Research On The Impact Of Leverage Rate On House Price

Faced with the reality that the real estate market has overdeveloped over the past period of time,the government has launched a combination of various policy measures to improve.As one of the part of regulatory measures for the real estate market,can leverage ratio play an effective role in the impact on prices? What are the performances of the leverage ratios of different departments,and do they all have a positive effect on housing prices? What is the mechanism of leverage on housing prices? Focus on these questions,it has a strong theoretical guidance and practical significance to study the impact of the leverage ratio on the real estate asset price.First,this paper reviews the leverage mentioned in the theoretical literature,the correlation analysis of leverage as a policy instrument,the impact of leverage on economic development,and the mechanism of leverage on the real estate market.Secondly,this paper analyzes the current situation of China's real estate market,compares the indicator of leverage ratio vertically and horizontally,pays attention to its trend changes and its position in the international community,and sorts out the regulation and control policies related to leverage in the real estate market.Thirdly,based on the previous research,the mathematical model of leverage ratio on the asset price of real estate market is put forward,and the main hypothesis is further proposed.Finally,the paper summarizes the relevant conclusions and proposes relevant policy recommendations.In the empirical analysis part,this paper takes the annual panel data of 30 provinces(excluding Tibet)in China from 2006 to 2016 as the observation samples,uses the fixed effect model to verify the promotion effect of leverage ratio on the asset price of the real estate market..The results also show some mediating effects in the role of leverage in the residential sector,and the full mediating effect in the role of leverage in the corporate sector through exploring the mediating effect of real estate market expectations on this effect.It's also found in this paper that the adjustment effect of the interest rate on this effect is not significant.Finally,it conducts a correlation test of robustness through the exploration of sub-regions and the replacement of the main explanatory variables.