Lack Of Credit System Of The Chinese Real Estate Market Analysis

The modern market economy is a kind of credit economy. Market transaction is based on the foundation of the credit. More developed the market economy is, more honesty and faith are requested. Currently China is being placed in a period of transformation from planned economy to market economy, therefore, friction of the new-old system and the various social economic contradiction are emerging gradually. Among them, especially credit crisis in real estate market have become present social economical question in common people life which is paid much attention. This paper mainly carries on the analysis to the phenomenon adopting the perspective of new institutional economics. It indicates that the basic reason of the credit crisis of Chinese real estate market roots in the soft control of formal institutions, in the scarce control of informal institutions and in the imperfection of institutions implementation mechanism.In this paper, the author explores the sources of credit loss in Chinese real estate market with the related theories of new institutional economics. The author tries to build up a shortcut that leads to the credit society. In chapter 1, it introduces the meaning about selection of the subject, the research way, the research method and innovations of this paper, and the present condition in research at home and abroad. In chapter 2, it introduces the general theories of credit, the overview of theories with related institutional economics, including Transaction Costs and Property Rights and Institutional Change. In chapter 3, it introduces the concretive expressive of credit loss in real estate markets. It describes main break from three aspects of monopoly information, concealment behavior and concealment knowledge. In chapter 4, it analyzes the source of the credit loss in Chinese real estate markets from the institutional three constituent elements, including formal constitutions, informal constitutions and implementation mechanism. In chapter 5, it put forward the policy suggestions about the problems of credit loss of the Chinese real estate market. The last part of this paper is conclusion.