Research On The Impact Of Human Capital Level On Housing Prices

Since China's reform and opening up,China has entered a stage of rapid urbanization.In the real estate industry,it presents high-speed development opportunities,and in the education industry,it presents a great environment in which a hundred flowers bloom.However,in recent years,under the new normal of economy,China's economy has entered the stage of medium-high growth,and the real estate industry has also been affected.The government is also adjusting the real estate industry and the housing price accordingly.Therefore,in the context of the economic new normal,we need to further study various influencing factors of the housing price to try to prevent the emergence of the bubble in the real estate industry from causing damage to the national economy.At the same time,since the resumption of college entrance examination in 1977,the progress of education has provided abundant human capital for China's urbanization and economic development,and also affected China's real estate industry.However,existing researches pay too much attention to other influencing factors of housing price and less attention to the impact of human capital level on urbanization and housing price.Based on literature review,human capital theory and supply and demand theory of real estate market,this paper firstly constructs the way and transmission mechanism of human capital's influence on urban housing price in China from the perspective of theoretical mechanism.Secondly,the human capital development process and spatial distribution of 286 prefecture-level cities in China were preliminarily described from the perspective of time dimension and spatial dimension data,and the correlation analysis was used to preliminarily determine the degree of correlation between the two.Then,by collecting the relevant panel data of 286prefecture-level cities in China from 2003 to 2016,based on the theoretical mechanism,the panel data model was built to study the impact of human capital level on housing price.And USES the intermediary effect model to verify the path to the influence of human capital on prices.Based on this,this paper comes to the following conclusions: one is the human capital index there were significantly positive promoting effect on prices,when the number of students in schools of higher learning in the city and at the end of the measure increased by 1% when the proportion of the total population,the city house prices can increase 434.26 yuan,this conclusion remains stable after a series of robustness tests.Second,urban human capital influences the urbanization process of the city by influencing the level of urban innovation and industrial structure,and further influences the level of urban housing price.Third,there is significant regional heterogeneity in the impact of human capital index on housing price,among which the eastern region has the highest level of human capital to increase housing price,followed by the central region,and the western region has the lowest level.However,the human capital in the Yangtze river delta region plays a lower role in raising the housing price than the national level,while the human capital in megacities,megacities and small cities has no significant effect on the housing price.The possible reason behind this is that regions with higher urban development level will inhibit the effect of human capital on raising the housing price.Finally,based on the research conclusion,this paper puts forward the following four policy suggestions,including equalizing educational resources,attaching importance to "elite" education and balancing regional human capital level;at the same time,the government should increase input in the talent housing policy,improve the urban housing and rental system as soon as possible,and control urban housing prices.