| In recent years,with the increasing scarcity of land,the real estate market has appeared "flour is more expensive than bread" phenomenon,and the investment profits of real estate enterprises have been constantly compressed.Therefore,it is very important for real estate enterprises to have a reasonable and rational judgment on the land value sold in the open market.At the same time,with the continuous accumulation of residents' material life and wealth,in order to enable the next generation to win at the starting line,the proportion of parents' expenditure on education is gradually increasing.Under the background of the national policy of "Delimit area,nearby enter a school",the high premium situation of "School District Housing" generally appears,which causes parents to reconsider the residence in order to obtain high-quality basic education resources.The value of basic education resources has been embedded in the price of commercial housing and the price of residential land.Therefore,from the perspective of investment decisions of real estate development companies,this article measures the impact of high-quality basic education resource allocation on the price of residential land,finds the economic relationship between basic education resources and residential land prices,and it provides a theoretical basis for the real estate enterprises to make land investment decisions under the current education policy.First of all,through study of relevant home and abroad literature,focusing on the relationship between basic education resources,housing prices,and residential land prices,it is theoretically confirmed that the capitalization effect of basic education resources does exist on residential land prices,and through comparative analysis,the paper selects the hedonic price model as the empirical research model.Secondly,from the perspectives of China's education policy,"voting with feet" theory,supply and demand theory,and education resource externality theory,the impact mechanism of the value capitalization of basic education resources reflected on the price of residential land is elaborated.Finally,with 517 residential land sold by Chongqing land market from 2010 to 2019 as independent variables,the basic education resources are divided into compulsory education stage(primary school,junior high school)and senior high school stage,and the energy level and accessibility of basic education resources are quantified,and the impact on residential land price is explored by using the characteristic price model.The results show that the energy levels and accessibility of primary school and junior high school have a significant positive impact on the price of residential land.Among them,there is a positive correlation with the energy level of basic education resources.The premium capacity of residential land will be increased by 13.7% and11.9% for each level of primary school and junior high school,respectively.There is a significant negative correlation with the accessibility of basic education resources,that is,for every 1 km of the actual route distance to primary school and junior high school,real estate companies are willing to pay 3.9% and 1.2% more.It can be seen that the value of basic education resources can be capitalized on the price of residential land,and the essential reason lies in the double effects of Chongqing compulsory education policy of " Delimit area,nearby enter a school " and the imbalance of high-quality education resources.Therefore,in the land investment decision-making stage,real estate companies can set different premium abilities according to the different allocation of basic education resources,while obtaining land parcels reasonably and rationally,and ensuring the stable development of the real estate market. |
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