The Effect Of Shanghai Real Estate Regulation Policy On Buyer's Expectation

Since the abolition of the welfare housing policy in 1998,the real estate industry in Shanghai is in a state of rapid development,which has led to the crazy rise of housing prices,overinvestment and other issues,the government has issued a lot of regulatory policies to standardize the order of real estate,but the effect of some policies is not ideal.The buyer's expectation affects people's purchase decision.It is the vane of the change of the real estate market.By studying the influence of the regulation policy on the buyer's expectation,the real control effect of the real estate policy is obtained.With the development of Internet information,more and more people choose to get information resources through web search.Data from web search can well reflect people's attention and sensitivity to search information,and provide a new way for quantitative policy.Based on the theoretical analysis of expected and behavioral economics,and returning to the development of real estate policy and Internet search in the past years,the paper constructs the interaction mechanism between three real estate policies,Internet search behavior and buyers' expectations.The real estate regulation policy is divided into six categories: finance,tax,security,land,administration and comprehensive policy.The impact on the buyer's expectation is analyzed and the empirical study is carried out.The time interval for data selection in empirical research is from 2011 to 2017.During this period,the real estate policy in Shanghai was concentrated,and the real estate market was in constant adjustment stage.Select the initial key words of the policy and carry out effective expansion,screening,and finally synthesis of six major categories of policy search index.Then the Shanghai buyers' expectation index is taken as the explanatory variable,and the policy search index as the explanatory variable.Meanwhile,the OLS model is built to analyze the effect of different regulation policies on the buyers' expectations.The specific research results are as follows:(1)the impact of financial policies on buyers' expectations is the most obvious.With the increase of 1% in financial policy related information search,the buyers' expectation index has increased by 0.789%;(2)Administrative policy has the strongest inhibitory effect on buyers' expectations.When Internet users search for information related to administrative policies increase by 1%,buyers' expectations index will drop by 0.343%;(3)Tax policy,security policy and land policy have a relatively small impact on buyers' expectations.When Internet users increase their search,buyers expect a smaller change in their expectations.Finally,this paper combines the empirical analysis with the real estate policies and market development in recent years in Shanghai area,and puts forward relevant policy recommendations for the future effective regulation of real estate in Shanghai area through the perspective of expected impact.Summarize the paper and point out the deficiency of the research.