Research On The Influence Of The Policy Of Limited Purchase And Talent Settlement On Housing Price

In the past 20 years,China has implemented rounds of real estate control policies,and the real estate market prices have been effectively suppressed,and the purchase restriction policy has played a vital role in it.Since 2017,various localities have successively introduced policies for the settlement of talents,including measures such as providing housing,subsidies for purchasing houses,and lowering the threshold for settlement.This has undoubtedly stimulated potential housing demand,which in turn has an impact on the effect of the purchase restriction policy.Under this shock,whether the housing prices in the real estate market will be affected,and what kind of impact will it be affected? Whether this impact is different for different properties and different sizes of houses is a very important issue.Therefore,studying the impact of purchase restriction policies and talent settlement policies on the real estate market has very important practical significance for guiding the healthy development of the real estate market.This paper uses the year-on-year growth rate of house prices in 70 large and medium-sized cities in China from January 2015 to December 2019 to evaluate the impact of purchase restriction policies and talent settlement policies on the growth rate of housing prices of different attributes and different areas.The interactive items of purchase restriction and talent settlement are introduced into the model to examine the actual impact of the talent settlement policy on the effect of the purchase restriction policy.In the theoretical analysis part,the article outlines the transmission mechanism of the purchase restriction policy and the talent settlement policy to housing prices,and compares the housing price levels in the cities that implement the policy and the non-implemented cities,and makes a descriptive statistical analysis of the effect of the purchase restriction policy and the talent settlement policy.In the empirical research part,using the year-on-year growth rate of housing prices in 70 large and medium-sized cities,under the framework of the PSM-DID model,based on the perspectives of different housing attributes and different housing areas,the effects of purchase restrictions and talent settlement policies on the housing price index were explored.At the same time,the interactive item of the dummy variables of the purchase restriction and talent settlement policy is introduced to test whether the talent settlement policy will weaken the effect of the purchase restriction policy.The research results show that for the purchase restriction policy,based on the level of housing attributes,whether it is a new house or a second-hand house,the purchase restriction policy has a significant inhibitory effect on its price,and the purchase restriction has a more obvious inhibitory effect on the price of new housing;based on the housing area level,the coefficients of the purchase restriction policy are,in descending order,small apartment(less than 90 square meters),medium apartment(90-144 square meters),and large apartment(above 144 square meters).Therefore,small apartment houses are more affected by the purchase restriction policy.Regarding the talent settlement policy,based on the level of housing attributes,the impact of talent settlement on newly-built commercial housing is significantly positive,which will promote the increase in housing prices,but the impact on second-hand housing is not significant;based on the housing area level,the talent settlement coefficient of large-scale new commercial housing is the largest,followed by small-sized and medium-sized,that is,large-sized newly built houses are most stimulated by the talent settlement policy.Regarding second-hand housing,whether it is the entire second-hand housing market or second-hand housing of different sizes,the impact of the talent settlement policy on it is small.By observing the interaction coefficients of purchase restriction and talent settlement,it is found that the implementation of the talent settlement policy does not weaken the effect of the purchase restriction policy on house prices,but will promote the purchase restriction policy to suppress house prices.Finally,this article puts forward countermeasures and suggestions on the development of the real estate market and the implementation of purchase restrictions and talent settlement policies based on the results of empirical analysis.