The Research On Wealth Effect Of Real Estate In Anhui Province

The wealth effect of real estate refers to the process in which the change of house price affects the property wealth of the owner of the house,and then affects his consumption.Before the 1990s,wealth effect mainly refers to the impact of financial assets represented by stocks on consumption.With the global stock market crisis in the late 1990s,the wealth effect of the real estate market has gradually been paid attention by the theoretical circles.In recent years,with the development and progress of our society,the real estate industry has gradually occupied an important position in our economy.The real estate industry has the nature of both secondary and tertiary industries,which makes the real estate industry a booster for the development of industry and service industry in China,promotes the rapid development of China's economy,and provides a large number of jobs for the society.The high price of real estate makes real estate,as a non-financial asset,the most important family asset ofurban residents in China,which has an impact on all aspects of social economy.This paper focuses on the study of real estate as family wealth,with the rise of real estate prices,whether it has the effect of improving the level of consumption for families?This paper takes Anhui Province as the research object and studies the wealth effect of real estate.The purpose is to study the mechanism and effect of the wealth effect of real estate,analyze the characteristics of the wealth effect of Anhui Province,determine the real impact of the real estate market on residents' consumption,and try to provide a new theoretical basis for the development direction of real estate in Anhui Province.In the first chapter,this paper systematically elaborates the relevant literature on the wealth effect of real estate,and finds that the impact of real estate on consumption has its own characteristics in different regions,different time periods and different consumers.In order to analyze the reasons of above characteristics,this paper expounds the basic theory in the second chapter,and then analyze transmission mechanism of the wealth effect of real estate in the third chapter.It is concluded that urban residents of different income levels have their own characteristics of consumption behavior,which is also affected by different transmission modes,and ultimately the impact on consumption is also different.The above research content has laid the theoretical foundation of this paper.In the fourth chapter,this paper analyses the development of real estate in Anhui Province and the income and expenditure status of residents' families in detail,and makes a descriptive analysis based on the relevant data of Anhui Province from 1999 to 2017.Finally,the Speaman correlation analysis method is used to test the correlation between the real estate price and the consumption of urban residents.The test results show that there is a positive correlativity between the real estate price and the consumption of urban residents.Then,in order to further study the characteristics of the wealth effect of real estate in Anhui Province,this paper carries out a systematic empirical analysis in the fifth chapter.The empirical analysis is divided into two parts.The first part establishes a time series model based on the per capita consumption,per capita disposable income and commodity house price in Anhui Province to get the long wealth effect of the real estate.It is concluded that the real estate wealth effect in Anhui Province is significant in the long term,and the influence coefficient is about 0.181449.Then,we establish the error correction model to study the short-term real estate market of Anhui Province.The second part of the empirical study divides the urban residents of Anhui Province into five levels according to their income levels:low income,middle-low income,middle-high income and high-income.The panel data of different income levels are tested by unit root test and integration test,and then use the F test to determine the type of panel model.The regression results show that the wealth effect of low-income groups in Anhui Province is not significant,which may be due to the fact that low-income groups are excluded from the real estate market and have no consumptive response to the fluctuation of housing prices.The high-income groups have the highest wealth effect of real estate,which shows that the rise of housing prices has the effect of increasing wealth and consumption for high-income groups.The different manifestations of real estate wealth effect among different income levels provide policy guidance for the development of real estate market in our province.The steady development of real estate market helps to improve the overall consumption level of our province.However,while developing the real estate market,we should actively improve the social security system and establish a multi-level social security system,guide the consumption concept,increasing the income of the middle and lower classes,narrow the gap between the rich and the poor,curb speculation in real estate,speed up the construction of affordable housing,and achieve"living with one's own house".So as to expand domestic demand,narrow the gap between rich and poor,and promote the stable and healthy development of the economy.