Empirical Study on the Relationship between Regional Industrial Structure Difference and Regional Real Estate Price Fluctuation—Based on Case Analysis of 31 Large and Medium Cities in China

Abstract

From the perspective of the differentiation of industrial structure in various regions, this paper build a measure of the rationalization and advanced level of industrial structure, and regionally group the industrial structure of 31 provinces in China. According to different grouping areas，using the 2008 panel data of 31 provinces in China, according to different grouping areas, different models were constructed to conduct GMM regression analysis on the relationship between industrial structure and housing prices. The empirical test examines the difference in the impact of industrial structure changes on regional housing prices under different subgroups. Overall, the advanced and rationalized level of industrial structure has a significant positive impact on housing prices. In areas where the advanced level of industrial structure is relatively high, the upgrading of industrial structure will bring about a higher positive impact effect. However, in areas where the rationalized level of industrial structure is high and the advanced level of industrial structure is low, the rationalization of industrial structure will have a greater positive impact on housing prices. Therefore, relevant policy recommendations are proposed: when regulating the real estate market, each region should analyze the industrial structure of the region according to local conditions, and proceed from the perspective of rationalization or high-level industrial structure; in addition, the industrial transfer in China In the process of industrial restructuring, the sub-regional concerns about the impact of the emerging industrial changes on the local real estate market.

Keywords: industrial structure, advanced level, rationalized level, housing prices