Chinese Stock Market And Real Estate Market Correlation Studies

In the past ten years,China’s real estate market and the stock market is developingrapidly.Downs of the stock price and real estate asset price fluctuations directly affectpeople’s wealth,Which directly affect the residents’ income distribution、 consumerspending and consumption decisions,Thus affecting the relationship between the totalsupply and demand and economic growth. To reveal the stock market and real estatemarket the inner link,Draw a feasibility conclusion, to prevent the two market bubblegrowth and inflation, promote the healthy development, guard against financial risks,optimize configuration of investors portfolio, implementation of the national economysustained, stable and fast increase,They all have very important theoretical significance andpractical significance.This paper first on China’s stock market and real estate market correlation theoryanalysis, to explore the macroscopic and microscopic factors influencing relationshipbetween two markets, And then using the time series of ADF unit root test, Johansencointegration test, Granger causality test, impulse response function analysis and othermethods, divided into different stages on the relationship between stock market and realestate market in China carries on the empirical research, according to the empirical resultsconcluded in January1999-December2005time period and in January2010-December2012timesthe irrelevance of two markets and in January2006-December2009time period there is significantcointegration relationship. Finally, according to the result of theoretical analysis and empirical testresults, Analysis and interpretation of Chinese stock market and real estate markets in different stagesdifferent trends of reason, And put forward the effective control of the real estate market and standardizethe stock market and other specific policy recommendations.