Research On The Impact Of Land Finance And Urbanization On Housing Price Level

The report of the nineteenth congress pointed out that we must not forget that housing is for living in,not for speculation.With this in mind,we will move faster to put in place a housing system that ensures supply through multiple sources,provides housing support through multiple channels,and encourages both housing purchase and renting.This will make us better placed to meet the housing needs of all of our people.In recent years,China's continued high housing prices have had a serious impact on the economy and society.In order to effectively deal with all kinds of problems brought about by high housing prices,we should clarify the important driving force behind high housing prices and carry out targeted reforms.The ultimate goal is to achieve long-term development of the real estate market and promote China's economic transformation.The local government's land financial dependence and urbanization level are important factors affecting China's housing market.Therefore,it is important to study the impact of the two on housing prices.This paper uses the time series data of China's macro level from 1998 to 2016 and the inter-provincial panel data of 31 provinces,autonomous regions and municipalities(excluding Taiwan,Hong Kong and Macao)from 2005 to 2016 to explore how land finance and urbanization affect real estate prices.Then,on the basis of empirical tests,we propose policy recommendations to change the current high housing prices from the perspective of reducing land financial dependence and building new urbanization.This article is divided into six chapters.The first chapter introduces the research background and significance of this paper,and explains the research methods and the overall framework of this paper.The second chapter combs and summarizes relevant literature at home and abroad,laying the foundation for the following theoretical and empirical research.The third chapter introduces the related concepts of land finance,urbanization and China's real estate industry.The purpose of combing the connotation,development process and current situation of the three variables is to lay a theoretical foundation for the following analysis.The fourth chapter introduces the main factors affecting real estate prices,and emphasizes the mechanism of land finance and urbanization affecting housing prices.The fifth chapter uses the provincial panel data to construct an econometric model to verify the impact of land finance and urbanization on real estate prices and regional differences.The sixth chapter summarizes the research content of this paper and puts forward some policy recommendations.The study found that land finance and urbanization have a positive impact on house price levels,while urbanization further pushes forward the positive impact of land finance on house prices.In short,land finance and urbanization both promote the rise of real estate prices,and urbanization plays a positive role in the mechanism of land finance affecting housing prices.Further empirical research by region shows that there are regional differences in the impact of the two on housing prices.In terms of regions,the degree of influence of land finance on housing prices is decreasing from east to west,and urbanization in the central region has the least impact on housing prices.Based on the empirical research results,this paper believes that land finance and urbanization have a positive impact on housing prices,and the impact mechanism also has regional differences.Therefore,when the government plays an active role,it should formulate different policies based on local conditions.We will implement a benign real estate industry regulation and control policy in terms of reducing local government land financial dependence and promoting new urbanization construction,and ultimately improve the long-term mechanism for healthy development.