The Research Of Urban Housing Characteristic Price In Shijiazhuang Based On Hedonic Model

The real estate industry is a pillar of China's national economy. Residential real estate occupies a decisive position in the real estate industry. With the formatin of the urban housing market in China, housing price issue becomes one of the academic focuses. The trend of housing prices is not only related to the development of the national economy, but also related to the well-being life of hundreds of millions of people.Thus, it has great significance both in theory and practice to study housing price.Based on the results of previous studies, this paper applies hedonic price theory to the study of housing market in Shijiazhuang ,analysizes main characteristics that affect residential housing price and attempts to explain the quantitative relationship between housing price and housing characteristics. Establish the hedonic model of Shijiazhuang housing market and validate the applicability of this model.In chapter one, the thesis introduces the background, significance and purpose firstly. Then confirmed the research method and technical route. Lastly it summarizes Stata software.Chapter two is the part of literature review. The thesis has systematically summarized the research dynamics of hedonic price theory and modelling both at home and abroad, introduced the theoritical base of the model and the latest developments in related research. the thesis suggested that the application of hedonic price model is still in its infancy.Chapter three presents an introduction to the origin and development of hedonic price theory,clarifies some important concepts, explanes the theoretical base and assumptions of hedonic model, analyses the chioce of functional form, summarises the methed and steps of modeling, lastly the thesis makes a discussion on the test for the results of hedonic regression.Chapter four confirms the definition of housing price, briefly introduces the characteristics and composition of housing price, lastly analyses the housing characteristics which influence housing price in order to make the foundation for the definition of the dependent variable and the choice of characteristics variable in the empirical analysis.Chapter five is the core of this thesis.This section introduces general situation of Shijiazhuang City briefly at first, analyses the situation of real estate market in Shijiazhuang City, confirms the research object.On this basis, the thesis selects some characteristics which influencing housing price abecedarianly according to the reality of Shijiazhuang City, and then makes a definition of variables, as well as an assignment.Then the thesis assumes the housing market of Shijiazhuang city as a unitary market. Among four experiential functional form, we select the optimal one based on the criteria of goodnees-of-fit. So that the thesis acquires the implicit price of housing characteristics and finds housing characteristics which influenced housing price. Lastly the thesis subdivids the housing market of Shijiazhuang according to the districts, and goes on research comparing with every district with hedonic price model. The empirical results exhibit the practicability and applicability of the hedonic price model and privides uesful idea for follow-up research.Finally, Chapter six concludes the innovation and inadequacy of the study, and gives a recommondation for further research..