城市政府基础设施投资在住宅市场的资本化考察--基于广州价格数据的Hedonic模型构建

Investigation of the capitalization of municipal government infrastructure investment on housing market:Hedonic model based on Guangzhou housing price data

Hedonic价格模型在西方发达国家是分析住房市场的常用工具,具有较高的针对性和实时性,并且是衡量外部性的定量科学方法。通过2005年、2006年和2007年三个独立的时间截面数据,建立广州住宅市场的Hedonic模型,揭示了广州居民住宅偏好随时间变化的方向和程度及发生变化的原因,并重点衡量了城市政府的基础设施投资在住宅市场中的资本化程度。结果显示广州居民对于中心区位、良好的交通通达性、大规模的小区和水景景观具有持续上升的偏好,而对于城市政府来说,在地铁建设、景观改造、教育质量提升等方面的长期性公共投资,反映在住宅市场中,即是对此不断增长的住房偏好,并通过模型也对这种投资效用的程度进行了较准确的定量测算。

Hedonic pricing model is a tool frequently used in the analysis of housing market in western developed countries.It has a high degree of pertinence and real-time,and is a scientific method to measure externality.In the transforming context of house commercialization,it is feasible to do research on the housing market from the angle of housing demand,and with the launch of property tax in China,proper measure in the monetary value of externality from the public service is of great meaning to setting a scientific fiscal plan for the government.This article establishes the Hedonic model for Guangzhou housing market by using data in three independent time series in 2005,2006 and 2007,and explores the impact of floor ratio,area,distance from CBD,distance from the shopping center,rail accessibility,water view,park accessibility,primary school,secondary school,prestigious primary school,prestigious secondary school and campus on the housing price.The article reveals the changing tendency and degree of the housing preference of Guangzhou residents over time and the reason of the change.It also effectively measures the capitalization degree of the infrastructure investment of Guangzhou municipal government on housing market.The result shows that Guangzhou residents have increasing preference to central location,good transportation accessibility,large-scale resident districts and water view.For Guangzhou municipal government,the long-term public investment in subway construction,landscape reconstruction and education quality enhancement has been reflected by the housing market as the increasing housing preference to these variables.The article also conducts a relatively accurate measurement of the degree of this investment effect by the Hedonic model.Finally,the article views the application prospect of Hedonic pricing model in China in the context of local government-oriented urban development.