The Measurement of Regional Housing Price Linkage and Its Influencing Factors in China——Based on the Research of Panel Data of 35 Large and Medium Cities

Abstract

Abstract: Based on the monthly data of 35 large and medium cities in China from January 2011 to December 2015, we measure the degree of regional housing price linkage and analyze the influencing factors of regional house price linkage degree. The results show that although the house price linkage degree between the 35 cities has a lot of ups and downs, the overall trend is significantly upward. Capital market integration and the credit difference of real estate enterprises significantly promote the regional house price linkage degree. The difference of real estate enterprise tax and fee, per capita income differences, differences in the level of economic development, population differences and differential regulation policy hinder the regional house prices linkage degree. Distance between two regions has no obvious effect on the regional house price linkage degree. Study based on the dynamic panel model also shows that regional house price linkage has the characteristics of inertia.

Key words: regional housing price linkage, capital market integration, C-M synchronization index

Hong Yong. The Measurement of Regional Housing Price Linkage and Its Influencing Factors in China——Based on the Research of Panel Data of 35 Large and Medium Cities[J]. Management Review, 2020, 32(6): 62-71.

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