Research On Spatial Relationship Between Resource Allocation Of Higher Education And Real Estate Price

Since 1999,to alleviate the problem of employment and promote economic development,the government has decided to enlarge the number of enrollment of colleges and universities and universities,and then the scale of higher education was expanded rapidly.The acceptance rate rose from 34% in 1998 to 82% in 2016.The level of higher education popularization has become higher and higher.Meanwhile,with the development of society and economy,people pay more attention to higher education.Besides,the idea of ‘going to the university’ has been changed into ‘going to university with high quality’.As a result,resources of higher education with high quality have become fiercely competitive.Nowadays,the resources of colleges and universities in China,especially the high-quality ones,are distributed unevenly in different regions.The competition toward higher education resources between the provinces and regions will lead to the regional flow of human capital and other essential elements.In order to take the college entrance exam in a place with abundant higher education resources or give their next generation the chance of taking the college entrance exam in these places,people choose to possess houses,live in these regions and become local residents.Therefore,higher education resources can improve the housing demand of a region.In this paper,the higher education resource distribution and the relationship between real estate prices,especially the relationship,especially the spatial relationship between resource allocation of higher education and real estate price is explored and space.Based on it,several policy suggestions about future planning of higher education are proposed.According to the nature of higher education,higher education can be defined as quasi-public product.Then based on the theory of unbalanced development,external relation law of education and Tiebout Model,theoretical analysis is conducted.Also,in order to dissect the higher education’s influence on real estate price theoretically,improvement of Tiebout Model is done based on China’s current conditions.According to the theoretical model,the empirical model is constructed according to the provincial panel data of 2000-2016 in China.Firstly,the primary variables are filtered through Elastic Net regression,aiming to reduce the multicollinearity of multivariable system and reduce the complexity of the model.As a result,the problem of over-fitting can be avoided.Through the result of the panel regression of the filtered variables,it can be observed that the enrollment capacity of universities in one province can bring about positive effects on the value of real estate.Secondly,through the spatial correlation analysis,the resources of higher education with high quality and regional undergraduate enrollment capacity still have significant positive influence on real estate price when the autoregressive error term,spatial dependencies,spillover effects of independent variables are considered.Finally,with the help of GWR4 software,the spatial heterogeneity in 2001,2006,2011 and 2016 are respectively analyzed.Based on the result of Geographically weighted regression,the conclusion is drawn that the impact level of the undergraduate enrollment capacity on real estate prices is increasing over time,and in 2016,high difference of levels between regions is shown.In Addition,It can be concluded that resources of higher education with high quality have increasingly strong impacts on housing prices in China,and the impacts are relatively strong in northern areas,while relatively weak in the southeast of China.According to the theoretical model and empirical results,three policy suggestions are put forward as following: a.Control expansion speed of higher education institutions and focus on the improvement of quality;b.According to the number of high school graduate of different regions,set reasonable undergraduate enrollment plan;c.Optimal resource allocation of higher education.