Empirical Research On Finance And Resource Allocation For The Real Estate Industry And Strategic Emerging Industry Under The Economic Transformation

Economic transformation and industry structure adjustment are important economy strategy which has been strongly advocated by Chinese government these years. This paper aims to perform empirical research for finance and resources allocation of real estate industry and strategic emerging industry under the background of economic transformation. First,the author make statistics and analysis with a series of reliable data. Then, the author use econometric model to find this two industries’investment contribution to the economic growth of China and its Long-term effect and Short-term affect.After that, the author validate the effect of Crowding-in and Crowding-out between the two industries. Based on the above research result, the author try to analyze the future trend of strategic emerging industry and the present situation of this two industries. Finally, the author try to find out the policy defect and give some advices to the government.The author collects a large number of detailed data during the research. These data clearly shows us status of the real estate industry and strategic emerging industry captital of resources in the past dozens of years, including the annual total investment, investment structure, financing source, quantity of financing channels,financing way and so on.It makes a follow-up study have a solid foundation.These figures demonstrate that the finance and resources allocation of real estate industry and strategic emerging industry have certain improverment while the government issuing a series of policy. At the same time, even though the policy is very clear,the phenomenon of resources mismatch between this two industry is still existed.The capital flow condition go against the government’s will.A large amount of capital flow into the real estate industry while very little capital into strategic new industry. It makes the strategic new industry harder to develop.The contributions of this research are raised as following: Ⅰ Based on the data gathered from empirical analysis, studied the situation of finance and resources allocation problems in real estate and strategic emerging industries;Ⅱ Based on mathematic models, tested the long run and short run effect that the two industries affected on economic growth.; expanded the application range of total investment model for the research of Crowding-out;Ⅲ Analyzed the problems which caused inefficient allocation of finance and resources in the two industries, reviewed the effect and the exist problems in the early policies; and, as policy implications, based on the empirical study, proposed detailed suggestions on more adjusting real estate and financial input to the strategic emerging industry.