| Since the 1998 financial crisis,China's real estate market has been constantly reformed.The urban housing market has entered a period of rapid development.The reform process characterized by individual purchase of commercial housing has been fully developed.From 2000 to 2016,the average selling price of commercial housing in China increased by 3.5 times,and the average price of real estate in China is in the stage of rapid growth.Behind the rising housing prices,industrial agglomeration is evolving in a situation that is not easy to observe.Relevant literature shows that industrial agglomeration has different degrees of impact on all aspects of the economy.Is there an industry agglomeration reason that is not easy to be observed by us behind the price rise that we can observe easily? This paper studies the impact of industrial agglomeration on China's Housing prices.Firstly,this paper calculates the industrial agglomeration level of 31 provinces(cities,autonomous regions)in manufacturing industry,construction industry,financial industry and real estate industry in China from 2010 to 2016 by using the location entropy index,and carries out the present situation analysis of the industrial agglomeration level and real estate price level of 31 provinces(cities,autonomous regions)through static comparison and dynamic trend analysis method.Taking the level of industrial agglomeration as the explanatory variable and the level of industrial agglomeration as the core explanatory variable,this paper constructs an empirical model to study the impact of industrial agglomeration on China's housing prices based on the panel data of 35 large and medium-sized cities from 2000 to 2016.Finally,this paper introduces intermediary variables to construct a test model of intermediary effect,which includes population migration,capital inflow and land cost.This paper examines the intermediary effect of industrial agglomeration on the process of housing price impact in China.The conclusion of this paper shows that the agglomeration of manufacturing,construction,finance and real estate has different effects on housing prices.The agglomeration of financial industry has a restraining effect on the rise of housing prices,while the agglomeration level of manufacturing,construction and real estate industries is positively correlated with housing prices.Capital inflow and land cost are positively correlated with housing prices in China.The impact process has played a significant part of the intermediary effect,that is,industrial agglomeration can affect the housing prices by affecting capital inflows and land costs.The empirical results of this paper can be used for reference in regulating the real estate market. |
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