The Research On Capitalization Effect Of Public Goods In House Price

With the increasing mobility of urban residents and the gradual maturity of the housing market in china,people no longer just satisfied with the residential housing requirements and begin to care about the housing consumption with quality assurance.Residential location has become an intermediate mechanism for residents to access and obtain local public goods such as education and environment.So the difference in the economic location of housing reflected as the difference of public goods supplies.Residents will tend to choose those sections where close to high-quality public goods from the point of view that preservation and appreciation of property and self-welfare.Thus the difference of housing price also reflects the capitalization effect of public goods.However,as far as china's residential real estate market is concerned,on the one hand,local governments will be driven by the interests to provide non-balanced supply of different public goods which can promote the increasing of housing prices.On the other hand,local government,as the regulator to meet long-term sustainable development of the real estate market need to balance and stabilize housing prices to ensure the smooth operation of the real estate market.Then,In the supply of public goods,what is the difference in capitalization of urban public goods and the capitalization tendency in different price ranges? Do these differences further affect the local government's preference for public goods supply? How to carry out macro-control of real estate market?These are the contents of this article try to answer.Therefore,exploring the capitalization of different public goods prices,both an effective interpretation of the local government operating land market motives,and powerful measures to provide macro-control and stabilize the direction of housing prices.In accordance with the general classification of public economic literature,the public goods are divided into economic public goods(urban traffic)which can pull GDP growth and bring direct benefits in short-term and non-economic public goods(urban education)which is conducive to increase the welfare of residents and long-term economic development.Then,in the performance-driven assessment,the local government's enthusiasm for the supply of economic public goods is far greater than non-economic public goods.Therefore,it is inappropriate to measure the effect of housing capitalization with the aggregate level of public goods supply.It is necessary to distinguish the housing value impact between economic and non-economic public goods.In view of the strong regional impact and residents sensitivity of urban traffic and education,this article select urban transport and education representative variables,use 35 large and medium cities 2002-2014 year's panel data to compare their capital phenomenon based on the panel quantile regression model.The result shows that the elasticity coefficient of transportation and educational resources shows higher value under different housing price,all above 0.08,but the traffic capitalization degree is slightly larger than education,and the capitalization coefficient value of educational resources is relatively stable at different price level,while the capitalization coefficient value of the transportation resource is higher in the higher house price group and lower group.And further combines the capitalization characteristics of public goods with the housing price income of the local government,considering whether the capitalized premium capturing mechanism can provide incentives for the supply of public goods.It is concluded that the regression coefficient of traffic expenditure is 1.3489,much larger than the regression coefficient of education expenditure 0.7804,which shows that the incentive effect of traffic expenditure on local government is more stronger.That is,the local government will be more inclined to invest in transportation.Therefore,the research of this paper can provide the thought for the government to adjust the real estate market,promote equalization of public services in the region,stabilize the house price,and also to rectify the deviation of the public expenditure of the city government and construct the public service government.