市场势力对新建商品住房溢价的影响:基于北京市微观样本的实证检验

Impact of the market power for commercial housing project on the trading premium:Micro evidence from Beijing

对于市场结构的微观研究一直是住房市场研究的重要方向之一,而国内新建商品住房市场由于开发商集中供应的特点,决定了研究卖方市场势力程度及其影响规律的重要性.论文利用北京市新建商品住房市场微观数据,测算了1029个新建商品住房项目的需求价格弹性和其中494个弹性项目的Lerner指数,得到了北京市新建商品住房市场垄断程度的空间分布情况,并在此基础上实证检验了新建商品住房项目市场势力对住房交易溢价水平的影响.实证结果表明,市场势力每提高1%,新建商品住房的交易溢价将平均提高0.83%,且该结果对不同子市场具有良好的稳健性.此外,论文还从需求价格弹性角度解释了开发商"捂盘惜售"现象.

The microscopic study of market structure is always one of the important research directions, the relevant studies of the degree and the influence of the market power, domestically, however, might be with much importance due to the significant characteristic of concentrated supply of housing by the developers. This paper estimates the price elasticity of demand for 1029 commercial housing project and, of which, the Lerner Index for 494 elastic ones using the micro-level data set from Beijing. Based on the estimated result, the spatial distribution of the degree of monopoly of the housing market in Beijing is derived, and the impact of market power on the housing trading premium is empirically tested. It is revealed that every one percent marginal increase of the market power will result in 0.83% increase of the premium, which is excellent robust over different segmentations of sub-market. Besides, an analysis perspective, based on the concept of elasticity, is provided helping to explain the phenomenon of unwillingness to sell in recent market.