Research On The Evaluation Function Of China's Commodity Housing Price On Urban Infrastructure

Urban infrastructure and its changes will inevitably lead to changes in the price of commodity housing.Therefore,whether the price of commodity housing is accepted by urban residents reflects the attitude of urban residents to urban infrastructure and its changes.Urban infrastructure will cause the price adjustment of commodity housing,the mechanism of which is that the part value of the former is transferred to the latter,that is,urban infrastructure capitalizes the price of commodity housing(hereinafter referred to as"housing price capitalization").Therefore,logically speaking,commodity housing price has the function of evaluating urban infrastructure.Since China's reform and opening up,China has made remarkable achievements in economic and social development.In the years of rapid economic growth,the scale of infrastructure construction in many cities has expanded rapidly,which undoubtedly plays an important role in promoting local economic and social development.But at the same time,the rapid expansion of the scale of urban infrastructure has also brought some problems,among which,the inefficient allocation of urban infrastructure is a problem that has been plaguing us.Some cities blindly seek the expansion of urban infrastructure scale and neglect the optimization of its structure;some cities excessively pursue a single urban infrastructure configuration and neglect the comprehensive balance of supply and demand of its various types.Many cities,in some degrees,witness the phenomenon of the high local debt and high housing prices caused by urban infrastructure construction,the coexistence of which is an indication of urban infrastructure misallocation.Undoubtedly,the basic premise of improving the efficiency of urban infrastructure allocation is to correctly evaluate the efficiency of urban infrastructure allocation.The public nature of urban infrastructure determines that its allocation can not be divorced from the leading role of local government.However,this does not mean that the allocation of urban infrastructure should exclude the market mechanism.On the contrary,it is more better to organicly combine of government guidance and market mechanism in the improvement of the allocation efficiency of urban infrastructure.For a long time,the government has been playing a very important role in the evaluation of urban infrastructure allocation and the allocation decision-making based on it.However,it is obviously ignored in introducing market evaluation mechanism,which can not be said to be an important reason for the poor allocation of urban infrastructure in China.The commodity housing price,whict contains the capitalization effect of urban infrastructure,can reflect the demand information of urban residents for urban infrastructure through the commodity housing price.Using the commodity housing price to evaluate urban infrastructure is based on the market demand,,which is considered a measure from market and conducive to the balance of supply and demand.Obviously,it is an objective requirement to answer the questions about whether the commodity housing price in China has the evaluation function of urban infrastructure,which help to perfect the evaluation mechanism of urban infrastructure.This paper focuses on the evaluation function of China's commodity housing prices on urban infrastructure,and tries to answer the following questions:whether this function exists in China's current market and institutional conditions,what factors affect it,and how to apply this function.Undoubtedly,the study of these problems not only has extendedly theoretical discussion on the capitalization effect of urban infrastructure,but also applies the mechanism of Tibert's theory,which depicts efficient supply of local public goods through the mechanism of "voting with feet",to refine urban infrastructure,and deepens the research value of the relationship between urban infrastructure and housing price.In practice,it is of great significance to improve the evaluation mechanism of urban infrastructure,to optimize the relationship between the price of commercial housing and urban infrastructure,and to improve the efficiency of urban infrastructure allocation.The analysis of relevant literatures shows that the research on how to improve the allocation efficiency of public goods by capitalization in developed countries mainly started with the proposal of Tielbout Mode in 1956.On this basis,the bidding and sorting mechanism of public goods,the relationship between public goods and urban housing prices,urban public infrastructure and services are discussed.The research on the capitalization effect of local public goods has been launched in succession,and many theoretical research and practical application results have been achieved.In the above-mentioned research field,the evaluation of urban public goods by housing prices has been one of the important topics concerned by foreign scholars.There is a consensus in foreign research literature that since the capitalization effect of urban public goods exists in urban housing prices,urban housing prices have an evaluation effect on urban public goods.However,under different conditions,the influencing factors and the extent of this evaluation role are not the same,so there are many related questions to be further answered.Compared with the above-mentioned high degree of concern abroad,the evaluation of urban public goods by domestic housing prices,especially the evaluation function of housing prices on urban infrastructure research is not much,the relevant literature is not only less,but also decentralized and less systematic.From the point of view of keeping up with the international frontier and meeting the needs of relevant theoretical research and practice in China,it is necessary to carry out the research on the