The Research To The Influential Factors Of Urban Residents’Property Income In China

The18th session of the communist party of China put forward that China will achieve a target that the gross domestic product (GDP) and per capita income of urban and rural residents will be doubled than2010.This is the second time that China put forward a income target after the17th party conference, and this is also the first time that China come up with such a certain goal to increase the income of residents. An Empirical evidence of developed countries shows that when GDP per capita is expected to reach2000dollars, the residents will accumulate a certain wealth, and the property income will gradually become an important new source of income. In2012, China’s per capita GDP is$6100, and the property income will become a new growth point of income. Despite the rapid growth of property income in recent years, the quantity is still little, and the proportion in income is small too. So timely analyzed the situation, potential problems and influence factors of property income, and study how to constantly and comprehensively increase the property income of national and regional residents, have a practical significance to promote the property income of residents.This paper theoretically analyzed the forming mechanism of property income, and the factors analysis, the present situation analysis and the empirical results analysis are all on the basis of this mechanism. In order to know the status quo of property income of China’s urban residents, the article will separately from3aspects-national level, income level and regional level, in which we analyzed absolute value and structure the property income, and found the some problems of obtaining property income. In order to know the influence degree of the factors to the property income, we made an empirical analysis, from the national and regional level, and then put forward some policy Suggestions which are based on the results,in this paper, we analyzed the situation quo and the influence factors of property income, and the structure of the paper are arranged as following:The1st chapter is about introduction. The introduction part of this article firstly analyzed the research background and research significance of this article, then induces and summarizes the existing literature on the research of the property income, and put forward innovation points in this paper, finally introduced research idea and thesis structure of this paper; The2nd chapter is the theoretical analysis of affecting factors of property income. First of all, this chapter cleared the definition and categories of property income, and then explained the circle of income-property-property income-income, and then according to the literature research we summarized the influence factor of property income research system, and analyzes all the factors. The3rd chapter analyzed the present situation of China urban residents’ property income. We studied the property income from3aspects-national level, income level and regional level, in which we analyzed absolute value and structure the property income. The4th chapter analyzes empirically the factors influence to property income. According to the previous analysis and the availability and effectiveness of data, this paper selected age structure, education structure, insurance depth, financial development and real estate investment index as the influence factors of property income. About the data, this paper chose panel data which include31provinces and10years from2002to2011. After the stationary test to data and the applicability test to model, we established individual fixed effects model of the urban residents’ property income and its factors, at the same time we also established four regions-eastern region, western region, central region and northeast region of China--individual fixed effects mode. Then this paper analyzed empirical results and got the following conclusions:nationally, insurance depth, education structure, real estate investment index plays a main role on property income-the insurance depth has a negative impact to property income, and the education structure and real estate investment index has a positive impact; In the eastern region, education, real estate investment structure index and the residents savings rate is the main influence factors to property income, and the influence is positive; For the central region, the main influence factor to property income is education structure, and the impact direction is positive, and the influence coefficient is over1; In the western region, the education structure, real estate investment index have strong impact on property income, and the direction of influence is positive; in northeast of China, the main factors to property income are education structure and age structure, and the impact is positive. According to the national and regional empirical analysis, Chapter5gives some policy Suggestions:nationally,(1) to strengthen the construction of legal system for standardizing the insurance market order, and optimize the structure of insurance;(2) to maintain the long-term prosperity of the real estate market;(3) to provide more support for higher education; At the district level,(1) to promote the all-round development of the eastern region;(2) improve the human capital in central China;(3) to actively promote the western region real estate market and the development of education;(4) to Give full play to the advantages of northeast China education, and reduce the region’ outflow of populationThis article made improvements in3aspects. First of all, we summarized the existing literature on the influence factor income index measure of property income, and divided the factors into four categories:personal factors, macroeconomic factors, investment market factors and institutional factors; secondly, we adopt the new region partition method which divided our country into eastern, central, western and northeast. This new region partition method adapt to the new characteristics of regional development, at the same time can reflect the characteristics of the development of northeast China property income. Thirdly, we set up the regional panel data influence factors model, and considering the stationarity of index data and model establishment of robustness. But this paper still exist some deficiencies, first of all, the period of time we choose to analysis is short. Considering the change of the property income statistics caliber, we just select the time slot from2002to2011, although increased the variable degree of freedom and the precision of the model, but lost part of important information which is prior to2002. And both macroeconomic and people’s life had been through significant changes before2002, there must be a certain deviation in the index influence degree; Secondly, the inspection scope is small. In this paper, especially in the empirical analysis part, some index data is unstable, but we didn’t make a further processing and analysis, instead just remove them. So as to, we finally choose2aspects of factors-personal factors and investment market factor, the result is that analysis of the affecting factors of property income range is narrow.