Study On City Livability,Housing Price And Regional Wage Difference

The rapid development of urbanization in China has promoted the improvement of housing prices,which has led to people's deep thinking about the livability of cities.It directly reflects that urban livability balance the relationship between the housing price and the regional wage difference within a certain degree and scope.Based on Rosen-Roback's three-sector general equilibrium model,this paper makes a tentative analysis of the relationship between urban livability,housing price and regional wage difference.Through further research,this paper attempts to measure the livability of cities in China,and verify that there exist a general equilibrium state proposed by Roback in Chinese cities,that is,urban livability can compensate for the low real wage caused by the high housing prices.Based on this,this paper focuses on three issues:First,review the development history of urban livability,use factor analysis method to determine urban livability indicators,and analyze the urban livability of249 cities in China.Second,combing the path and mechanism of the city's livability on housing prices and the formation of regional wage differences.Thirdly,considering the impact of housing price on urban real wages,based on the Rosen-Roback spatial equilibrium model,the generalized moment estimation method is used to analyze the panel data from 2011 to 2015 to study how urban livability affects housing prices and regional wages difference under China's background.At the theoretical level,this paper links urban livability,housing price and regional wage difference,uses compensatory theory to analyze the influence factors of urban livability on housing price and regional wage difference from the perspective of urban characteristics,and expand a research perspective on regional wage differences.Based on the analysis of the impact mechanism,this paper establishes a three-sector general equilibrium model,including consumers,general commodity manufacturers and real estate developers.The mechanism research shows that there is a positive correlation between housing prices and urban livability,and that there is a negative correlation between real wages and urban livability,Roback's " compensation mechanism " theory is supported in China.People are willing to pay a additional fee for high urban livability,which is reflected in the higher housing prices,and high urban livability is also a compensation for low real wages.At the empirical level,this paper uses the panel data of China's prefecture-level cities from 2011 to 2015 to construct an evaluation index system for urban livability,and conducts a metrological analysis of the urban livability of 249 prefecture-level cities in China.The study found that:First,Beijing,Shanghai,Shenzhen and Guangzhou have the highest livability,second-tier cities such as Nanjing and Hangzhou followed,the urban livability of most second-tier and third-tier cities in the central and western regions not too high.Second,even after controlling the factors affecting housing prices separately,the impact of urban livability on housing prices has declined,but it is still significantly positive.Third,after controlling the influence of the government and enterprises on the actual wages of the city.the influence coefficient of urban livability on real wages is still significantly negative.The theoretical analysis is consistent with the conclusions of the empirical test,indicating that high city livability will lead to high housing prices and high nominal wages,but the rising cost of living due to housing prices will eventually lead to a decline in real wages.In fact,high citylivability is implicit in high housing prices and low real wages,and consumers receive compensation for low real wages from high city livability.The endogenous characteristics of urban livability are likely to cause the government's artificial control of housing prices to be ineffective.The government should improve the city's livability based on urban characteristics,thereby attracting talent inflows and promoting urban development.