Based On The City Level Of The Real Estate Market And Stock Market Relevance Of Empirical Research

As two important venues for absorbing funds,the real estate market and stock market have always been two areas of great concern to people.These two markets have penetrated the entire national economy,especially the real estate market.As it involves decoration,steel and other industries,it has gradually become China's pillar industry.At the same time,the stock market has gradually improved and matured after 27 years of development,and currently has the role of an economic barometer.But it is worth noting that although both markets are developing in a positive direction,there is still a certain risk transmission phenomenon between these two markets,and the possibility of financial bubbles.Therefore,in order to promote the long-term and stable development of these two fields,and at the same time,form a benign interactive relationship between the two,it is very necessary for us to understand,analyze and grasp the relevant characteristics and impact relationship of these two markets,which will greatly help As we better grasp the operating rules of China's financial market,it provides a basis for cross-market risk monitoring and supervision.This article selects data from the real estate market and the stock market from 1999 to 2018,a total of 20 years,and uses Var,Granger causality,impulse response and other analytical methods to study,and also analyzes the different economic development levels.Next,the relationship between the stock market and the real estate market in each city category shows that: from a national perspective,there is a positive correlation between the two markets,and it is a one-way causal relationship,that is,the stock market is a grid of real estate market changes Ranger reason.And relatively speaking,the impact of the stock market on the real estate market is less than that of the real estate market on the stock market.However,when analyzed from the perspective of different city types,the results are different.The main performance is that under different economic development levels,the main factors affecting the two markets are different.The higher the level of economic development,the smaller the impact of previous real estate prices on current real estate prices,and the greater the impact of previous stock prices on current real estate prices.At the same time,real estate prices have a negative impact on stock prices,while stock prices have a positive impact on real estate prices.Finally,this article provides corresponding suggestions on the basis of the above conclusions.Governments at all levels should consider the particularity of their cities when formulating and promulgating policies,implement regional control policies tailored to local conditions,and minimize financial risks caused by chain reactions.And bubbles.At the same time,a combination of long-term and short-term control of the two markets.Finally,relevant institutions should expand the public 's investment and financing channels to a certain extent,improve the financial system,and strengthen industry supervision and regulation.