| Real estate is a policy-sensitive and capital-intensive industry; thesetwo characteristics of real estate closely link governmentmacro-regulatory policies and real estate stock market. Real estatestock market takes the responsibility of raising finance of the real estateindustry and allocating market resource. What’s more, it is also abarometer of economic development, and plays the role of economicforecast and the value discovery; through the fund bond the realestate industry and real estate stock market establish theinterdependently close relationship, so a large part of governmentmacro-regulatory policies always impact on the real estate industrythrough the real estate stock market.This paper draws on a lot of mature domestic and foreign researchconclusions, and applies a variety of research methods, such as the FastICA, the induction and deduction analysis, multiple linear regressions,the statistical test and so on. The paper through collecting data adoptsFast ICA to find out the key factors from the many factors of affectingreal estate stock price volatility, and confirms the effectiveness. At thesame time, the paper analyzes the impact of government regulatorypolicies on the real estate stock from the point of theoretical view, andthen the article makes use of multiple linear regression to empiricalresearch that the different types of regulatory policies how to impactthe real estate stock market and the degree of influence in the shortterm and long term. In the last, through statistical test confirms theconclusion correctness of the regression model.Specifically, firstly from the theoretical view, the paper elaboratesthe factors of affecting stock price volatility---macroeconomic policies,the company factors and others; in the many influencing factors, someis measurable and some unpredictable, therefore how to find these potential and measured factors and their impact on the real estatestock price is essential, in order to resolve the problem, this paperattempts to adopt a new analysis method---fast independentcomponent analysis (Fast ICA)---to find the potential and decisivefactors of affecting the real estate stock price volatility: the stockmarket trend and the governments macro-regulatory policies; and thenapplies the induction and deduction analysis further to verify the effectof government regulation policy on the real estate stock index, thecombine of the two parts can be said that this is a completeconfirmation process. Secondly, the article draws on a lot of relevantresearch conclusions and economic theory, and analyzes the necessityof the governments macroeconomic regulatory in the real estatemarket and the impact effect and influence channel of governmentregulation policy on the real estate stock in the short and long termfrom the theoretical view; the thorough theoretical analysis provides areliable theoretical basis for the following key empirical research. Thirdly,the article through the establishment of multiple linear regression modelstudies the different types regulation policies how to impact the realestate stock price and the influence degree in the short term and longterm, and makes use of the innovative verification methods of residualleverage chart to prove the validity of the multiple linear regressionmodel, accordingly proves the correctness of the empirical researchconclusions, the optimum statistical test result provides the foundationfor the policy measures’ propose of real estate market. Finally, in thebasis of the study conclusion, the paper puts forward the governmentsmacro-regulatory policies and proposals, from the regulatoryphilosophy, regulation mode, regulation content and the real estatemarket respectively put forward feasible measures, so as to achieve thestable and sustained development of the real estate market. Theconcluding section summarizes the conclusions of the paper, new ideas and innovative research methods, research shortage and researchprospects. |
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