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首页> 外文会议>AMA Summer Educators Conference >STILL ON THE ROAD TO CAPITALISM? WEIGHING THE VISIBLE HAND OF GOVERNMENT INTERVENTION IN THE CHINESE PROPERTY MARKET
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STILL ON THE ROAD TO CAPITALISM? WEIGHING THE VISIBLE HAND OF GOVERNMENT INTERVENTION IN THE CHINESE PROPERTY MARKET

机译：仍然在资本主义之路上？称重政府干预在中国房地产市场的可见手

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This paper introduces a model to describe the Chinese property market. In doing so, the aim is to comment on the applicability of the current property "market models," but also to discuss China, and the current state of its journey to capitalism. We use a straightforward empirical model, and employ data, collected in the period 2000-2010, on the market performance of the real estate industry. We find that "market models" explain as little as one percent of the variance in property sales. Adding a variable that accounts for government intervention to the specification creates a "regulated market model. And with this specification, the predictive power of the model soars to 87 percent. In the "regulated market model," however, the significance of the price system disintegrates. Meaning that government supply, and not price, dominates. The implications of our study are significant. Because, not only do we evidence the important role of government's "visible hand" in the Chinese property market but, by implication, illustrate that China remains a controlled economy.
机译：本文介绍了描述中国房地产市场的模型。在此过程中，目的是对当前财产“市场模型”的适用性发表评论，而且还向中国讨论了中国，以及其资本主义之旅的现状。我们使用直接的经验模型，并在2000 - 2010年期间收集的数据，就房地产业的市场表现。我们发现“市场模型”解释为物业销售方差的百分之一。添加一个可用于对规范的政府干预的变量创造了“受监管的市场模型。与本规范，模型的预测力飙升至87％。但在”监管市场模式“中，价格体系的意义解体。意味着政府供应，而不是价格，占主导地位。我们的研究含义都很重要。因为我们不仅证明了政府在中国房地产市场中的“可见手”的重要作用，而且通过暗示，阐述了中国仍然是一个受控经济。

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