Research On Real Estate Policy Implementation Deviation From The Perspective Of Interest Game

Since the market-oriented reform of real estate in 1998,China’s real estate market is thriving quickly.Real estate industry has promoted the development of national economy in a high degree and has become our country’s backbone industry.However,many questions occur such as the increasing rise of housing price,the unbalanced supply structure of real estate,the over-heated investment in real estate.They have already influenced the society’s harmony and stability. Since 2003,government has issued a series of real estate regulatory policies.The increasing number of policies and the huge strength have seen the determination of regulating the real estate of China.But the frequent policies don’t reach the expected effect.On the contrary,housing price is rising continuously even though the government cracks down on it intensely,far more than ordinary people’s income level.It’s obvious that current main problem does not lie in the shortage of real estate regulation policies,but the invalid implementation.Policy implementation is the most important part of process of public policy. Goals of policy can be achieved only when it is implemented effectively.But the process of policy implementation will affected by lots of factors.Different scholars analyze the reasons for affecting the effective implementation of policies in different view.From the perspective of interests,I think that the implementation of public policy is the redistribution of social interests,and the failure of policy implementation is the result of interest subjects’mutual game based on their own pursuit of interests.Quite a few of interest subjects are involved in real estate policies and their interest relationship is so complicated that they have a severe impact on the effective implementation of policies.Based on the game theory and principal-agent theory,this thesis analyses the interest subjects involved in the real estate policies under the interest mechanism so that the relationship of each interest subject is clear.Then we can find the real reasons for the deviation of policy implementation and put forward solutions to manage the failure of real estate policies.This thesis has made a detailed analysis on the consistency and contradiction of the interest subjects involved in the real estate policy including central government,local governments,real estate developers,consumers,commercial banks,media, experts and scholars and reasons for the deviation of real estate policy implementation.Then I conclude that it’s the only way of solving the problem to convert the non-cooperative game into the cooperative game of the interest subjects.So we need to integrate the interest relationship of the interest subjects and the premise of cooperative is the restriction of system.Based on the above analysis,this thesis gives a series of system arrangement:reasonable division of administrative and financial power through improving configuration of function and power between central and local governments;improve the performance estimation system and set up valid incentive system;enhance the supervision of policy implementation subjects to coordinate the interest relationship of the central and local governments.Coordinate the interest relationship of the local governments by impelling the transformation of function and power and the communication and cooperation of local governments.Coordinate the relationship of other relevant interest subjects by smoothing the information channel,expanding the financing channel of real estate industry and establishing the third-party supervision institution.In a word,only when we clarify the interest relationship of relevant subjects involved in the real estate policy and promote the cooperative game through the restriction of system,can we reduce the deviation of policy implementation effectively to achieve the policy goals.