Research On The Maturity Of Chinese Real Estate Finance

Real estate industry has played an important role to adjust economic structure and promote economic growth with the stepwise building and perfection of Chinese market economic system. Real estate financial maturity provides an engine for real estate industrial development. Currently Chinese macroeconomy has been in a sustainable and fast development with a continued financial deepening process. Under this background real estate financial industry has been taking more importance in the field of national finance. So it is an urgent need to speed up the establishment of regulations, institutions, innovations and mechanism for Chinese real estate financial industry.At present, research of real estate finance mainly focus on the actual conditions of real estate financial instruments, institutions, systems, etc. These researches are separate and sectional. On one hand real estate financial research needs enriching its research methodologies, on the other hand it needs forming a whole theoretical system. There are still many theoretical and actual problems to be solved. So, this dissertation tries to combine the idea of financial maturity with industrial financial running rules and builds a whole platform and structure for real estate finance, so that theoretical support can be given for further real estate financial research. On base of this, research of Chinese real estate financial running condition can be carried out by using many theories and methodologies. This paper has significant theoretical value and actual meaning.This dissertation discusses about the meanings and characters of some core concepts of real estate financial maturity. The concept of real estate financial maturity is put up forwards. The forms, stages, types, outer regulations and its aims of real estate financial maturity are analyzed. The intensions, aims, factors of real estate financial matured mechanism and six kinds of matured mechanisms are researched together. The systematic modes, market modes and institution modes of real estate financial maturity are also analyzed.Based on above theoretical analysis, this dissertation discusses Chinese real estate financial market maturity, influence of Chinese real estate financial systems and Chinese real estate financial mainbodies'maturity. At last, a whole evaluation of Chinese real estate financial maturity is given.In the discussion of Chinese real estate financial market maturity, we gain intermediate term equilibrium equation and short term fluctuation equation for Chinese real estate financial market scale growth by using econometrics theory. The interactional quantitative relationship among Chinese real estate financial market scale, real estate sales and GDP is gotten. Based on financial structure predominance choice theory it is confirmed that bank predominance structure is the predominance structure of Chinese real estate financial market dualistic structure. By grey target decision making model we analyze the evolution cause of Chinese real estate financial market financing structure which is decided by supply and demand factors. The reason lies in financing scale, financing cost and financing efficiency. Through recursive estimation of VAR model, the relevance of Chinese real estate financial structure and real estate economic growth is analyzed and the influencing mechanism under comprehensive policies is gotten. Seen frome singal time point, there exist some problems that real estate financial structure can't adapt to the growth of real estate economy, but as a whole, there is a long and stable equilibrium relation between real estate financial structure and real estate economic growth.According to system modes, market modes and institution modes of real estate financial maturity, the system supply and its effect of real estate financial maturity are analyzed. The systems of housing accumulation fund, real estate credit loan, real estate financial management and real estate financial innovation have active and extensive influence. The system obstacles and its effect of real estate financial maturity are also analyzed. The system obstacles mainly have three bad influences in real estate investment, real estate financing and real estate financial risk.According to system modes of real estate financial maturity, it is confirmed that the property right mode of Chinese real estate financial institutions should make commercial banks be main bodies, non-banking financial institutions be complementarities. The maturity of Chinese real estate financial mainbodies is discussed in the ways of exogenous maturity and endogenous maturity. Seen from exogenous maturity, game models of Chinese real estate financial institutions, developers and housing buyers are built. Through regression analysis the influencing relationship of affordable capability for housing buyers expressed by ratio of housing price and income is gotten. Seen from endogenous maturity performance choice mechanism of real estate financial institution manager is analyzed under stirs and restrictions, together with choice mechanism of real estate financial institution management aims and balance of risk and revenue.The concept of real estate financial matured degree is defined and its evaluation index system is built at the same time. The function and building rules of this evaluation index system are also given. By predominance analysis theory of grey system, the matured degree of Chinese real estate finance is evaluated using data of 1999~2006. Accoding to evaluation value, policy advices are given to ameliorate the weak taches of Chinese real estate financial maturiety.