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br /> 5.1.1 Overconfidence 33
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5.3.3 Effect process of herd effect on the real estate market 37
5.4 THE POSITIVE FEEDBACK TRADING BEHAVIOR FURTHER LEAD TO THE REAL ESTATE MARKET FLUCTUATIONS 37
6. CONCLUSION AND FINANCIAL ADVICE 38
6.1 CONCLUSION 38
6.2 IMPLICATIONS OF THE RESEARCH 39
6.2.1 Advice on the real estate market's management 39
6.2.2 Policy Suggestions on commercial housing buyers 41
ReferenceS 42

1. Introduction

1.1 Research background

At present, the commodity house price rises quickly, and the speculation is serious, which buries the huge hidden danger for the economic and social development, the bursting of the housing market in Japan and Hong Kong lead to economic recession for a long time, the US subprime mortgage crisis triggered by the global financial crisis, which tells us that the high investment and high credit in the real estate market brought about the economic growth, in promoting economic development at the same time, also lead to high house prices, rising inflation, imbalances in the resource allocation efficiency, the accumulated financial risks and so on a series of problems. It is in this context, to improve and standardize the real estate market, to promote the healthy development of the real estate market is The premise of guarantee for the economic and social development in China.. Since 1998 China took the welfare housing distribution pattern and the real estate market reform, the real estate market has got a rapid growth, according to statistics, by 2012, registered in China's real estate companies have more than 60000, companies which have buildings in the development or the sales, the number has more than 20000. In 2012, the national real estate development investment accounted for nearly 20% of total fixed asset investment, accounting for almost 10% of gross domestic product (GDP), made an important contribution to the development of national economy. The development of the real estate market also speeded up the process of urban development and urbanization, increase a lot of job opportunities. But on the other hand, the real estate market of China is still a developing market and it may be subject to excessive speculation, an herding effect, noise trading, overreaction and other anomalies, The emergence of irrational behavior could lead to low market efficiency; this seriously restricts the stable and healthy development of the real estate market in China, so the understanding of the market anomalies and research, reveals the intrinsic reasons, for future development and improvement of the real estate market in China..

References

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Chen，Nan-Kuang，Asset Price Fluctuations in Taiwan Evidence from stock and Real Estate Prices 1973 to 1992．本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。