The Research On The Effect Of Unbalanced Development Of The Real Estate To The Regional Income Gap In China

In recent years, the investment scale expands rapidly and the housing prices continue to rise, the extremely unbalanced between of the supply and demand etc, these unbalanced characteristics obviously exist in our housing market. At the same time, the region's economic development level and the income level of the residents is different, which cause the regional income is different. In this background, therefore we study the effect of the real estate unbalanced development to regional income gap is of a academic value and practical significance.The research object of this article is that the unbalanced development of the real estate market and the regional income gap, and the influence of the unbalanced development of the real estate market to the regional income gap and its influence degree as the starting point and foothold of this research, this article respectively from micro and macro mechanism to analyze the influence of the unbalanced development of the real estate market to the regional income gap, micro mechanism mainly includes consumer decision-making, wealth redistribution effect, Matthew effect and the living environment effect etc. Macro mechanism mainly includes the ripple effect of the real estate, the anti-ripple effect of the real estate and the accumulation effect of the real estate, etc., and can be concluded that regional income gap is expanding from the combing mechanism-of unbalanced development of the real estate market to regional income gap.This paper had selected the real estate market supply and demand unbalanced degree as the key explanatory variables to represent the unbalanced development of the real estate market and the Thayer index is as explaining variable to represent the regional income gap. In order to strengthen the explanation of regression equation, the other factors that affect regional income gap (such as:the level of the openness to the outside world,economic development level, the level of education development, the level of infrastructure construction, the level of urbanization, the level of government expenditure and the level of financial development etc.) as controlling variables. By using China's 30 provinces and municipalities and autonomous regions 2000-2013 panel data, the paper builds the panel regression model. next, the variables description, data selection and source, variables statistical description, panel unit root test, variables correlation analysis,and then the overall sample and panel FGLS estimate and its important conclusions as follows:(1) From the overall sample estimate results:unbalanced development of the real estate to regional income gap has widened. (2) From respectively regional samples estimate results:the unbalanced development of the real estate market in the eastern has widened the regional income gap, while the regional income gap has narrowed in the central and western regions, and the extent is greater in the central region than in the western region.(3) Research on the impact of unbalanced development of the real estate market to the regional income gap can help us to solve the income inequality, regulating new ideas to reduce the regional income gap.Based on the above analysis, we believe, to gradually reduce the impact of unbalanced development of the real estate market to the regional income gap, we need to start from the coordination of the development of the real estate market.the specific measures include: Paying more attention to the important impact on unbalanced development of the real estate market to the regional income gap; Designing different regulation policy of the real estate market for the different regions;Promoting collaborative development of the big-moderate-small cities; Seizing the country's major strategic opportunities to promote the development of the central and western regions;Coordinating the balanced development between the real estate industry and the other industries.The main innovation of this article is combing the influence mechanism of unbalanced development of the real estate market to the regional income gap respectively from the macro and micro perspective. And using the panel data from overall samples and respectively regional samples to estimate the influence of the unbalanced development of the real estate market to the regional income gap. Based on the limited data availability, when measuring the unbalanced degree of the real estate, this article only counts to the unbalance degree of total amount supply and demand of the real estate market, not counting to the structural unbalanced degree of products of the real estate market, therefore, this field remains need to be further improved.