从城市产业发展的角度出发，城市产业结构与人口结构之间存在着复杂的交互影响关系，而这两者均会影响房地产价格。运用70个大中城市的数据检验人口结构、产业结构与房地产价格之间的中介效应后发现，人口因素通过作用于产业结构从而影响房价，产业结构独立影响房价。外来人口对流入城市的产业结构和人口结构均产生了显著影响，这种影响分产业有所区别，它增加了城市第二产业的劳动供给，却降低了城市第三产业就业人口的教育水平。这种结构特征使得它在影响城市房价时也体现出受城市产业结构的调节，即外来人口提高房价这一假设只在产业结构类似时成立，当产业结构不同，譬如仅考虑第三产业时，外来人口占比高反而降低了房价。

There is a complicated interaction between industrial structure and population structure in the urban industrial development, and both of them impact on real estate price. This paper uses the data of 70 large and middle cities to examine the interaction among population structure, industrial structure and real estate price. It shows that population affects housing price through influencing industrial structure while industrial structure independently affects housing price. In addition, immigrants have a significant effect on both population structure and industrial structure. They increase the labor supply for the second industry while decrease the average educational level in the third industry. Therefore, the assumption that a high immigrant ratio increases the housing price is only true in cities with similar industrial structure. As far as the third industry is concerned, when immigrant ratio is higher, housing price will be lower.