| Shadow banking is a credit intermediary system which is free from regulation and may cause systemic risk and regulatory arbitrage.In recent years,our country shadow bank scale expands rapidly.According to data from the report of the Financial Stability Board,China's shadow banking industry was the third largest in the world in 2016,at $7 trillion.On the other hand,China's real estate reform since 1998,China's housing prices skyrocketed.lt rose from 3167.66 yuan per square meter in 2005 to 7892 yuan per squ,are meter in 2017.Although the government and the central bank have introduced a lot of regulatory policies,but the regulatory effect is not ideal,house prices are still rising.After the government controlled the real estate industry and restricted it from obtaining loans from commercial banks,shadow banking became an important channel for real estate development enterprises to raise funds.Unregulated or less regulated shadow banks undermine the macro-regulation of real estate by the government and the central bank.Therefore,it is of great significance for the government to stabilize the housing price,manage the shadow bank reasonably and prevent the financial risk.The first chapter mainly introduces the background and significance of the research,research ideas and methods,the innovation and deficiency of the research,and the literature review.The second chapter analyzes the current situation of shadow banking and real estate market in China in detail.The third chapter introduces the theory related to the article,and puts forward the research hypotheses.The fourth chapter calculates the shadow banking scale of 31 provinces in China with reference to Feng Sixian's unobserved credit method.On the basis of the calculated results,the influence of shadow banking scale on house prices is analyzed by regression analysis through fixed effect model.The regression results show that the size of shadow banking has a significant positive impact on house prices.The last chapter is conclusions and policy recommendations.Summarize the results of the previous study,and according to the relevant theoretical analysis and empirical results put forward the following policy recommendations:expand the scope of supervision of shadow banking,reasonably guide the investment of shadow banking funds,broaden other financing channels of real estate,To solve the imbalance between supply and demand of real estate. |
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