| National economy of China has got a reform and openness during the past 30 years, develop at full speed, the people living standard has improved unceasingly, system reformation and city and town reform of the housing system deepen unceasingly and the progressing, housing construction pace having got a substantiality accelerate land use, the housing has consumed effective starting, resident housing condition has had very big improvement. The Chinese city real estate market giving first place to the housing has further developed, has brought the important effect into play to fueling economic growth and raising the people's living standards. Real estate business correlation degree high, spurs a force on strong, the employee is a lot of, already become our country pillar of the national economy estate. Keep continue for, healthy, stable development of our country real estate market, accelerate the very important significance pushing forward socialist modernization drive having to building an overall well-to-do society. Real estate economy and the marketplace are sometimes easy to produce fluctuation under various factor effect but, investment and the output value fluctuation affect entire national economy , house price fluctuation affects people's wealth and the welfare being related to entire society etc.The central government is developed to real estate business having given attach great importance to, a whole set of policies appearing personally from the country the recent years is it can be seen, health making every effort to be real estate in adopt various measures develops always all the government escorting the Emperor convoying. Therefore, go deep into the effect studying real estate price law forming mechanism , fluctuation and runoff coming into being from this, and accordingly work out relevance policy , be that duplicates each other in the weight that real estate studies. Real estate is the important commodity involving the interests of the state and the people , regular financial order , economic development level , resident's living standard wait for whose price height to bring about gigantic effect to real estate business self's the development of industry , the country developing , being related to as well as the city develops status. State Council has announced "about deepening city and town reform of the housing system in July, 1998,be accelerated the notice " that the housing builds, the material object demanding to stop a housing starting from the second half of the year in 1998 is assigned , is realize a housing step by step monetization, this has been indicating our country "housing reform" moving forward according to all-round to commercialization and the socialization fixed goal , has also been has been indicating our country real estate business having stepped into the become market-oriented development stage really. But, our country real estate market promptness grows up in recent years having arrived at the all-important effect, but another aspect despite of one aspect gets up to the living standard boosting national economy increasing by, improving a city and town dwell, if structure contradiction , financing channels single , house price skyrocket investing in hot shot, supply and demand etc., have revealed that our country real estate market develops hit the target at present some problems also sufficiently, at full speed go up to our country real estate market and entire house price national economy health has developed the austere challenge having taken form especially, has also has become at present the academic circles hot spot and difficult point problem. Therefore, be still the angle that demonstration studies disregarding being to study from theory, quantitative analysis our country house price goes up at full speed cause , the analysis and then to real estate price evolution characteristic, have very important practical or immediate significance. And thereupon, the main body of a book 3rd chapter complies with need and supplies with two angles to start off, invisible income and land choosing put two indices into, add up with urbanizing this one level outside life variable, real estate market price evolution characteristic studying our country since canceling welfare housing allotment system, and specifically for each stages that real estate market develops, reveal local god of the land put into circulation and need play move price goes up to the house development effect mechanism affecting.Because now that real estate once growing a consumer goods, both and be that a kind of invests in a product, feasible real estate price acute fluctuation appears on meeting as peculiar attribute with investment of product, like finance assets is other the same. Therefore, 4th chapter the angle developing two modes of financing and interest rate policy with 5th chapter respectively from real estate market has studied the present stage our country real estate market fluctuations in prices cause of formation. Real estate business is a highly concentrated industry of capital , whose building time is relatively longer , available funds a bit and difficult easy degree are having direct impact to real estate price fluctuation therefore and. We are not difficult to find that according to the first chapter the first section to architectural analysis of our country real estate market exploitation mode of financing , being that real estate develops the mode of financing structure) is that the fluctuation how to affect real estate market price's is natural is that every method is common shows solicitude for. Because of this, 4th chapter takes that real estate develops a mode of financing as fundamental focus of attention , domestic from the main source composing real estate market development capital gets a loan , makes use of foreign capital , funds raised by oneself as well as other fund this four aspect, adopt the 1 quarter relevance data in 1999 till the 4th quarter in 2007, on the analysis, and here basis primo usage HP wave filtering method is carried out on our country real estate fluctuations in prices characteristic, The function amending the model , broad sense pulse respond to and the method that method difference breaks up applying joint entire analysis , error carry out in depth meticulous analysis on the impact of different mode of financing over the present stage our country real estate market fluctuations in prices, purpose be be building-up and perfect healthy, rational real estate financing channels and financing way provide certain enlightenment effect.Like that 4th chapter institute analyses exactly as, real estate business is capital-intensive estate, good reputation having "second finances " , this feasible interest rate policy plays have arrived at all-important role to development of real estate market , the interest rate alteration necessity may weigh to real estate market supplying and need, fluctuation bringing about real estate price thereby. But the main body of this paper that structure is more because of our country interest rate, so each one kind of the interest rate adjustment will certainly may produce different effect to real estate price fluctuation. And therefore, 5th chapter complies with the transmission mechanism discussing various interest rate theoretically to real estate price first , the interest rate then, choosing the real estate price data in January , 1999 till December , 2007 and being related to is horizontal data, the causal relationship amending a model by assisting entire analysis , error and amending long short-term model Granger owing to error is checked, the demonstration being in progress to various interest rate and the real estate fluctuations in prices conduction effect studies, analyse different interest rate rendering a service to respective effect of real estate fluctuations in prices, to look forward to being significance work out rational interest rate policy providing certain drawing lessons.Real estate price wealth the effect is a real estate effect all-important channel in macro-economy. United Kingdom-American the developed Western countries practice waiting for real estate market to develop parallel maturity has indicated the very important impact, real estate wealth increasing by has arrived at starting from making prosper to consumption. At the same time, the academic circles go into also indicates real estate price go up abroad having comparatively notable wealth the effect, is the all quantity go up, and then increasing by promoting consumption be able to arouse resident wealth being accompanying house price go up. In our country, come over the past few years, the whole nation range inner real estate price continues clambering rising , house price consumption going up at full speed being to have promoted a resident be still the consumption having restrained a resident but, is short of at present still convincing go into. Face especially revolution of type period pulling an ejector half in pulling an ejector half from investment changing to consumption in economic growth the insufficient phenomenon of the present stage our country economic growth consumption, study the relation between real estate price and resident consumption behavior has important reality and guiding significance. Besides, from house price go up at full speed what be initiated problem such as unbalance and foam investing in hot shot , supply and demand structure has also aroused respectively square attention of society , the central government has been 2004 control and stabilize house price many times to have adopted macro-control policy, what the centre line increases interest , monetary policy effect that can produce to the quality of life of city and town dwell that this reduces then so far, 10 times. This is also a hot spot and difficult point that our country academic circles and the department concerned show solicitude for at present. Because of this, 6th chapter adopt our country all localities to be unlike the data taking in crowd's living standard data , real estate price data and relevance interest rate , the effect having studied our country real estate market wealth affects as well as the invisible income gap and interest rate policy consume behavior to different invisible income crowd, purpose is that policy provides the certain theory basis , promotes our country real estate business and healthy stable national economy development thereby for the central government works out rational macro-control.
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