The Research About Diversified Housing Policy Influencing On Commercial Housing Market

Differentiated credit policy was put forward in 2007,becoming an important means of regulating the real estate market.In recent years,there are some problems in the real estate market: the real estate market in the second line city is insufficient,the price of the real estate is soaring,and the backlog of real estate stock in the three or four line cities is serious,and the potential risks are hidden,and the real estate market has entered a new normal pattern of differentiation.In order to cope with the "regional" differentiation in the real estate market,in2016,the government functional departments introduced the differential credit policy of "the most strict in history" and "the fastest in frequency" to regulate the real estate market.This paper hopes to explore the effect of differentiated credit policy on the real estate market through empirical analysis.This paper first combs the domestic and foreign research on the impact of differentiated credit policy on the real estate market,introduces the related concepts,basis and main objectives of differentiated credit policy,and analyzes the transmission mechanism of the differential credit policy through the first payment ratio channel,interest rate channel and limited purchase channel on the real estate market.Secondly,we select the monthly data of35 large and medium cities in December-2017 in October 2008,and make the real estate price and volume as the explanatory variables,further refine the differential credit policy into four indexes-the ratio of no mortgage down payment,the free first payment ratio,the ratio of unloan first payment,the loan and the loan and the loan The first payment ratio index is used as explanatory variable to conduct panel regression analysis.Then,this paper draws a conclusion that differentiated credit policy has a significant effect on the real estate market,and can achieve the goal of "ensuring rigid demand and combating speculative demand",but the effect has regional heterogeneity.Finally,we put forward suggestions for improving differentiated credit policies.The innovative point of this article lies in the perspective of innovation,and divides the differentiated credit policy into four types of first payment ratios,such as no housing,no loan,no housing loan,room free loan,and uncleared mortgage,corresponding to the real estate market's rigid demand,improving demand,investment demand and speculative demand,and verifying differentiated credit The effect of policy on the real estate market.