| From the housing reform in 1998,the real estate industry developed rapidly with the fundamentals of the Chinese economy continues to improve,which has gradually become an important pillar of the national economy.At the same time,a large number of credit and loan swam into the real estate market,which leads to the rise of the house price,and may eventually form a real estate bubble.And once the bubble burst,which would have a serious negative impact on China's credit market and even the macro economy,so in order to avoid the occurrence of systemic risk,the government has issued a series of credit policies to guide the healthy development of the real estate market.However,the price of commercial housing showed different phenomenon is remarkable,therefore,this paper argues that it is of great theoretical and practical significance to further analysis the regional differences of commercial housing.Based on the above considerations,this paper mainly analyzes from the following aspects: the first part mainly bring forward the research background and significance of the article;the second part is to retrospect the domestic and foreign literature and relevant theory which about property;The third part mainly introduces the financing channels of China's real estate market and concludes that bank credit plays a decisive role in the real estate price of our country.Part 4th mainly analyzes the relationship between bank credit and real estate price,and further expounds the regional difference of the impact of bank credit on real estate price;part 5th is the empirical part,mainly selects the 2005-2016 quarterly data of China's 35 large and medium-sized city,constructing the GVAR model with the diffusion effect,dynamic empirical analysis of the effect of regional differences in prices of credit policy.The 6th part mainly put forward the corresponding policy recommendations on the basis of empirical results.Through empirical research we can conclude as follows:The response effect of commodity housing price to different credit policy tools is different,that is,the response intensity of real estate price to credit supply is larger,and the response time to loan interest rate is longer.Under the influence of the unified credit policy,the elasticity coefficient of house price in the eastern region is larger than that in the middle and western region,that is,the house price in the middle and western city is easily affected by the price change in the eastern city.Compared with the middle and western region,the eastern city has the strongest sensitivity to credit policy,the highest response intensity and the fastest convergence speed.Therefore,the state should adopt regional differentiated credit policies for different regions when implementing credit policies to regulate the real estate market. |
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