evaluation function of housing prices on urban infrastructure.This paper begins with the definition of capitalization of urban infrastructure in commodity housing price.Based of commodity value transfer theory,Tiebert model and biding and sorting theory,the inevitability of Evaluation function of commercial housing price to urban infrastructure is explained theoretically.On this basis,the characteristics of urban infrastructure and commodity housing prices in China are analyzed,and a Chinese urban model is established.Using panel data of urban infrastructure and housing prices of 266 prefecture-level cities in China from 2003 to 2014,theoretical derivation and empirical analysis are carried out to verify whether commodity housing prices has the evaluation function to urban infrastructure or not in China.This existence and the extent of capitalization of urban infrastructure in housing price in cities have significant differences in time and space,and this difference and its change is just reflected in the evaluation function of commodity housing prices on urban infrastructure.Afterwards,the paper discusses the influencing factors of the evaluation function of China's commodity housing price on urban infrastructure,estimates the capitalization index of the above-mentioned commodity housing price of China's urban infrastructure by using the variable coefficient model,and then evaluates the present situation of various types of urban infrastructure construction from the perspective of demand,and verifies the evaluation function of commodity housing price.The evaluation function of urban infrastructure has enough applicability.The main conclusions are as follows:Firstly,China's commodity housing price has the function of evaluating urban infrastructure.The mechanism by which housing prices can evaluate public goods in foreign urban is still applicable in China's current market and institutional environment.Secondly,capitalization of urban infrastructure in commodity housing prices has weakened substantially at the national level.This shows that the allocation of urban infrastructure is more difficult from the perspective of demand,and special attention should be paid to the trend of low efficiency of urban infrastructure allocation.Third,the capitalization of urban infrastructure in commodity housing prices in China is obvious.Generally speaking,the eastern part is characterized by strong,middle and western regions by weak.Fourthly,there are obvious differences in degree of thecapitalization of commodity housing prices in the first,second,third and fourth-tier cities in China.The first-tier cities have a higher degree of capitalization,while the other types of cities have a significant decline in the degree of capitalization.The second-tier cities,especially the fourth-tier cities,have a very low degree of capitalization.The degree of capitalization of second-tier cities is weaker than that of third-tier cities,indicating that the efficiency of infrastructure allocation of second-tier cities needs to be improved.Based on the above conclusions,this paper puts forward that information mechanism for evaluating the efficiency of urban infrastructure allocation by commodity housing price should be builded;an authoritative and unified urban infrastructure index database including housing prices should be established;the research on the relationship between commodity housing prices and urban infrastructure would be increased;the housing market should be managed according to law,the stable institutional environment should be formed,the market mechanism should play a real role in the allocation of housing resources;the economically developed cities should implement the metropolitan strategy,strictly control the urban scale in the less developed areas;implement the inter-regional transfer of land use rights,and expand the outputs of the unit land and other policy recommendations.The possible innovations in this paper are mainly reflected in four aspects.First,the innovation of research perspective.Extending the concept of housing price capitalization,through theoretical analysis and empirical test,it is clear that housing price has the evaluation function of urban infrastructure.Second,the innovation of using housing price evaluation.Using the index of housing capitalization,this paper applies the evaluation function of commodity housing price to the practice of urban infrastructure evaluation in China,thus giving an operable way to evaluate urban infrastructure construction by capitalization of commodity housing price.Third,the innovation of the model application.According to the characteristics of China and the objectives of this paper,the single-center city model is reconstructed,and through the comprehensive analysis of the urban model system,the specific ways and directions of the local government's impact on the urban capitalization of housing price are shown.Fourth,the empirical analysis of the factors affecting the capitalization of housing prices.Most of the existing literatures estimate the single capitalization coefficient of housing price,and can not make an empirical analysis of the influencing factors.Commodity housing prices face many constraints in the role of evaluation function of urban infrastructure,and the interpretation of the causes of housing capitalization price changes also faces complex background.However,this analysis is ultimately a perspective from demand,can help the local gavernment to configure urban infrastructure better,which contains many market information to serve the optimization of urban infrastructure allocation.The analysis of this paper also shows that this kind of mining is feasible.However,due to limited research ability,there are still some shortcomings in this paper,such as insufficient comprehensiveness and theoretical depth,insufficient data representativeness and relatively simple empirical methods.