Real Estate Prices And The Relation Between Risk Bank Credit Assets For Zhengzhou City

With the implementing of "strategy of rising central China", as an important provincial capital city in central region,the real estate market in Zhengzhou City develops rapidly, and leed to the rapid development of many related industries,which have made outstanding contributions for the social and economic development. As a capital-intensive industry, the source of funds of the real estate due to the strong support of bank credit; However, excessive financial support may result in the continued rising of real estate price, this not only causes the ability to purchase residential housing lower, and could eventually lead to the real estate bubble.Many studies showed that, there was a close relationship between the development of real estate market and financial support from bank credit. Based on this, by using the quarterly data from 2003 to 2009 in Zhengzhou City, this paper did a empirical analysis of the relationship between bank credit and real estate price fluctuation. The empirical results showed that, there was a positive correlation between price volatility and bank credit, but did not have a equilibrium relationship between the two; granger causality test results showed that there was no Granger causality between the two.This article was divided into six parts. The first part was an introduction, which mainly introduced the the background, purpose and significance, research progress, research methods and technical route; the second part was theoretical relationship about real estate price fluctuation and bank credit, which included the mechanism of real estate price fluctuation to bank credit and bank credit to real estate price fluctuation; the third part was the correlation analysis between the development of real estate market and bank credit, which mainly included the analysis of the real estate market, the credit support of back to the development of real estate market, and the correlation analysis between price volatility and bank credit; the fourth part was the empirical analysis of the relationship between price volatility and bank credit, which mainly included unit root test, cointegration test, error correction model, Granger causality test, and the impulse response function; the fifth part was the reason analysis of price volatility,which made the analysis from the perspective of bank credit, this part mainly included the adjustment of bank credit policies, market environment and speculation forming from bank credit; the sixth part was conclusions and policy recommendations, this part summarized the main conclusions, and from the perspective of bank credit, proposed some policy recommendations for the regulation of real estate price.