| Since the 19 th National Congress of the Communist Party of C hina,the system of simultaneous rent and purchase has brought more attention to the rental market,and there are more and more policies on the rental market.Driven by the policy dividend,the development of the housing rental market will reach a new height in 2022,and the market business model will be steadily improved and mature.The state will continue to make efforts and stabilize the price incrementally,making the diversified and institutionalized operation mode of the housing rental market a development trend.However,there are prominent problems in the financing structure of the housing rental market.Equity financing restricts the operation and management activities of enterprises,creditor’s rights financing shrinks due to the strict supervision of the financial supervision department,and the thunderstorm caused by cash flow financing hits the market confidence and restricts its further prosperity and development.This paper attempts to carry out correlation research from the perspective of social financing scale,so as to provide help for improving the financing structure of housing rental market.Firstly,this paper expounds the development status of the housing rental market by using PEST analysis method,focusing on the three aspects of equity financing,debt financing and cash flow financing in the financing structure of the housing rental market,and then discusses the four aspects of RMB loans,trust loans,corporate bonds and government bonds in the scale of social financing,and studies the theoretical correlation between them;Secondly,based on all aspects of housing rental market and social financing scale,select setting variables,carry out ADF stationary test and Johansen co integration test,and use impulse response analysis to explain the relationship between housing rental market and social financing scale;Finally,the empirical conclusion is drawn that the scale of social financing promotes the development of equity financing activities,has a significant positive impact on debt financing,has a short-term effect on cash flow financing,and puts forward policy suggestions. |
