The Study Of Real Estate Investment Conduction Mechanism On China’s Monetary Regulation Policy

Under the excitation of police，china’s real estate investment potential gradually isreleased．With the real estate market flourishing，the real estate industry has become theconsumption and investment hotspots．In recent years，the investment in real estateindustry accounts for a large proportion in the fixed asset investment and its impact oneconomy can’t be ignored．At the same time，the speculative phenomenon is increasingwhich take some negative social impacts in both macro and microeconomic．Monetarypolice as an important means of national regulation is often used to control macroeconomicoperation condition in practice，and its conduction process directly affect the effects ofregulation．Owing to the real estate as an important investment industry，the investment inreal estate plays a significant role in consumption，fixed asset investment and nationaleconomy which should be highly valued．In this background，the research of monetarypolicy which manage the economy through the real estate investment has certaintheoretical and practical significance．Taking monetary policy transmission mechanism of real estate investment as theresearch object，this paper has studied the transmission process of monetary policy andtransmission tunnel；and analyzed the impact of the policy adjustment on the real estateinvestment and the effects of the investment fluctuation on macro-economy；then putforward the suggestion of strengthening the transmission effect．Based on the core ideasconstructs，the paper analysis the framework of the policy transmission in theory basis，andstudies the transfer approach of the policy to the real estate investment and the conductingeffect of the real estate investment to consumption and output．Meanwhile the thesis setsup the policy transmission model with the investment in real estate as intermediaryaccording to country’s economic data since2007；then uses measurement analysis methodto analyze the policy impact on investment and the real estate investment impact on thereal economy．The study result shows that the effect of the policy impacted on the realestate investment is obvious，and the interest rate influences the investment moresignificant than the money supply in the long time；and the conducting effect of the policyto investment is low．The real estate investment can distinctly affect the consumption andthe output，and the conducting effect of the real estate to macro-economy is higher．Fromthe point of view of the real estate market regulation，the paper further research theresistance factors in the monetary policy transmission process，and put forward thecorresponding suggestions．The central bank should focus on the real estate market andmake the corresponding policy in time，then consider the time lag of the policy during the process of making the monetary policy．At same time，the central bank must constantlyperfect the monetary policy and improve the ability of the policy regulation．...