| Transportation infrastructure and the investment in real estate development are inextricably linked.The transportation infrastructure has a decisive influence on the spatial pattern of the city and thus plays a key role in the spatial allocation of real estate development investment.In recent years,China's transportation infrastructure has also achieved remarkable results.Investment in transportation infrastructure construction increased from 466.15 billion yuan in 1998 to 4733.761 billion yuan in 2016.The growth of investment in transport infrastructure and the extension of transport networks have undoubtedly played an important role in supporting the development of China's economy.However,the regional allocation of China's transportation infrastructure investment has an unbalanced problem.To optimize the spatial allocation of real estate investment,it is necessary to adjust and optimize the spatial configuration of transportation infrastructure investment.At present,domestic and foreign scholars' research on the real estate market mainly focuses on discussing real estate and China's economic growth,urban space,urbanization process and real estate price bubbles;At the micro level,it focuses on the analysis of real estate developers' behavior and consumer behavior,such as real estate developers'investment decisions,risk management,life cycle management,and consumer purchasing decisions.In the literature,most of the discussion on the relationship between infrastructure and real estate is concentrated on the impact of real estate prices,less on real estate development investment areas,such as total real estate development investment,regional allocation.Focusing on an in-depth analysis of the impact of transport infrastructure on investment in real estate development,this article focuses on the impact of China's transportation infrastructure on the total investment in real estate development,the impact on changes in the internal location structure of real estate development and the impact on changes in the Inter-regional location structure of real estate development.It provides a theoretical basis and policy recommendations for optimizing the allocation of urban transportation infrastructure and real estate development investment.The main content of this article is as follows:Chapter 1:Core concept definition and theoretical basis.This chapter defines the core concepts of this paper,determines the boundaries of this study,and reviews related basic theories,including land rent theory,spatial structure theory,agglomeration,diffusion and spatial interaction theory.Chapter 2:An analysis of the mechanism of the influence of transportation infrastructure on the changes of real estate development and investment.This chapter first analyzes the impact of transport infrastructure on land rent,the impact of urban wage income,the impact of division of labor,specialization,and the impact on real estate prices.This will ultimately affect real estate development investment.On this basis,the paper further analyzes the path and role of transportation infrastructure impacts on real estate development investment.Chapter 3:Analysis of evolution and spatial pattern of transportation infrastructure and real estate development investment.This chapter combs the development and evolution of China's transportation infrastructure and real estate development investment,and uses historical data to analyze their development characteristics and spatial pattern.On this basis,analyze the commonalities and differences between the two,and find out the actual relationship between the two.Finally,the Moran Index was used to measure the unconventional concentration of transportation infrastructure and real estate development investment space between 1998 to 2017.Chapter 4:The impact of transportation infrastructure on the total amount of investment in real estate development.This chapter uses panel data of 30 provinces(Tibet data missing)from 2002 to 2016 to build a panel-var model,and uses cointegration test,impulse response function,and panel-granger causality test to analyze the impact of transportation infrastructure on real estate development investment.Further more the panel data construction Panel-VEC model was used to analyze the time effect of transportation infrastructure impact on real estate development investment.Chapter 5:The impact of transportation infrastructure on the inter-regional location structure of real estate development investment.Using China's 2002-2016 provincial panel data,according to the official division method,China's 31 provincial-level regions are first divided into three regions:eastern,central and western regions,and a dynamic differential GMM panel model is constructed to empirically test the impact of different regional transportation infrastructure on the regional real estate development investment structure.Secondly,the six major regions of East China,Central South,North China,Southwest China,Northeast China and Northwest China were constructed to construct a fixed-effect panel model for robustness testing.Thirdly,in order to examine the spillover effect of transportation infrastructure on real estate development investment,the 2002-2016 provincial panel data was used to build a spatial Dubin model under multidimensional spatial weights,and a secondary term of traffic infrastructure was introduced to control its non-linear effects.Study the impact of transportation infrastructure on real estate development investment in other regions,and the impact of the"crowd-up effect" that real estate