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漯河翻譯公司關鍵字：1,3,4,5,6, the statistical test results obtained (Table omitted).
As can be seen from the results, the lag period is different statistical results are not entirely consistent: a lag time when land prices and a two-way causal relationship; lag time of two periods, there is less land to house prices one-way causal relationship, that affect land prices, and prices do not affect the land; lag period of three or more, with the stability results can be considered at this time prices and land prices are independent. The results showed that: in the short term, house prices and land interaction, which is the price premium Granger causes a greater degree; in the long term, house prices and land between the no significant causal relationship.Theoretically, the cost from the developers point of view, land is an integral part of house prices will naturally affect the price. However, the above results, we understand that premium growth is relatively stable, and relatively large variation in prices, and short-term price on the mainland, although a significant impact on prices, but in the long run, land for housing no significant effect on price. Study of its deep-rooted reasons, I believe that there are: expected to depend on the current price. In other words, current or recent land price is expected to impact on the impact of land than in the past. The current land prices, it will form the future expected housing prices, as a developer, this time will choose to reduce the current housing supply; housing needs as an individual or speculators will choose to purchase the current housing. Reduction in the housing market supply and demand increases, prices will inevitably rise to the current rise; Since the information is incomplete, this uncertainty led to expect a greater difference, accordingly, its effect will have more impact large amount of variation. Comprehensive housing policy impact on housing prices. Current housing policy is to achieve long-term goal of "Home Ownership" and steady growth in real estate, the former implies that a lot of people to "live saving" on the rise in house prices can promote; while the latter goal words, the demand for housing policy are very flexible, policy efforts, the role of time is not easy to grasp, leading to frequent policy adjustments that will expand in the short term is expected to change. Developer's land bank. The current land policy does not encourage developers to reserve land, such as "recovery of undeveloped land within the time limit", "exercise right of first refusal" and so on, these policies over time have "strict" trend. In land prices, the short-term expectations for further price increases, developers will choose to hold land, resulting in the same direction with the role of land policy and the effect (Raymond, 1998), thereby expanding the impact of price changes on the land; and In the long term, because of policy restrictions, developers have to sell the land or development, to a certain extent, mitigate or offset the impact of price changes on
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