碩士 / 國立政治大學 / 東亞研究所 / 96 / The real estate has become a burgeoning industry in Shanghai since the Mainland deceased leader Deng Xiao-ping made his remarkable inspection tour of the South in 1992. Due to the fast growing market and desirable profit, uncountable foreign capital has flowed into the real estate industry of Shanghai. Housing prices have soared and already drew the attention of the authorities, which causes the restraint on real estate investment. Does foreign capital matter to real estate prices? What economic factors cause the movement of real estate prices? The purposes of this paper are to investigate the relationship between foreign direct investment and real estate prices of Shanghai.
The empirical result shows: FDI, CPI, interest rate, exchange rate and income have significant positive effects on real estate prices in the long run. Nevertheless, stock market has significant negative effect. In the short run, however, FDI, interest rate, income and housing price itself have significant positive effects on real estate prices. In addition, overall CPI has no effect on real estate prices while some individual months of CPI have negative effect; exchange rate and stock market also have no effect on real estate prices in general. Furthermore, the policy of restraining foreign capital on real estate investment does not induce declining housing prices.
To sum up, exchange rate is the main reason that affects real estate prices of Shanghai. FDI is not the “chief criminal” nor a scapegoat, neither. Penalizing the foreign capital is simply a warning from the Mainland government to seize the “hot money” in the real estate market.
| Identifer | oai:union.ndltd.org:TW/096NCCU5189018 |
| Date | January 2008 |
| Creators | SHIH, TING KUAN, 史庭寬 |
| Contributors | Huang, Jr Tsung, 黃智聰 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 71 |
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