| Urban mass transit projects turn to value capture measures to internalizeexternal benefits, in order to lighten the burden of financing in somedeveloped regions. Remarkable investment return have been achievedthrough the program based on integrated development of mass transit stationand neighbored are. Combination of ongoing large-scale urban rail transitconstruction, it’s important to make a study on the value-added benefits ofrail traffic along the property.Based on the theory of externalities, this thesis analyzed the impactmechanism of urban rail transit on the land use and real estate value, andfound that the key to internalize the external benefits of rail transportation isthe quantitative estimation of external benefits of real estate value and thestudy of inner working strategy. This thesis conducts a meta-regressionanalysis on contextual and methodological factors affecting estimatedland/property values increase. The results showed that type of property,distance to rail station and accessibility are the main factors affectingland/property values. And studies which used Hedonic price model, collectedpanel or time-series data and selected a semi-log or double-log model wouldshow more reliable results. After comparison of the Commercial operationmode, the build-operate-off mode and joint development model, the jointdevelopment model is found to be the most appropriate one.Results of this thesis can also be a good reference for both researchersand urban policy makers. |
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