An Empirical Study Of The Impact Of Talent Flow On China’s Urban Housing Price

Since the reform and opening up,China’s economic development has achieved remarkable results in the world.With the continuous implementation of China’s opening-up policy and the establishment of special economic zones,the urban economy has developed rapidly,especially the four super-large-scale first-tier cities of Beijing,Shanghai,Guangzhou and Shenzhen,both in terms of population size and total GDP.Super domestic cities.Other provinces have developed their provincial capital cities as local developed cities,but there is still a certain gap compared with first-tier cities.Therefore,in order to attract talents and increase the competitiveness of cities,major cities have enacted talent policies in accordance with local conditions.The prosperity of the urban economy not only attracts a large number of talents to come to find job opportunities,but also promotes rising housing prices in cities.The sensitivity of the community to talent and urban housing prices has led to more and more public opinion.Therefore,this paper focuses on the relationship between talent mobility and urban housing prices.This paper takes the influence of talent flow on urban housing prices as the main line of research.In theory,it systematically expounds the mechanism of the influence of talent flow on urban housing prices,and explores the influence path of the former on the latter.By constructing the impact road map,we find that the impact of talent flow on urban housing prices is multifaceted.In order to highlight the relationship between talent flow and urban housing prices,we have selected 9 factors related to urban housing prices,using the decision tree model.The CART algorithm measures the importance score of each influencing factor and obtains five main influencing factors.Empirically,the panel data of 30 provincial cities from 2005 to 2016 were selected.The average sales price of residential commercial housing was taken as the explanatory variable,and the talent flow effect was used as the explanatory variable.The main influencing factors were per capita GDP,real estate development residential investment,Average wages of employees on the job,urbanization level and land acquisition.Through the construction of the panel data model,empirically examine the impact of talent mobility on urban housing prices.Finally,based on the research conclusions,substantive suggestions are made from the aspects of improving the quality of talents and promoting the sustainable and healthy development of the urban real estate market.The main research is as follows.This paper divides empirical research into two parts.The first part is an analysis of the overall panel data.Firstly,the unit root test and the cointegration test are used to obtain the cointegration relationship between the variables.Then,using the hausman test,it is decided to use the fixed effect model to study the influencing factors.Finally,the parameters of the model are estimated.The estimation results show that,with no other influencing factors,for every 1% increase in the mobility of talents,urban housing prices will rise by 9.5818%,indicating that the flow of talents has a positive impact on urban housing prices;after introducing a series of factors affecting urban housing prices The estimated results show that for every 1% increase in the mobility of talents,urban housing prices will rise by 2.5254%,indicating that after introducing other influencing factors,the effect of talent flow on urban housing prices is diluted,but the effect is still significant.The second part is the analysis of panel data of different grades of cities.In order to examine the difference in the level of influence of talent flow on urban housing prices,the cointegration test was used to establish a cointegration relationship model.The results show that the talent flow in China’s first-and second-tier cities has a significant positive effect on urban housing prices.The impact of talent flow in third-tier cities on urban housing prices is not significant,indicating that there is a significant difference in the impact of talent flows on urban housing prices in all levels of cities..The influence coefficient of the first-tier cities is 0.4355,and the influence coefficient of the second-tier cities is 1.1594.Therefore,the flow of talents has the greatest impact on housing prices in second-tier cities,followed by the impact of housing prices in first-tier cities,and the least in third-tier cities.In this paper,this paper proposes to promote the sustainable and healthy development of China’s urban real estate market by formulating a rational talent strategy,promoting the balanced flow of talents in various regions,increasing investment in basic education,and improving the quality of labor in second-tier and third-tier cities.The main innovations of this paper are as follows:1.Based on the existing literature research,this paper studies and analyzes the impact of talent flow on China’s urban housing prices.Before this,there are few literatures on quantitative research and verification;2.Using panel data The model conducts empirical research and divides the city according to the level,highlighting the differences between cities of different levels,which is helpful to analyze the impact of talent flow on housing prices in all levels and provide suggestions for the talent policies of each city.