The Impact Of City Value On The Housing Price

As a whole,housing price in our country has been on the rise.The price difference among different cities is significant,and has obvious geographical and temporal characteristics.The price changing law is closely related to the peculiar attributes of cities.As a carrier of commercial housing,the city itself has value and affects the price of commercial housing through value transfer.Based on city level,this paper studies the impact of city value elements and city value index on the price of commercial housing in order to explain the reasons for the price difference between cities.So this study has great importance to the balanced development of city value elements and the city value transfer and can promote the coordinated development of city value and housing prices.Different from researching on the single factor of city in the past,this paper constructs the index system of city value by means of the city value chain theory of Beijing International Urban Development Institute,and divides the city value into two aspects:city economic level and city life quality.And the former contains seven second-level indicators and the latter contains fifteen second-level indicators covering the lives,diseases and living of the well-being and many other aspects.Then this paper elaborates the theoretical basis and route of the influence of city value on housing price,and analyzes the change trajectory and characteristics of various factors of city value and housing price.On the basis of theoretical analysis,this paper uses the data from 2001 to 2015 of 69 cities in China to do empirical research in two aspects.On the one hand,the panel fixed effect models are established to analyze the influence of various factors of city value on housing price and the differences between cities different administrative categories.On the other hand,this paper uses the maximum entropy technology to synthesize the city value comprehensive index,the city economic level index and the city life quality index with the objective research value,and then the dynamic panel system GMM rmodel is established to analyze the effect of the indices on the housing price and differences with stages of urban development.The main conclusions of this paper are as follows:First,96%of the differences in housing prices among cities are caused by the differences in city values between cities,and the driving effect of city values on housing prices increases with the development of urban.Secondly,among the city life quality,the disposable income of urban resident's effect is the most remarkable and the coverage of afforestation in the built-up area is the smallest,and the impact on the number of primary schools is negative.What's more,among the city economic level,GDP has the greatest effects,and the ratio of the tertiary industry added value to GDP is the smallest.Thirdly,in municipalities and provincial capitals,the impact of city economic level is greater than that of city life quality,while non-provincial capitals have the opposite conclusion and the impact of various city value factors is more balanced.Fourth,in the early stages of urban development,the city economic level has greater impact on the housing prices greater than the city life quality.As the urban development progresses,the influence coefficients of the city economic level and the city life quality show an increasing trend,but the quality of life increases more rapidly and gradually exceeds the economic impact on the housing price.The main features are that this paper is based on city perspective and constructs a city value system that covers many urban attributes and jumps out of the framework of using single indicators.At the same time,this paper uses the maximum entropy technology to synthesize the objective index of the city value and chooses the panel data instead of the time-point data.Then it can better reflect the changing law of the impact of urban value on the housing price in the process of urban development.