Research On The Influence Of Public Attention On Housing Price In Chinese Cities Based On Spatial Econometric Model

The real estate industry is one of the important pillar industry of national economy in our country.It has the attribute of both investment and daily necessities.In the process of the rapid development of China's economy,the city housing price has always been the focus of attention.With the development of the Internet,there has been a phenomenon that as long as the housing price in a certain region becomes a hot topic of public concern,the housing price in that region will subsequently rise to varying degrees.Is the public attention caused by the rise of city housing price or city housing price caused by the increase in public attention?And does public attention have a similar effect on housing prices in spatially correlated cities?This series of questions prompted this paper to discuss and analyze the relationship between public attention and housing price fluctuation,as well as its spatial spillover effect.This paper takes the search engine data as the indicator of public attention,and analyzes the causal relationship between public attention and urban housing price and their spatial autocorrelation,and constructs spatial durbin model,spatial lag model and spatial error model by using economic distance weight matrix.Furthermore,this paper measured the spatial spillover effect of public attention on housing prices in 48 cities from 2012 to 2016,and attempted to reveal the mechanism of public attention on the city and the city housing price fluctuation with economic spatial relevance to this city.In order to further study the influencing factors of city housing price,this paper reviews the domestic and foreign literatures and finds that the traditional influencing factors have insufficient explanatory power because they fail to take public attention into account.Therefore,based on the analysis of the influence mechanism of public attention on housing price,this paper focuses on the impact of public attention on city housing price,and the city economic development level,macroeconomic policy and the housing market supply and demand factors as control variable,the building spatial econometric model to its spatial spillover effect are analyzed.The research conclusions of this paper are as follows:(1)The increase of public attention is the reason for the increase of city housing price,and the effect of public attention on city housing price increases gradually with the passage of time.(2)Public attention to each city has positive spatial correlation under the weight matrix of economic distance.That is,the more economically matched the cities were,the more similar the attention they received,and vice versa.(3)The increase of public attention will not only affect the rise of housing prices in the city,but also affect the cities with similar economic levels,and also affect the rise of housing prices in these cities.(4)From the perspective of overall effect,both direct and indirect effects of public attention on city housing price are positive.Therefore,the influence of public attention on city housing price is mostly positive.That is,the increase of public attention will make the overall increase of city housing price in China.According to the above conclusions,this paper gives some reference suggestions to the government and the public:First,the government should take public concern into full account when formulating policies on housing control.Second,the government should strengthen the supervision of media communication.Third,the public should enrich their own knowledge,accurate assessment of house purchase information.Fourth,the public should strengthen their emotional management and face hot issues rationally.