development investment may have.Chapter 6:Influence of transportation infrastructure on changes in the internal location structure of real estate development.This chapter takes the second-hand residential market around the No.6 line station of wuhan rail transit as an example.It empirically examines the different regional structures within the city from different distances and influences of the subway station,and verification of submarket effectsThe conclusions of this paper mainly include:(1)The impact of transportation infrastructure on real estate development investment is significant,and has obvious time effect,mainly showing that the impact of transportation infrastructure on real estate development investment is obvious in the long run,However,the impact of transient changes in transportation infrastructure on total investment in real estate development is not significant.(2)Transportation infrastructure has a significant impact on the inter-regional location structure of real estate development investment.The change in the location structure of real estate development and investment among different provinces and cities depends to a certain extent on the degree of overall improvement in the level of transport infrastructure construction in the later period rather than the current status of the transport infrastructure.That is,depending on the marginal effect of improving the overall level of transport infrastructure,the greater the marginal effect,the greater the degree of impact,and vice versa.(3)Traffic infrastructure has a negative spatial spillover effect on China's real estate development investment,and the two show a clear nonlinear relationship.For every 1%increase in transportation infrastructure in other provinces,the province's real estate development investment will be reduced by 0.898%-12.266%,that is,the construction of transportation infrastructure in other provinces will inhibit the growth of real estate development investment in the province.Based on the geographical location 0-1 spatial weight,the real estate development in other provinces will be estimated.The expansion of investment will promote the increase in investment in real estate development in the province.However,the estimation results based on the spatial density of population density are contrary.This is in line with the fact that China's population is unidirectionally mobile.All types of elements will preferentially enter developed regions through convenient transportation infrastructure,thus constraining the regional development.(4)The overall scale expansion of China's real estate development investment and the imbalance of regional structure have gradually evolved into an unconventional spatial agglomeration phenomenon.Unconventional spatial agglomeration of real estate development capital has become an important factor in inducing structural excess of real estate.(5)The transportation infrastructure has a significant impact on the changes in the internal location structure of real estate development investment cities.The transportation infrastructure has an inverted U-shaped structure with a first increase and then a decrease in the real estate price gradient.The evolution of house price gradients between the main and suburban markets depends on the extent to which the two markets respond to the transportation infrastructure.The innovations in this article mainly include:(1)Based on the theory of rent,spatial structure theory,agglomeration,diffusion and spatial interaction theory,this paper systematically studies the intrinsic influence and mechanism of transportation infrastructure on real estate development investment changes.Respectively,from total real estate development investment,urban internal location structure and district.The three aspects of the inter-zone location structure sort out the specific transmission mechanism of the impact of transportation infrastructure on real estate development investment.(2)The panel-var model and panel-vec model are used to analyze the influence degree and time effect of traffic infrastructure on real estate development investment.This model not only has the advantages of the traditional var model,but also allows the model to have individual and time effects after the panel data is added,and can better reflect the internal relations among variables.(3)This paper uses the Moran index to measure the unconventional concentration of transportation infrastructure and real estate development investment space,and further uses the provincial panel data to construct the spatial Dubin model under the multi-dimensional space weight,and introduces the traffic infrastructure quadratic item to control it.The non-linear effects empirically examine the spillover effects of transport infrastructure on real estate development in China.That is,the impact of transportation infrastructure on investment in real estate development in other regions,as well as the "crowd-up effect" that real estate development investment in the region may have.(4)In this paper,the characteristic price method combined with geographically weighted regression is used.Taking the No.6 line of Wuhan Rail Transit as an example,589 second-hand housing transaction data are randomly collected,which are divided into central city and main city according to the principle of Wuhan administrative division.The two markets study the impact of transportation infrastructure on the changes in the internal location structure of real estate development and investment. |
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