数字基础设施建设的均等化与资本化效应——来自国家智慧城市试点的证据

Equalization and Capitalization of the Digital Infrastructure Construction:Evidence from the National Smart City Pilot

根据公共服务资本化理论,传统基础设施建设带来的公共服务资本化效应以公共服务非均等化为必要前提,故而基础设施资本化程度与非均等化程度同步走高是摆在我们面前的现实难题。本文分析认为,传统基础设施的地理锚定特征和距离衰减特征是造成房价资本化和非均等化的根源,并以国家智慧城市试点作为政府加大数字基础设施建设力度的事件冲击,检验了数字基础设施建设对房价资本化和均等化的影响,得到如下几点结论:首先,基于强度DID的回归显示,数字基础设施建设由于具有地理穿透性和普惠性特征,保证了居民受益程度与不动产权益脱钩,故而没有产生显著的房价资本化效应。其次,数字基础设施建设的融合发展有助于克服地理距离带来的公共服务受益递减,从而削弱了传统基础设施建设的房价资本化趋势,这一影响在短期和长期都显著存在。再次,基于UHS和区县嵌套数据的回归显示,数字基础设施建设显著降低了家庭间房价差异程度,从而缓解了财产分配差距。本文的研究从房价资本化视角揭示了以数字基础设施建设为核心的“新基建”是推动公共服务均等化的另一条重要路径,也为三重压力下如何适度超前开展基础设施建设投资及规范财富积累机制提供了重要参考。

According to the theory of public service capitalization,the effect of public service capitalization brought by traditional infrastructure construction is based on the inequality of public services.Therefore,it is a practical problem in front of us that the degree of infrastructure capitalization and inequality goes up simultaneously.This paper analyzes that the geographical anchoring characteristics and distance attenuation characteristics of traditional infrastructure are the underlying causes of housing price capitalization and inequality.Taking the National Smart City pilot as a quasi-natural experiment of increasing the construction of digital infrastructure,this paper tests the impact of the new infrastructure on housing price capitalization and equalization,and obtains the following conclusions.Firstly,the intensity-DID shows that the digital infrastructure construction has the characteristics of geographical penetration and inclusiveness,which ensures the decoupling between residents'benefit and real estate rights and interests,so it does not produce significant housing price capitalization effect.Secondly,the integrated development of digital infrastructure construction can help to overcome the diminishing benefits of public services brought by geographical distance,thus weakening the trend of housing price capitalization of traditional infrastructure construction,which is significant in the short and long term.Thirdly,the regression based on nested UHS data suggests that the construction of digital infrastructure significantly reduces the difference of housing prices among families,thus alleviating the gap of property distribution.From the perspective of housing price capitalization,this paper reveals that the construction of digital infrastructure,which is the core of new infrastructure,is another important path to promote the equalization of public services,and also provides an important reference for how to invest in infrastructure construction in advance as well as promoting people's common prosperity under the current triple pressure.