Research On The Correlation Between Urban Housing Prices And Industrial Structure Characteristics Under The Background Of Land Finance

In the past 40 years of reform and opening up,with the continuous growth of China's economy,the main factor restricting economic growth is no longer the scarcity of capital,but natural resources,labor costs,technological innovation and other factors.China's economy has entered a new normal.Under the background of'stable growth,restructuring and promoting development',adjusting the industrial structure and promoting industrial transformation and upgrading is one of the major challenges facing our government and enterprises.There are many factors affecting the transformation of industrial structure,such as technological progress,labor mobility,changes in consumption structure and policies of local governments to attract investment.Among these factors,the change of the real estate market can't be ignored.Since the housing reform in 1998,especially since the real estate industry was established as the pillar industry of the national economy in 2003,the development of the real estate market has become more and more closely linked with the macro-economy.Every large fluctuation of house prices will arouse the concern of millions of people.This paper studies the correlation between house price and industrial structure.On the basis of fully referring to the previous research results,it creatively incorporates land finance,a system factor with strong administrative color,into the analysis framework,and constructs a dynamic panel model of house price,land finance and industrial structure upgrading.This paper makes an empirical analysis of the data of 35 large and medium-sized cities in China from 2010 to 2016 by using the method of systematic GMM estimation.The empirical results basically confirm the two hypotheses proposed in this paper.The main conclusions of the study include:Firstly,when the urban housing price rises from low to high,in the process of industrial restructuring,the characteristics of housing price and industrial structure are inverted "U" type.Secondly,the income of land transfer fee of local government is rising,that is,when the scale of land finance is expanding,land finance will inhibit the diversification of urban industries,thus hindering the upgrading of industrial structure to a certain extent.Thirdly,due to the great difference of economic development level and industrial structure,the inverted "U" type relationship between house price and industrial structure upgrading is obvious in the developed areas of the east,but not in the less developed cities of the central and Western regions.This shows that the effect of housing prices on industrial structure is related to the level of regional economic development and housing prices.At different stages of economic development,the advantages and disadvantages of rising house prices are different.Fourthly,house prices dominated by market forces and land finance full of local government policy behavior have opposite effects on the upgrading of industrial structure.Therefore,in the interaction with land finance,the effect of rising house prices to promote the upgrading of industrial structure has been weakened.