| Real estate industry is a capital-intensive industry, which is highly dependent on the financial market. In recent years, real-estate industry enjoyed a rapid development in China. Along with the changes of supply-demand relation and financial market in China's real estate market, the relationship structure of the real estate price and financial market changes gradually. The study on the relevant changes of the two markets has an important practical significance for macro-control.Firstly, the paper review the study of the relationship between real estate prices and financial markets, it can be found through the analysis that the real estate market and the financial markets are closely related to each other and have an effect and impact of each other, the real estate market is the most important financial support department, and real estate market is one of the highest concentration financial markets, the healthy development of real estate market and financial industries is an important pillar to the healthy development of the national economy.This paper reflects the model between real estate prices and financial market, we establish theoretical system of the financial market, assuming the bank loans, household savings, stock market capitalization and change in money supply will cause real estate prices changes, real estate price is the dependent variable of the four variables, we test those hypothesis using Granger causality test and VAR.The paper makes a dynamics analysis on the real estate price and financial market in China by means of vector autoregression model (VAR), establishes a VAR model respectively according to the data of 2000-2005 and 2006-2008 and initially discusses the structure change of real estate price and financial market during 2000-2008 through analyzing the transfer effect of each financial market impact on real estate price in the two VAR models as well as the contribution degree of each variable. |
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