Social Concern And Realization Discount Rate Of Residential Judicial Auction

Judicial auctions are a way for judicial organs to exercise their enforcement power to realize the price of given properties in the form of auctions.As one of the most important physical assets of residents,residential houses become the subject of disposal by judicial auctions because they are often involved in mortgage defaults,private lending disputes,etc.Along with the increasing transparency of the disposal mechanism,judicial auctions are gaining more and more attention and participation,also related to the personal interests of home buyers.However,after foreclosure has become a buzzword of social concern,most people’s estimates of foreclosure prices still stays on the surface,and they may also judge whether their choice is correct by comparing various aspects of similar foreclosed properties,but lack quantitative knowledge of their price assessment.Based on this,this paper takes foreclosed houses as the main research object and focuses on the relationship between their social concern and discount rate of realization.Based on existing theories,this paper analyzes the relationship between social attention and discount rate of foreclosed properties and proposes corresponding research hypotheses.In the first place,we use web data crawling technology to collect data on foreclosed houses in 79 major cities from years 2018 to 2022 on Jing Dong judicial auction website to carry out empirical analysis and define the indicator of the discount rate to measure the deviation of the final sale price of foreclosed houses from their open market value,which also consists of the core variable of this study;meanwhile,we crawl the Baidu search index of foreclosed houses from the Baidu index platform to measure the relationship between social attention and discount rate of foreclosed houses.The Baidu search indexes of foreclosed properties were also crawled from the Baidu index platform to measure the social attention of foreclosed properties.Through the distribution of foreclosure discount rates in different regions of the country shows that the average is lower than the median,and the distribution of smaller foreclosure discount rates is relatively scattered;for relatively developed regions,the average level of foreclosure discount rates is relatively smaller.Finally,a quantitative empirical analysis is conducted.In the empirical study section,to begin with,the basic data and variables required for empirical research are described.Then,the overall regression of the sample data is conducted,and it is found that the social attention of foreclosed houses has a negative effect on its realization discount rate.Then we analyze the heterogeneity of foreclosed houses in cities of different classes,regions with different levels of economic development and different levels of housing appraisal prices,and we can find that the social concern of foreclosed houses in first-tier cities and new first-tier cities has a greater effect on the realization discount rate than other cities;the social concern of foreclosed houses in eastern regions has a greater effect on the realization discount rate than other regions;the social concern of foreclosed houses with the lower total price has a greater effect on their The effect of social concern on the realization discount rate of foreclosed houses with the lower total price is larger than that of other cities.Then the mediating effect test was conducted and it was found that the effect of social attention on the realization discount rate was partially transmitted through the number of applicants.Finally,using the Baidu information index to replace the Baidu search index for robustness testing,it can be found that using the Baidu information index as a proxy variable for the social attention of foreclosed houses,its increase also decreases its discount rate of realization,so it can be seen to have a very robust effect.In response to the research results,this paper provides relevant suggestions for the public,online platforms and judicial authorities.This can help people better understand the developing and maturing judicial auction market,and also help the government better formulate policies to enhance the scientificity of asset valuation,the transparency of the policy system and the standardization of auction procedures,etc.,so as to promote the healthy and flourishing development of the judicial auction market in China.