| The 2007 financial crisis caused by American subprime crisis has attracted common concern of countries all over the world. It dawns on people that the operation of the real estate finance industry has to confront potential risks and may exert the negative influence upon the national economy. Consequently it is of significance to figure out solutions to the prevention of financial crises by means of probing in the influencing factors of the real estate finance industry and predicting its development trend. In view of the status quo of the domestic and foreign economic development, the thesis makes a case study on the real estate finance industry of Xi'an City to accord with the requirements of Chinese real estate finance development for the purpose of contributing a new perspective to researches on Chinese real estate finance, where the theoretical and practical significance lies.In contrast with related literature, this study possesses the following originalities in contrast to other related researches at home and abroad:(1) The thesis based on theories of economics, finance and econometrics, starts with the subjects involved in real estate finance to trace the capital flows in the operational process and examines such three dimensions as financial institution, real estate enterprise and consumer. It adopts the economic principle to make quantitative analyses in terms of need, supply, income and expenditure to establish an index system of influencing factors of Xi'an's real estate finance.(2) The thesis establishes the SVAR model by means of examining every influencing factor on each dimension according to the causal relationship of Granger to analyze the impulsive responses of all variables and makes the analysis of variance on these variables to filter the influencing factor which is most contributive to the changes of variables on each dimension. Moreover, the thesis calculates the influencing weight of each factor through the analytic hierarchy process. In other words, the study makes quantitative analyses of the influencing factors of the real estate finance horizontally and vertically. Not only each influencing factor but also the effect produced by each factor, the influencing extent and time are estimated. The analyses manifest the long-term development process of and the interaction among these factors and enhance the accuracy and reliability of selecting the influencing factors. Finally, the thesis makes an empirical research on these factors. |
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