An Empirical Study Of The Effects Of Policies For Industrial Prefabrication Of Housing In China

Architectural Industrialization is an inevitable trend of the development of the architecture industry and real estate industry.The new production mode of building construction industrialization can not only alleviate the stress of energy consumption and serious pollution of Chinese traditional construction industry,but also can improve production efficiency and emancipate the labor force and will become a new growth point of economic development.Construction industry and real estate industry are our pillar industries,and economic development and people's livelihood is closely related to the two industries.Although China has enacted a number of policies to promote the industrialization of architecture,but up to now,China's construction industry is still not high degree of development,and there is a big gap when compared with developed countries.This thesis uses the event study method to measure the abnormal return rate of the stock of the listed companies in the event window in the construction industry and real estate industry to measure the short-term policy effect of the construction industrialization.This paper also analyzes the policy events from the national policy level and the provincial policy level.In the analysis of policy enacted by government,it is found that,for the selected policy events,the effect of the construction industrialization policy is different,for the construction industry and the real estate industry,The early policy events caused the abnormal return rate of listed companies is not obvious,while the abnormal return rate caused by policy events in recent years are obvious;Moreover,under the same policy events,the effect of abnormal return rate of real estate listed companies is stronger than that which of listed companies in construction industry.For the study of provincial policy events,taking Vanke group as an example,this thesis studies the policy of construction industrialization in six provinces and cities in Beijing,Shanghai,Hebei,Ningxia,Anhui and Hunan,and finds that Vanke's abnormal return rates caused by the policy of construction industrialization are Significant.In addition,in the analysis of the relationship between the size of the assets of listed companies and the cumulative abnormal returns,it is found that the abnormal return rates of the listed companies in the real estate industry have a positive correlation with the size of the assets of the company,while in the listed companies of construction industry are not obvious.This paper analyzes the influence of policy expectation theory,game theory,capital market transmission mechanism and industrial policy theory.Through the capital market macro-control,the impact of capital and resource allocation,optimize the investment and financing environment,and promote the growth of enterprises,and promote the development of enterprises,Improve the efficiency of market competition,and ultimately optimize the industrial structure.Finally,the thesis suggests that China should continue to strengthen the current policy support,and give reasonable consideration to the effectiveness of the policy;In order to ensure the effective progress of the construction industry,the Government can introduce appropriate mandatory policies,mandatory provisions of building safety standards and building energy efficiency standards and other standards,as the promotion of industrial upgrading and protection.At the same time,improve the construction of industrial laws and regulations,regulate the construction of industrial market order,policy and legal integration,mutual assistance to ensure the effective implementation of the policy of building industrialization.In view of the market situation of construction industry and real estate industry,it is pointed out that in the construction industry there are a large number of small and medium-sized companies,low concentration of industry,which is not conducive to the industrialization of the construction of new capital,We should encourage appropriate industry consolidation and eliminate the construction companies and real estate companies with small scale,irregular management and low efficiency to enhance the competitiveness of the whole industry.China's public awareness of the construction industry is not very full,appropriate for the construction of industrial production knowledge of popular science,as well as for consumers,businesses,investors for the construction of industrial development trends and industry prospects should also increase publicity.In this thesis,the effect of policy research on the policy of building industrialization is measured,and the effectiveness of policy events is measured from the perspective of the abnormal returns of the sample of listed companies.It is from the microscopic enterprise level to study the policy of building industrialization,The purpose of this study is to provide theoretical and empirical evidence for China to formulate a more effective policy for the construction industry,at the same time,for the relevant departments to study the effect of the construction industry policy reference.The results of this paper are intended to provide a theoretical and empirical basis for China to formulate a more effective analysis of the policy of building industrialization,and also hope to play a reference role for the relevant departments to study the effect of construction industrialization policy.