Research On The Control Effect Of China's Real Estate Purchase Restriction Policy

In recent years,housing prices have been rising steadily.Although housing as a special commodity has both consumption and investment properties,the current housing has been considerably deviated from the original residential property.The rapid rise of housing prices has increased the burden of people's lives and caused great psychological pressure on them.Ensuring the people to live and work in peace and contentment is an important responsibility of the party and the state.Therefore,the government has introduced a series of measures to control the rapid growth of housing prices in China.The limited purchase policy since its introduction has mixed effect.Different methods can not reach a unified conclusion for different periods of data.A lot of people think that the stricter the policy,the higher the housing price.They are very pessimistic about the market.Research and analysis of China's current implementation of the real estate purchase policy has completed its mission,and is of great significance for promoting the healthy development of the real estate market.Whether China's real estate purchase restriction policy has completed its own mission not only needs qualitative analysis,but also needs quantitative analysis.On the basis of previous studies,this paper uses theoretical analysis to qualitatively elaborate the current situation of China's real estate market,the development and specific contents of the restriction policy,and finally combines with the empirical analysis.By constructing two kinds of performance evaluation models,that is Propensity Score Matching(PSM)and Difference-in-Difference(DID),supplemented by the national large and medium cities of the 39 monthly sample,using panel data Pool-OLS analysis method,and then the stability test is carried out.In addition,we divide the house into three types of new housing,new commodity housing and secondhand housing,and analyze the effect of policy respectively.After using the DID to analyze the influence of the consumer confidence index,the consumer expectation index and the consumer satisfaction index on the house price,we take them as the explanatory variables to regress,so as to further analyze the attitude of consumers towards the implementation of the restriction policy.Through the analysis of the housing price fluctuation in the housing market before and after the implementation of the limited purchase policy,we have concluded that the regulation policy has played a certain role in reducing the rise of the house price,and the impact on the new housing is significantly greater than that of the second-hand house.At the same time,consumers show a positive attitude towards the policy,and to a certain extent,prove the effectiveness of the restriction policy.On the basis of comprehensive theoretical analysis and empirical results,this paper puts forward relevant policy suggestions from two aspects of short-term regulation and long term regulation and control,hoping to provide some reference value for the further regulation and control of the real estate market.