关键词: 土地财政 , 房企行为 , 房地产价格

Abstract: Based on the dynamic system GMM model and STATA software and econometric methods, this paper studies the trend of housing prices in 15 big and mediumsized cities in China during the past 2009—2015. The main conclusions of this paper are as follows. First, local governments rely on land, finance and real estate industry to maintain local finance, and land finance is the fundamental reason for the rise in house prices. Second, under the background of economic downturn, local governments and local real estate enterprises conspire to manage land, and local governments try to stimulate local economy by making big land finance. Third, the central government has acquiesced in the behavior of local governments and real estate enterprises, because the choice of economic development is conducive to an increase in the level of utility of the central government. Therefore, the central government, local governments and real estate enterprises will form economic growth league organizations to jointly promote housing prices. Fourth, the behavior of real estate enterprises has an amplification effect on the high prices caused by land finance, and the effect is obvious in the east, middle and west regions. The contribution of this paper is to find the logical relationship between the behavior of real estate enterprises and land finance and housing prices, which provides new possibilities for finding measures to alleviate the rising prices of real estate.

Key words: land finance , real estate enterprise behavior , housing price level