| Since the reform of the housing system in our country, the real estate industry began to enter the stage of vigorous development. With the gradually improving of the real estate market, the scale of development and investment is increasing rise and the house prices rise continually. The real estate prices are not only related to ordinary people's live and work, but also closely linked with the country's macroeconomic trends, and have a significant impact on healthy development of the entire national economy. In this context, academics began to explore the mechanisms behind rising house prices, and we find that the reasons are mostly concentrated on several aspects of social, political, economic, regional, institutional and the heterogeneity of its own real estate and so on. After reading the literature, I find that the perspective based on the government efficiency is quite scarce, but I find the efficiency of local government has an obvious effect on the real estate. For example, local government can take some measures such as providing public services, urban renovation, land acquisition and some relevant policy recommendations to intervene the real estate market. so that it can affect real estate prices. Therefore this paper attempts to explore the change mechanism of real estate prices from this point of view.Firstly, this paper elaborates the theory of the efficiency of government, and does a brief introduction about the several ways of measuring the efficiency of government.Then it uses both DEA and SFA methods to measure the efficiency of local governments and the results to be compared for analysis. The results are consistent with the stability. Secondly, from the perspective of local government efficiency, it analyzes the relationship between the efficiency of government and the real estate prices through a static regression, dynamic regression and threshold regression model.The three kinds of empirical results show that the efficiency of local government has a significant positive effect on real estate prices. Further, this article also finds that the impact on real estate prices by local government efficiency has two thresholds through the threshold regression, namely the coefficient of real estate prices is changed with the different threshold values of the government efficiency. Specifically,the change shows a U-shaped characteristic of decreased and then increased. Finally,according to analysis of the empirical research, this paper puts forward policy suggestions to promote the healthy and stable development of the local real estate industry from two levels of the improving of local government efficiency and the regulation of real estate prices. |
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