Effects Of Real Estate Industry's Financial Resource Allocation On The Macro Economy:Based On The Comparative Advantage Perspective

The comparative advantage theory has become an important part of the research of China's regional and industrial development theory.At the present stage,comparative advantage theory of our country focuses on whether China can follow the comparative advantages of regions or provinces to promote the development of regional economy.Because of the large differences of resource endowments among different regions,the same industry in these regions has much different comparative advantages.As for the real estate industry of different provinces,the level of its development achievements ranging from low to high.For example,due to abundant labor and financial resources,high utilization of land resources as well as the preference of policy,areas with relatively high levels of economic development have a relatively rapid and mature development of real estate industry.Financial resources are the most significant factor among those affecting the development of the real estate industry.Financial resources as a dominant resource can flow freely,and its configuration is in a dynamic and ongoing process.Simultaneously,the real estate industry is a kind of industry which has a strong dependence on financial resources.Therefore,financial resources as a advantage resource of the industry has played a vital role in the development of the real estate industry,and it determines whether the real estate industry can become a local comparative advantage industry to a great extent.Thence,this thesis is first based on the comparative advantage theory to measure the real estate industry comparative advantage of the thirty-one provinces and autonomous regions.On this basis,we will divide those thirty-one provinces and autonomous regions into the real estate industry comparative advantage provinces and comparative disadvantage provinces.And then we calculate the deviation of the allocation of financial resources in those provinces and autonomous regions,so as to explore the impact of the allocation of financial resources on the economic growth and the development real economy brought by other industries on the basis of grouping.Through empirical researches,we find that increase the allocation of financial resources of the real estate industry comparative advantage provinces and regions can effectively promote economic growth,but increasing the allocation of financial resources of the real estate industry comparative advantage provinces and regions will be detrimental to economic growth.In the same time,increasing the allocation of financial resources of real estate industry will be detrimental to the development of the real economy brought by other industries regardless of whether it is the real estate industry comparative advantage provinces or real estate industry comparative disadvantage provinces,besides,this effect in real estate industry comparative disadvantage provinces is worse.Finally we put forward policy recommendations that the government should be timely and appropriately implement different real estate policies.