Abstract: On the basis of housing stock adjustment model, policy implementation environments and policy instruments are introduced into analytical framework for housing supply in this paper, and the dynamic model of commercial housing supply regulation is estiblished based on heterogeneous environments.And two types of micro-environmental factors--expectation and city are set, and empirical analysis of the macro-policies' performance on commercial housing supply from 1999 to 2010 in 35 cities of China are carried out. The results show that: in heterogeneous expectation environment, the same policy instrument has different effects on commercial housing supply; the presence of expectation not only has direct influence on housing supply, but also weakens the implementation effects of monetary policy and land policy; in the heterogeneous city environment, there are also significant differences in the same policy instrument's effects on commercial housing supply. From the perspective of heterogeneous environments, new interpretation and solution to inefficiency of housing regulation in reality are given.

Key words: housing supply regulation, heterogeneous expectation environment, heterogeneous city environment, panel data model