Tobin’s Q Effect Of Real Estate Prices Regional Differences

Real estate has been a pillar industry of our country, it has long been theorists attention. After decades of development, the real estate industry has made significant achievements, but also caused the rise of real estate prices too fast, resulting in some people can not achieve housing, seriously affecting people’s lives; on the other hand, as China’s real estate investment increased year by year, housing area It increases every year, but housing sales situation is not optimistic, leading to a lot of idle housing, resulting in a waste of resources. While at the same national real estate control policies, the real estate investment among the provinces, there was greater diversity and differences between real estate prices, so this use of Tobin’s Q theory to explore the area of commercial housing price difference becomes It is particularly important. Tobin Q theory is that if investors evaluate investment projects is higher than the cost of the project, the share price will be due to the investment projects and increased investment, shareholders will benefit, therefore, capital value and regeneration cost ratio (Q) Related even. From an economic theory, when the Q value is 1, the investment balance; when the Q value is greater than 1 (bigger and more obvious), return on invested capital will exceed the normal wear and tear, and thus increased investment; when Q is less than 1 (the smaller the obviously), the investment will diminish. This paper studies of regional differences in commodity prices, combined with Tobin’s Q theory of government regulation of prices proposed theory of value for reference.Taking into account the economic development of the provinces of differences, as well as the provinces of the country paper selected data between 2003 to 2013 as a sample study of housing prices Tobin’s Q effect regional differences. Based on the Tobin Q theory and the theory of comparative real estate investment analysis, analysis of the investment area differences. In this paper, Tobin’s Q effect on housing prices of the existence of the inspection process, the first real estate investment and Tobin’s Q unit root (ADF) test and cointegration test. Then use the investment the country and 31 provinces, municipalities and autonomous regions corresponding to Tobin’s Q empirical test. Based on this combination of price changes over the past 10 years, changes in real estate and investment, the use of the country and 31 provinces data on the effect of housing prices Tobin’s Q to analyze, and take advantage of Tobin’s Q theory of comparative analysis eastern, central and western regions of China The reason real estate investment differences arising. Finally, according to factors of various regions of the Tobin Q, put forward policy recommendations for local government.The main content of this article has four parts:The first part introduces the theoretical basis of commercial housing price Tobin Q effect, provide a theoretical basis for the inquiry house price Tobin’s Q effect of regional differences.The second part of the empirical test of real estate prices from the existence of Tobin’s Q effect, providing the empirical basis for regional differences to explore the country estate of Tobin’s Q effect.The third part of a detailed analysis of housing prices Tobin’s Q effect regional differences, in conjunction with the provinces, real estate investment and housing prices, analysis of Tobin’s Q effect of a difference between the provinces investment analysis.The fourth part of the factors affecting our commercial Tobin’s Q effect analysis, exploring the impact factor, the views put forward feasible for the government to control prices.