地铁促进了城市资本化吗

Does the Subway Promote Urban Capitalization?

公共服务的供给不仅直接改善了民生,更为地方政府提供了财政激励。基于我国35个大中城市2000—2016年的宏观经济数据,本文运用DID(双重差分法)分别论证了地铁开通及地铁网对各类房屋和土地的资本化效应,及其对地方政府公共服务供给所产生的财政激励。研究结果显示,地铁开通能够显著提高各种用途房屋及土地的价格,而地铁网能够显著提高住宅和商业营业用房的平均销售价格,以及综合用途、住宅用途、商服用途和工业用途地价水平。地铁开通及地铁网对房屋及土地具有显著的资本化效应,且对土地的资本化效应强于房屋;地铁网的资本化效应明显强于地铁开通的资本化效应。本文的研究为地方政府的"地铁热"提供了部分解释。

The supply of public services not only directly improves people’s livelihood, but also provides fiscal incentives for local governments. Based on the macroeconomic data of 35 large and medium-sized cities in China from2000 to 2016, this paper empirically studies the capitalization effect of subway opening and subway network on various real estates and land, and the fiscal incentives for local government to supply public services by using the DID method. The results show that the subway opening can significantly increase the price of houses and land for various purposes, while subway network can significantly increase the average selling price of residential and commercial housing, as well as the price level of land for comprehensive, residential, commercial and industrial purposes. The research conclusions show that the subway has significant capitalization effect on real estate and land, and the capitalization effect on land is stronger than real estate. In addition, the capitalization effect of subway network is obviously stronger than that of subway opening.