Analysis On The Evolution Of China's Real Estate Market Concentration And Its Influencing Factors

Appropriate market concentration is the basis for maintaining reasonable allocation of resources,promoting the upgrading of market structure,and realizing the efficient operation of enterprises.As the real estate market is not always characterized by complete competition or monopoly,the research on the concentration of the real estate market has become an important area of economic research.Since the abolition of welfare housing allocation system in 1998 in our country and the realization of commercialization of housing,the real estate market has made great strides.However,overheated investment forced the government to introduce a series of regulatory policies.In this development process,has market concentration also changed,and what will be the evolutionary trend?In addition,the predecessors have demonstrated that market concentration can affect house prices,economies of scale,resource allocation efficiency,internal organizational management efficiency,social welfare and so on.If we use concentration as a mediator and explore the factors and regulation tools that influence concentration,this will provide another important tool for the government to accurately regulate and forecast the real estate market trend and promote the optimization of the real estate market structure.In order to solve this problem,based on the theory of SCP,this paper first makes a calculation and analysis of the concentration in the whole country and 35 large and medium-sized cities.Considering the limitation of traditional measurements,this paper improved measurement technique,using the share of employees working for the company with first grade real-estate development qualification to calculate.Aiming at the regional characteristics of the real estate market,the fixed-effects model is established by panel data of 22 cities from 2000 to 2016,and the regional market concentration is measured to analyze the factors that affect the real estate market concentration.In addition,according to the organization form of real estate enterprises,this paper makes a judgment of the effectiveness of the monetary policy tools separately on the concentration of state-owned housing enterprises and non-state-owned housing enterprises.The results show that:(1)The overall concentration of the real estate market shows an upward trend.Although the market is still in a competitive landscape,some cities have begun to make changes.In addition,the concentration of real estate in different cities varies greatly.The regional economic development does not match with the regional real estate concentration level.The cities in developed and backward regions cross each other in terms of concentration distribution.(2)Although the number of state-owned real estate developers has dropped sharply in recent years,the market share of state-owned real estate enterprises has been on the rise.More than half of the real estate giants are still the background of state-owned enterprises.State-owned developer's competitiveness and monopoly power far exceed other ownership enterprises.(3)Market concentration of China's real estate industry is negatively correlated with the expansion of market capacity,the prosperity index of state housing and the growth rate of real estate credit,and positively correlates with the minimum effective scale,the source of development funds and the purchase restriction.China's real estate market has not reached the optimal level of economies of scale.The incumbent enterprises can't provide the housing far enough to meet market demand,providing market opportunities for potential entrants and causing inefficient utilization of resources.The government should encourage the integration of the enterprises.(4)The sensitivity of state-owned housing enterprises and non-state-owned housing enterprises to different monetary policy instruments are significantly different.Monetary authorities should focus on credit policy towards state-owned developers and the money supply to non-state-owned enterprises.Interest rate policy has limited impact on the concentration.This prompts the government to make the right remedy in the government macroeconomic regulation and control of real estate market.