Research On The Impact Of Housing Price On Urban-rural Income Gap From The Perspective Of Real Estate Investment

Whether it is "people who live in their own homes" or "people who live in peace and work in peace",it is enough to prove that the house has been an indispensable asset of the family since ancient times,and also an important symbol of family wealth.According to statistics,since 1998,when welfare housing distribution was stopped and housing distribution monetization was implemented,the national average price of commercial housing increased from 2,063 yuan / ㎡ in 1998 to 9,310 yuan / ㎡ in 2019,an increase of351.28%.Housing price is not only directly related to residents’ lives,but also affects their household income.With the rapid development of economy,residents’ investment awareness is gradually enhanced.From the perspective of real estate investment,real estate is not only a consumer product,but also has certain financial properties.It is a popular investment product favored by residents for its relatively low risk and high return.Due to the dual household registration system of urban and rural areas in China,commercial houses are generally owned by urban residents.With the rise of housing price,the property value that owned by urban residents is pushed up,which makes them obtain property investment yield and increase family income through buying,selling or renting.Secondly,urban residents can also improve their family financing ability through real estate mortgage and reinvest the mortgage funds to obtain more income.This is in sharp contrast with rural residents’ self-housing,which is an important reason for the formation of urban-rural income gap in China.According to the actual situation of the current stage of comprehensive construction of socialist modernization,the report of the 19 th National Congress holds that increasing income level is an important measure to achieve common prosperity of the whole people.Therefore,considering how to narrow the existing income gap between urban and rural areas is the top priority of the whole social development work.In this paper,the mediation effect model is used to verify the influence mechanism of housing price on urban-rural income gap from the perspective of real estate investment.Firstly,it is found that there is a mutual influence between real estate investment behavior and housing price.Secondly,it is found that wealth effect,credit effect and urbanization effect are the possible channels through which housing price influences urban-rural income gap.Furthermore,it further analyzes whether there is regional heterogeneity in the impact of housing price on urban-rural income gap,which provides corresponding theoretical basis and policy suggestions for promoting the healthy development of real estate market and solving the further widening of urban-rural income gap in China.This paper collects data from 31 provinces,cities and autonomous regions(excluding Hong Kong,Macao and Taiwan)from 2000 to 2019,uses Theil index to measure the urban-rural income gap,and constructs a mediation effect model to study the relevant impact of housing price on the income of urban and rural residents from the perspective of real estate investment,and then analyzed the influence mechanism of income gap.The research shows that: First,in the process of real estate investment,the rise of housing price will indeed lead to the further widening of the income gap between urban and rural residents.Among them,the improvement of the degree of opening up to the outside world,the improvement of industrial structure and the development of regional economy have a positive impact on narrowing the current urban-rural income gap in China.At the same time,the deepening of marketization and the improvement of education level have become the factors that aggravate the continuous widening of the income gap between urban and rural areas.Second,the wealth effect,credit effect and urbanization effect are the three mechanisms of housing price influencing the urban-rural income gap.Among them,the wealth effect and credit effect have a positive and significant impact,while the urbanization effect has a negative and significant impact.The rise of housing price promotes the wealth effect and credit effect,and at the same time inhibits the urbanization effect,leading to the widening of urban-rural income gap.Third,with the rise of housing price,the urban-rural income gap has a positive and significant effect in the eastern region,and a negative and insignificant effect in the central region.The results of both the western and eastern regions are positive,but the difference is that the impact of the western region is not significant.Therefore,the empirical results show that compared with the central and western regions,the impact of rising housing prices on the urbanrural income gap in the eastern region is more obvious.According to the research conclusions,this paper gives the following countermeasures and suggestions:First,Optimize the structure of housing supply and establish a sound long-term mechanism for real estate regulation from multiple dimensions;Second,optimize the land transfer system and increase farmers’ property income through multiple channels;Third,coordinate the integrated development of urban and rural areas and deepen the construction of new urbanization;Fourth,promote the development of inclusive finance and increase financing channels for rural residents;Fifth,increase investment in education,accelerate the upgrading of industrial structure;Sixth,improve the tax system and effectively adjust income distribution.