Research On The Relationship Between Real Estate Macro-Control And Industry Investment Efficiency

Real estate industry as an important driving force in the development of national economy,in the past 20 years made great contributions to the development of macro economy,but at the same time,the industry’s rapid development has not only led to excessive investment and industry efficiency losses,and housing prices skyrocketed the buildup of the bubble,will also be placed in our financial system and national economy major risk.Financial regulation and taxation regulation is at present our country real estate market macroeconomic regulation and control of two major policy means,respectively from the dimension of monetary and fiscal dimension to guide capital flows,balance the investment structure,to improve the efficiency of real estate investment industry output,stabilize the financial system and national economic purpose,thus to explore the two policy tools to invest in real estate industry output efficiency,mechanism and the effect of interaction is very important.22 provincial data based on the 2008-2017 as sample,according to the mixed strategy game theory and new economic growth model,build the geographic and economic distance matrix of the inverse distance weighting matrix space doberman model(SDM),analysis of the real estate macroeconomic regulation and control of real estate industry investment efficiency and the effect of using capital stock as intermediary variables at the same time,to analyze the real estate macroeconomic regulation and control role in the mechanism of action of the real estate industry investment efficiency.Considering the theoretical enlightenment of Laffer curve and the stability of the conclusion,this paper further tests the threshold effect and robustness of tax and financial regulation,and draws the following conclusions:The government’s implementation of the tightened financial regulation policy or tax increase policy on the real estate industry has an obvious positive effect on the investment efficiency of the real estate industry,and the government’s financial regulation has a significant geographical space spillover effect,and the real estate tax policy has a significant economic space demonstration effect.However,the related policies of real estate tax and government financial regulation are mutually exclusive and coordinated.When they implement policies in opposite directions,they are conducive to improving the investment efficiency of the real estate industry,while when they simultaneously implement tightening or expanding policies,the effect of a single policy on the investment efficiency of the real estate industry will be weakened,leading to the leakage of the policy effect.At the same time,whether the government or the real estate tax policy,financial regulation policy is through capital influence on the efficiency of real estate investment,financial and real estate tax policy and government regulation policy on the synergy effect,larger than a single tax policy or government financial regulation and control policy effect of real estate industry investment efficiency.However,the single tax increases or single financial regulation tightening and synergy of the two on the real estate industry investment efficiency one-way function of interval is not limitless,in different areas need according to oneself strength of the current level of taxes and regulation,the real estate taxation and government financial regulation control within a reasonable range and organic collocation,will be more obvious what can effectively enhance the investment efficiency of real estate industry.Therefore,in the regulation of the real estate market,tax policies and government financial regulation should be combined organically and follow the principle of "moderate tightness".Too loose and too tight will lead to the leakage of policy effects.However,due to the different intensity of tax collection and management in different regions,there are regional differences in policy effect.Therefore,on the one hand,we need to strengthen the construction of policy transmission mechanism,dredge policy transmission channels,improve resource utilization rate and policy efficiency,and reduce the situation of policy inefficiency or policy effect leakage.Regions,on the other hand,need "one policy for one city" adjust measures to local conditions,according to the region real estate market conditions and economic characteristics,moderate adjustment,to develop a suitable region real estate market and the economic development of real estate tax policy and government financial regulation and control policy,in order to establish long-term effective mechanism of the real estate market development,prevention and control real estate financial risks and achieve high quality and economic development.