The Research On Relationship Between The Market Structure And Efficiency Of China’s Housiing Market

The housing market has gotten the rapid development for decades,accompanied with social problems such as excessively high price-to-income ratio and unbalanced housing supply structure.In order to provide reasonable and feasible recommendations for the housing market,the "structure – efficiency – correlation " theory in the industrial organization is regarded as the main line of this research.At the same time,the main research content focus on the relationship between the housing market structure and efficiency.First of all,in order to provide theoretical and empirical basis for the following research,the research status was reviewed from the aspects of industrial organization theory and its application in the aspect of housing market.Secondly,because of the data missing in the five regions,such as Tibet and Qinghai,the absolute and relative concentration degree of China’s 26 other regions from 2011 to 2015 were measured.It can be found that the housing market concentration of China is low.And there is a downward trend.And it can be concluded that our housing market belongs to the competitive market structure.Thirdly,most of the quantitative study focuses on the economic efficiency of market.And few study concentrates on the fair efficiency.The combination of the two quantitative evaluation of housing market efficiency is more rare.It leads to the comprehensiveness lack in the analysis conclusion of housing market efficiency evaluation.Therefore,the economic and fair efficiency are combined in the evaluation of housing market efficiency at the same time in this research.The economic and fair efficiency indexes were summarized through the review of literature.And the correlation entropy and composite element evaluation methods were used to evaluate the economic efficiency,fair efficiency,and market efficiency of housing market in the 26 regions from 2011 to 2015 respectively.Fourthly,the relationship between housing market structure and economic or fair efficiency was analyzed by the software named stata13 through the multiple regression model.It concludes that market concentration has a significant positive effect on the market economic efficiency,in line with the market power hypothesis.And the market concentration has a significant negative impact on fair efficiency.Finally,considering the empirical analysis and the characteristics of the housing market in different regions of China,the suggestions which can improve the market concentration and the fair efficiency of the housing market were proposed,such as improving the barriers to entry into the housing market and encouraging the housing enterprises to merge and reorganize.Apart from this,the suggestions which can reduce the market concentration and improve the fair efficiency of the housing market were proposed,such as attracting the housing development enterprises and reducing the land barriers.