Studies On The Relationship Between Housing Sales And Rental Prices Based On Simultaneous Equations Model

The sustained and healthy development of housing market is not only the source of power for China's economic growth,but also the guarantee of the improvement of people's livelihood as well as people's living standards.At present,the presence of China's housing market structure is irrational,the housing sales prices gradually deviated from the housing rental prices sustained and rapid rise,he relationship between the two prices cannot be explained by traditional and present value adjustment model,so,a clear analysis and judgment of the housing market structure and the relationship between the two housing market is imminent.Based on the analysis of the structure of the housing market,this paper defined the structure and the supply and demand of the housing market,forecast the relationship between housing sales and rental prices,and made a point that the relationship between two kinds of housing price is both relevant and departing.Then,on the basis of this forecast and the existing research,this paper compared several kinds of analytical tools,selected simultaneous equation model as the analytical tools of this study.After that this paper summed the factors of housing sales and rental prices from both supply and demand aspects quantized some policy factors involved in the study.selected and tested factors and established housing sales and rental price equation,thereby establishing and identify the rental price of housing sales simultaneous equation model.Finally,using econometric tools couplet simultaneous equation model parameter estimation,obtained the result of quantitative analysis in Wuhan City housing sales and rental prices relational model,combined with the actual situation,analyzed the result and put forward the enlightenment for the development of housing market in Wuhan City.Based on the existing research results and their shortcomings,this article will focus on in-depth analysis of the following two aspects:(1)Basis on the existing qualitative research of housing sales and rental prices,combined with the actual situation of study,this paper fully account the endogenous between the two prices,selected a quantitatively research tools-simultaneous equations model,not only analyzed the quantitative relationship between the two prices,but also studied on the formation mechanism of this relationship,provided a theoretical basis for the control and management of housing market.(2)Basis on the price factors which have been used in the prior studies,this paper selected some policy factors that involved in housing price and reasonably quantified those factors,demonstrated its significant impact on housing prices,provided the reference for the establishment of the policies and regulations,also improved the practical significance of the study.