An Empirical Research On The Micro-Impact Factor Of Community Commerce's Rent Based On Hedonic Price Model

As China's economic development and the rapid progress of urbanization, the developers pay more attention to community commerce for the dual factors of profit and responsibility. Community commerce has become a hot commercial research. But empirical studies related to the retail rental had started in the 1990s, mainly in shopping center for the study. The empirical research on the retail rent is very weak. Based on a comprehensive literature review of related research, considering the actual commercial environment of China, this thesis takes Overseas Chinese Town (OCT),Shenzhen the typical community as for object of empirical study, uses quantitative analysis to discern the various micro-factors that affect rent.By the literature review and practical investigation, this thesis builds a hedonic model of community commerce's retail rent which contains 4 characteristics, including location, building, tenant and lease, and proposes the hypotheses.Using 315 rent sample data from the OCT community commerce developer in July 2009, this thesis empirically tests the hypotheses by multiple regression analysis method.The main conclusions of this thesis are as follows:(1) Tenant characteristic is the most important factor of community commerce retail rent. The thesis found that All the characteristics of location, building, tenant and lease are the important factors of community commerce retail rent, and tenant characteristic is the most important relatively. The retail type, visibility and accessibility of stores have a more significant impact on the retail rent.(2) Location characteristics is still important factor of community commerce retail rent.This thesis also found that as the representative characteristics of people flow and purchasing power, the distance from the Wal-Mart supermarket, the Community Center of OCT, has a reverse significant effect on the retail rent. It is indicating that the closer store is to Wal-Mart supermarket,the higher rent is paid. This conclusion is also confirmed the traditional thesis that location has a significant impact on business.(3) Higher rent is required for the independent community commercial building.The results of this thesis show that different rents can be obtained from the different architectural design of community commercial buildings. Independent commercial buildings avoid the resident effectively, while the independent commercial buildings bring higher rents for meeting a variety of commercial use and achieving a more mix of retail types by reasonable water, electricity, gas configuration.(4) The lease term and lease type have a greater impact on the retail rent.The thesis found that the leases term has a negative impact on the retail rent. the longer-term lease not only hold communities business stability, but also give developers stable rental income, thus a rent discount should be given. The thesis also found that the tenants may pay higher rent for renewal contracts.Compared with the existing findings, The main academic contributions of this thesis could be stated as follows:using the real details of the constructions and contracts of OCT, the thesis builds and tests the hedonic price model of micro-impact factors of community commerce rent, and further enriches and develops the empirical research.