公共服务资本化与房价租金背离——基于南京市微观数据的实证研究

Capitalization of Public Services and Deviation of Housing Price and Rent: An Empirical Research Based on Micro Data of Nanjing

城市的宜居性是吸引劳动力流入的重要因素,而公共服务水平、自然环境与气候条件等则是城市宜居性的主要体现。作为政府提供的主要公共物品,住宅所享有的公共服务水平必将影响居民对其的消费意愿。本文利用南京市江南八区的调查数据,构建特征价格模型,考察住宅特征变量、公共服务水平对其销售与租赁价格的影响。实证结果表明:(1)住宅物理特征对其销售价格与租赁价格的影响存在差异,房间数目、大厅数目等特征变量的提高将显著提高销售价格、降低租赁价格;(2)公共服务对住宅销售价格与租赁价格的影响大致相同,四类公共服务中,教育公共服务对住宅销售价格与租赁价格的影响最大;(3)政府对城市核心地带公共服务的过多投入并不会导致当地房价租金比提高,相反,对城市边缘地带公共服务投入不足则将使得当地房价租金比提高。因此,政府需要推进城市各区域之间基本公共服务的均等化。

A city＇s amenity is a key factor to attract labors,while the public services, natural environment and climatic conditions are the important manifestation of amenity. As the main public goods provided by government,the public services nearby a house do impact residents＇ will of housing consumption. Based on the micro data of Nanjing＇ s eight districts in the south of Yangtze River, this paper constructs a hedonic model to analyze the impact of housing characters and public services on housing price and rent. The empirical results indicate that ： （ 1 ） housing characters impact housing price and rent differently,the increasing of bedrooms and halls raises sale price but lower rent price;（2） public services are both capitalized into housing price and rent,and educational capital is the key factor to impact housing price and rent among four kinds of public services ; （ 3 ） government＇ s input of public services to the core of city will not raise the ratio of housing price to rent, while inadequate input of public services to the fringe of city will raise the ratio of housing price to rent. Therefore, government needs to propel the equalization of basic public services among city＇s districts.