Research On The Impact Of The "Talent Special Zone" Policy On Housing Prices

In recent years,China’s real estate market has developed rapidly,and the status of talents has gradually improved,and the amount of talent reserves determines the comprehensive strength of various countries and regions.At this stage,China’s market economic system is facing transformation,and various regions have implemented the "special talent zone" policy,but there is still a bubble in China’s real estate market,and various cities have taken measures to stabilize housing prices.After the introduction of the "talent special zone" policy to attract the influx of talents,directly affecting the city’s population,urban innovation level,production efficiency and economic level,but rarely involved in the impact on housing prices,in the past scholars mainly from the "talent special zone" policy this dimension of research,mainly studied the implementation effect of the "talent special zone" policy,the main content involved in the policy,explore the "talent special zone" policy and the urban innovation level and economic development level of the correlation between the relationship.Therefore,under the background of the reality that housing prices maintain an upward trend and talents are valued by the government,it is of great practical significance to study the impact of the "special talent zone" policy on housing prices.After combing through the relevant literature and theoretical mechanisms such as housing prices and "talent special zone" policies,using the panel data of 284 cities in China from 2005 to 2019,the multi-period double difference model was used to explore the impact of the "talent special zone" policy on housing prices,and the parallel trend test,PSM-DID,counter fact test and placebo test were carried out to verify the robustness of the empirical results,and then the regional heterogeneity analysis and city-level heterogeneity analysis were carried out,and finally the "talent special zone" was tested by the gradual regression method.Policies affect the specific path of housing prices.The empirical results show that: First,the introduction of the "talent special zone" policy will increase housing demand and increase housing prices:the introduction of the "talent special zone" policy will promote the upgrading of the local industrial structure,promote the expansion of economic scale,which is conducive to the long-term development of the economy,and then promote the average wage of employed personnel,thereby attracting more foreign population,housing demand continues to expand,according to the theory of housing supply and demand,house prices rise.Second,the "Talent Special Zone" policy has a significant effect on housing prices in the eastern region,but it does not have a significant role in promoting housing prices in non-eastern regions.The economic conditions in the eastern region are better,the industrial structure is more perfect,it can provide employment platforms for more talents,after the introduction of the policy,more people are willing to go to the eastern cities to develop,coupled with the limited land available for development in the eastern cities,the housing supply can not catch up with the housing demand,so the policy effect is more obvious.Third,the "special talent zone" policy has a significant role in promoting housing prices in large and medium-sized cities,but it does not have a significant role in promoting housing prices in non-large and medium-sized cities.Large and medium-sized cities have superior resource conditions,can provide a better platform for development,and there are more colleges and universities in large and medium-sized cities,and more graduates are willing to stay in cities for employment,so large and medium-sized cities are more attractive to talents,which makes the impact of the "talent special zone" policy on housing prices in large and medium-sized cities more obvious.On the basis of the empirical results,the following policy recommendations are put forward,including the formulation of the "Talent Special Zone" policy according to local conditions,the improvement of the financial market and housing security system,and the increase of real estate market control.