The Research Of Urban Housing Price Index Based On Hedonic Model

Housing price index is a key index to reflect the urban housing price fluctuations, which occupies an important position in the government statistics and economic analysis. However, there are many prepration methodologies of housing price. For the same market, different preparation methods will lead to different results."Data fight"phenomenon often appeares in the urban housing price index in China, which leads to the chaos of index result, and results from different preparation methods of each index. China real estate market started late, and the development is not yet mature,so each housing price index is still dominated by simple weighting methods and supplemented by other methods. But with the improvemont of residential market, the price index is compiled by simple weighting methods that is unble to meet the needs of society. Therefore, this article systematically and deeply summarize domestic and foreign urban housing price index compilation methods,to select feasible method to apply to the preparation of Shanghai housing price index in practice and and conduct research with Chinese characteristics of preparation methods, and there’s no doubt, that it has great theoretical and practical significance for the improvement of the housing price index of China’s city.In the the guiding ideology of "exploring the theoretical basis, learning from foreign experience, focusing on Chinese characteristics, improving the preparation methods", and following the basic research ideas of "asking questions-theoretical review-empirical research-research findings", this paper is divided into five chapters and the main content of each chapter is as followings:The first chapter is an introduction. This chapter points out the disordered status of urban housing price index in China at first, then propose research objective-the preparation of urban housing price index based on Hedonic model, and introduce the articles of researching significance, researching ideas, researching content, difficulties and possible innovation in detail at last.The second chapter is to explore the compiling theory of common residential price index. We refer to a large number of domestic and foreign literature, respectively analyze and compare the the preparation of the theory and applicability of the simple weighted methods, repeat sales method, hedonic method and pooled GLS model. Then decided to prepare our city housing price index by using the hedonic price method. At same time, this chapter explains the theoretical basis of the hedonic price method in detail and the analysis of the research status of housing based on Hedonic model.The third chapter is the construction and recongnition of Shanghai housing Hedonic price model. This chapter firstly puts forward the innovation research of urban housing price hedonic variables; construct and quantify the hedonic variables of affecting Shanghai housing price and collect srelevant hedonic variables data to build the Shanghai residential hedonic price model based on four basic forms, at last construct the Box-Cox transformation model based on the dependent variables using Box-Cox transformation, select the best hedonic price equation and analyze the impact of each hedonic variables which affect Shanghai housing prcie.The fourth chapter compiles Shanghai housing price index based on Hedonic model. This chapter contrasts and analysises four preparation price index methodologies which are based on Hedonic model, selection hedonic method to calculate the Laspeyres chain price index and Paasche chain price index of Shanghai urban housing, and comparing the index results with several existing price indices.The fifth chapter are conclusion and policy recommendations. The main research conclusions get from the theoretical research and empirical analysis in the former parts, and discusses thesis the policy implications based on official statistics agencies and government housing policies, at last summarize the lackness of the research.