Research On The Relationship Between Stock Market And Real Estate Market

Since 1998,China's real estate market has begun to enter the market gradually,and the country began to develop housing finance,China's housing consumers and investors pay close attention to changes in the real estate market of our country at the same time,China's consumption demand has been amplified in the housing,and the size of the real estate market began to surge and the real estate market has entered a rapid growth period gradually,so the investment in real estate investment market status has gradually increased.In the stock market,in recent years,in contrast to the rapid growth of the real economy in recent years,the stock market has always been in shock,and the real economy has shown a greater departure from the prosperity of the situation.We can have a significant impact on the overall financial environment the development direction of the real estate market and the development of the stock market,thus ensuring the healthy development of the stock market and real estate market,it is very important for the overall economic environment.In recent years,domestic and foreign scholars have conducted in-depth research on the relationship between the stock market and real estate market,whether the data from which country the two market,the results show that there are important links between the two markets.But in our country's stock market and the real estate market,there are different opinions and conclusions about the relationship between the stock market and the real estate market.In this paper,a variety of theoretical and empirical research based on the monthly data of China from 2005 to 2016 were selected to study the fluctuation relationship between the stock market and real estate market,and make some conclusions and suggestions according to the empirical results.This paper will be divided into the following several parts of the stock market and the property market analysis of the relevance of the content from theory to empirical,closely linked,as follows:This paper first introduces the research background and significance of the topic,the stock market and real estate market as a representative of the market of Chinese fictitious economy and real economy,study the internal relations,for investment decision-making,investors,government policy choices are very important.Secondly,it introduces the domestic and foreign research on the relationship between the stock market and the housing market.The findings of the study on the relationship between the two markets are not exactly the same.Then,the theoretical research on the relationship between stock market and realestate market.In this paper,the concept of the real estate market and the stock market are expounded,and the conduction mechanism of the two market is analyzed.Then,the empirical analysis of the correlation between stock market and real estate market.In this part,this paper selects the representative of Shanghai Composite Index and Shenzhen Component Index as the stock market,but also selected on behalf of the State Housing boom index and commercial housing sales price as the price changes in the real estate market.Descriptive statistics,unit root test,co integration test,Granger causality test,VAR model,impulse response function and so on were used in the analysis.It is concluded that the stock market is a one-way Granger cause of the real estate market,and according to the result of the impulse response function,we can get the positive correlation between the stock market and the real estate market price.Then,the monthly data of 2005-2016 is divided into two stages,and the corresponding conclusions are drawn.The last part is conclusion and suggestion.According to the empirical results,this paper draws the conclusion that the stock market and the real estate market are related.