among net asset value,external financing cost and economic operation,it can lead that the small exogenous impact causes the drastic macroeconomic fluctuation.At the same time,this paper also summarizes the sales,construction and investment of Chinese real estate market.Therefore,it meets the premise of the Assumption of the financial accelerator theory owing to the industry status and current high debt management situation of the housing enterprises.Next,the chapter of empirical research uses monthly macroeconomic and real estate industry related data from 2000 to 2017.At first,it builds the SVAR model to verify the existence of financial accelerator effect in Chinese real estate market.The methods we use include Granger causality test,pulse analysis and variance decomposition analysis.The cumulative impulse response function is used to estimate the size of the financial accelerator effect of Chinese real estate market.Secondly,it uses TARCH model and information impact curve to test the asymmetric transmission mechanism of financial accelerator effect in Chinese real estate market,the asymmetry effect of monetary policy impact on houses price and the asymmetric influence among related intermediate variables in the real estate industry.The results show that the negative impact of monetary policy on the reduction of investment is stronger than that of the expansionary monetary policy,indicating that under the tight monetary policy,the financial accelerator effect of Chinese real estate market is more significant.Finally,on the basis of the present situation of real estate market and the results of empirical analysis,this paper gives some policy suggestions from the aspects of property monetary policy,the development mode and financing mode of housing companies and information asymmetric factors. |
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