| In the past two decades,the prosperity of the real estate industry has promoted the development of upstream and downstream enterprises,but the accompanying speculation in real estate has led to the rapid rise of house prices and the growing foam of the real estate market.How to effectively control real estate and implement the policy of “houses are for living in and not for speculative investment” has become a livelihood issue closely concerned by the government and all walks of life.At the same time,with the implementation of China’s reform and opening up and the development of socialist market economy,industries tend to gather in developed coastal areas.By gathering the resources needed for industrial development,it acts on the real estate market from both supply and demand.The development of the financial industry has also been accelerated with the industrial agglomeration,which has improved the efficiency of regional resource allocation.The financial resource intensity will naturally affect the real estate market.Therefore,it is of practical significance to study the relationship between financial industry agglomeration and the increase of urban housing prices,and explore the possible impact path between them.This thesis constructs a panel data model based on the data about financial industry agglomeration and housing prices of 297 cities in China.The employment density is used to calculate the degree of urban financial industry agglomeration,and the degree of urban financial industry agglomeration in different years and regions is compared and analyzed.Then,based on the constructed panel data model,the impact of financial industry agglomeration on urban housing prices is studied.In addition,by using the location entropy index to recalculate the degree of agglomeration of urban financial industry,processing the data from the panel model,and using the instrumental variable methods as a robustness test step to verify the robustness of the conclusions of this thesis and alleviate the endogenous problems that may exist in the model.Then,according to the different urban distribution areas and population size,regression analysis is carried out to test the difference of the impact of financial industry agglomeration on urban housing prices.Finally,using the intermediary effect test model,we examine the intermediary effect of industrial structure changes and financial development scale in the path of financial industry agglomeration affecting urban housing prices.Through empirical testing,the conclusions are:(1)The improvement of financial industry agglomeration is an important reason for the rise of urban housing prices.(2)The impact of financial industry agglomeration on urban housing prices has significant regional differences.In cities in the eastern region and cities with an urban population of over 1 million,it is most significant,while for cities in other regions,it is not significant,and even has a negative impact.(3)In the intermediary effect test,changes in urban industrial structure and the scale of urban financial development play a partial intermediary effect.Based on the above empirical results,combined with the actual situation of regional economic development and real estate market development in China,the following suggestions are proposed: First,formulate regional industrial development policies in accordance with local conditions.Second,pay attention to the impact of population size on real estate prices in large and medium-sized cities.We should resolutely implement the Party Central Committee’s policy of "non speculation in real estate" and curb speculation in real estate.Third,prevent the financial industry from excessively supporting the real estate industry. |
