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A Study on the Influencing Factors of Stock Price Change of Real Estate Listed Companies in China

机译：中国房地产上市公司股价变迁影响因素研究

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摘要

With the development of economy constantly, the real estate industry plays an important role of the national economy. The rapid development of real estate has further improved the living standard of residents. However, the unstable fluctuation of real estate market has also posed a threat to the economy. On the basis of previous research results, this paper selects twelve economic indicators such as Shanghai composite index, money supply, consumer price index, financial expenditure, using the co-integration test, and VAR model to study the influencing factors of stock price change of real estate listed companies in China. And based on VAR model, Granger causality test, impulse response function, and variance decomposition are used to analyze the empirical data. The results show that there are three long-term equilibrium stable relationships between the Shanghai composite index, the consumer price index, the financial expenditure, the exchange rate, commercial housing sales price, the steel production, the national housing economy index, and the stock price change of real estate listed companies in China. And these seven factors have different effects on the stock price change of real estate listed companies. Based on the research conclusion, this paper puts forward some policy suggestions to promote the steady development of China's real estate market.
机译：随着经济的发展不断，房地产业发挥着国民经济的重要作用。房地产的快速发展进一步提高了居民的生活水平。然而，房地产市场的不稳定波动也对经济构成了威胁。在先前的研究结果的基础上，本文选择了十二个经济指标，如上海综合指数，货币供应，消费价格指数，财务支出，使用共同集成试验，以及var模型研究股票价格变化的影响因素房地产上市公司在中国。基于VAR模型，GRANGER因果试验，脉冲响应函数和方差分解用于分析经验数据。结果表明，上海综合指数，消费价格指数，金融支出，汇率，商业住房销售价格，钢铁产量，国家住房经济指数，以及股票的长期均衡关系房地产上市公司的价格变动在中国。而这七种因素对房地产上市公司的股票价格变动产生了不同的影响。根据研究结束，本文提出了一些政策建议，以促进中国房地产市场的稳步发展。

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