An Analysis Of Capitalization Of Public Goods In Chengdu Housing Price And Its Spatial Heterogeneity

Public goods investment is an important way to stimulate domestic demand and enhance the vitality of the city’s economy.In early 2018,Xi Jinping,during the inspection tour,proposed that "highlighting the construction of a park city,taking ecological value into account,and striving to create a new growth pole and building an open economic highland." This indicated the Development route for Chengdu’s future.Previously,many scholars constructed a global regression model to study the capitalization of public goods.Empirical results showed that the value of public goods was significantly capitalized into urban housing prices.With the increasingly complex urban spatial structure,the spatial correlation and spatial instability are prominent,and the spatial heterogeneity becomes the key to understand the local equilibrium of public goods supply.The management of mega-cities should be as fine as that of embroidery.Following President Xi Jin Ping’s instruction,this paper constructs global models(Hedonic,SLM,SAM)and a local geographic weighted regression model(GWR).Combined with exploratory spatial data analysis(ESDA),this paper analyzes the spatial heterogeneity of public capitalization effect.The main conclusions and contributions are:(1)The five types of public goods studied in this paper have capitalization effect in Chengdu.From high to weak,they are:primary schools,parks,subways,supermarkets and hospitals.The five types of public capitalization effects have significant spatial heterogeneity.From the results of this paper,we can see that park plays an important role in enhancing the urban value of Chengdu.It is a significant growth pole in public investment and a reliable theoretical support for building Chengdu into a beautiful and livable park city.Based on the characteristics of global capitalization,the spatial heterogeneity of primary schools,parks and subways is relatively flat.However,the spatial heterogeneity of large-scale supermarkets and hospitals is prominent,and the capitalization effect of suburban areas is greater than that of urban centers.(2)The capitalization effects of different types of public goods have the characteristics of spatial agglomeration and spatial divergence.The capitalization effects of three types of public goods such as primary schools,parks and subways have gathered in space.That is,the capitalization effect of primary schools,parks and subways is low-low,high-high and the capital-primary effect of subway-primary school has the highest positive correlation.However,the capitalization effect of large-scale supermarkets and primary schools,parks,subways and hospitals is spatially deviated from low-high distribution.(3)In the case of spatial instability and spatial heterogeneity,the fitting result of geo-weighted regression model is better than the traditional linear regression model and spatial econometric model.From the perspective of the model,GWR model adds spatial and geographical variables,so that the model can perform variable coefficient regression and accurately estimate the interaction between independent variable and dependent variable in each geographic coordinate.The improvement of this model enables the study to analyze the capitalization effect of public goods in more detail and closer to the actual situation than previous studies.(4)ESDA results show that the capitalization effect of each type of public goods matches the actual situation of urban areas to a certain extent;the capitalization level of different types of public goods in each area This is related to the level of supply of public goods in the region.(5)Public goods investment is an important way to effectively enhance the vitality of urban economy,improve the life quality of residents and achieve the harmonious development of society.The empirical research framework and method proposed in this paper can carry out real-time public capitalization effect analysis,which can provide effective theoretical support for Chengdu Government to build "a livable park city" and carry out urban fine governance.