Study On Mechanism Of Hedonic Prices Of Residents' Commodity Housing In China

This dissertation is developed according to the framework of theory analysis and empirical study. Following the introduction of study background in chapter 1, the chapter 2 is a review of literatures about housing price research dynamics and development and the new progresses of housing price study are summed up on the whole. Thus the perspective of cities'characteristics'effect on housing price is brought forward. In chapter 3, hedonic price theory is introduced and in chapter 4 cities'characteristics are applied to hedonic price model on the basis of hedonic price theory. According to the hedonic price theory, city is a heterogeneity commodity and the cities'housing price is the city's hedonic price on the hypothesis of labor market unified. In the hidden market, the city's characteristic housing hedonic models produce the hedonic prices of city's characteristics. City's economy characteristic, city's population characteristic, city's society characteristic, city's opening characteristic, city's environment characteristic and city's speculation characteristic are brought into house hedonic price model for the first time and the house hedonic price theory is enriched. This is the theoretical innovation. In chapter 5, all cities'characteristics are interpreted by index system. On one hand, cities'characteristics turn into concretion; on the other hand, they can be measured at the same time. In chapter 6, the cities'characteristics of housing price are confirmed by empirical studies on both nationwide and subsection markets. On the nationwide market, the cities'characteristics of housing price are confirmed by both linearity model and logarithm model. On the subsection markets, the nationwide market is divided into East market and Midwest market, and the cities'characteristics of housing price of both markets are measured and analyzed only by logarithm model. In chapter 7, following the conclusion, policies and proposals are brought out accordingly. Therefore the method of theoretical study followed by empirical analysis is adopted in this dissertation. The main content is just as follows:In theoretical study, the defective parts of the popular housing price hedonic model are pointed out firstly. The main factors that result in housing price differences between cities——cities'characteristics are neglected. City's economy characteristic, city's population characteristic, city's society characteristic, city's opening characteristic, city's environment characteristic and city's speculation characteristic are brought into house hedonic price model and the housing city's characteristics' hedonic price model is erected theoretically. The formative mechanism of housing prices in cities on the aspect of cities'characteristics is demonstrated successfully.In empirical study of nationwide market, it can be confirmed that changes of housing prices of cities from 1998 to 2008 are due to cities'characteristics'effect on housing price on the hypothesis of labor market unified. High labor liquidity turns the hedonic prices of city's economy characteristic, city's population characteristic, city's society characteristic, city's opening characteristic, city's environment characteristic and city's speculation characteristic into average housing price of a city one year. All cities'characteristics'effect on housing price are significant and discrepant. The sequence of cities'characteristics'effects during the period of 1998-2008 is city's society characteristic, city's opening characteristic, city's economy characteristic, city's population characteristic, city's environment characteristic and city's speculation characteristic.In empirical study of the subsection markets, the effect orders of cities'characteristics of East cities and Midwest cities in China are different. Owing to the high urbanization level, East cities'characteristics'price model is better than Midwest cities'. It indicates that East cities'characteristics'effects are more significant than Midwest cities'. The difference of the importance sequence between East cities and Midwest cities indicates that the effects of East city's opening characteristic and speculation characteristic are stronger than that of Midwest cities'.