Land Finance, Urbanization And Real Estate Development

In recent years,the real estate industry has made tremendous contributions to China 's economic development,but at the same time,the continued rise in housing prices has also caused serious impacts on society.These negative effects have strengthened the determination of the central government to regulate the real estate market.In order to effectively regulate real estate development,we To explore the driving force behind the development of real estate,traditional theoretical research shows that land finance and urbanization level have an influential relationship with each other,and land finance and urbanization level are important factors influencing the development of the real estate market,so this article tries to integrate these two aspects Considering the development of real estate,it is clear that the perspective of local government behavior is a good entry point.Therefore,this article attempts to solve two problems from the perspective of government behavior: first,the relationship between land finance and real estate development;second,the impact of urbanization factors on real estate development.The empirical part of this paper also uses the simultaneous equation model to analyze the three in the same frame,and uses panel data from 30 provinces,autonomous regions and municipalities in China(except Hong Kong,Macao,Taiwan and Tibet)from 2007 to 2017 to explore the three Relationship,and hope to draw conclusions and policy recommendations that can promote better development of the real estate market.This paper firstly sorts out the definition and theoretical understanding of most scholars on land finance,urbanization and real estate development through literature analysis,and draws the views that most scholars agree with: land finance and urbanization affect the development of the real estate market Important factors,and can promote the development of the real estate market in the short term.However,these scholars have studied the development of the real estate market from the perspective of supply and demand.With the deepening of domestic research,scholars have begun to study the development of real estate from the perspectives of urbanization and land prices.On this basis,this article attempts to determine the development of real estate from the government From the perspective of behavior,try to explore how land finance and urbanization affect the development of real estate under the perspective of government behavior.Then this article introduces the concepts and current status of land finance,urbanization and real estate development,and analyzes the current development of these main bodies in China,paving the way for the theoretical analysis later.In the theoretical part of the third chapter of the article,first define the concept of government behavior,and analyze the two behaviors that may have an impact on land finance,urbanization and real estate development: income behavior and investment behavior.Based on the relationship between these two behaviors,the mechanism of action between land finance,urbanization and the development of the real estate industry is proposed.From income behavior,we can conclude that land finance has a significant positive impact on real estate development.It can be concluded from the investment behavior that land finance and urbanization influence each other.On this basis,we then analyzed the relationship between urbanization and real estate development,and concluded that urbanization has a positive impact on real estate development.Therefore,we conclude that in the short term,land finance and urbanization both promote real estate development,and there is a mutual promotion between land finance and real estate development.In the empirical part of Chapter 4,empirical research on the conclusions of theoretical analysis.Using provincial panel data,a simultaneous equation model of land finance,urbanization and real estate development was constructed,and empirical conclusions were drawn:(1)At a 1% significance level,land finance and urbanization are both positive for real estate development To influence.(2)At a 1% significance level,urbanization has a positive impact on real estate development,and land finance also has a positive impact on urbanization(3)There is a regional difference in the impact relationship between the three,and The influence of land finance and urbanization level on the development of real estate shows a decreasing trend from east to west.In the research conclusions and policy recommendations of Chapter 5,the theoretical analysis conclusions and empirical results presented in the article are analyzed,and the research conclusions of this article are drawn: from the perspective of government behavior,land finance and urbanization have a positive impact on real estate development,And there is also a mutual influence between land finance and urbanization.And there are regional differences.Therefore,the central government implements policies according to regions,and fully considers local government behaviors when formulating policies,and improves the incentive and supervision role in policies,thereby promoting the sustainable and healthy development of the realestate industry.