A Study Of The Relationship Between Urban Value And Commercial Real Estate Price

The value of commercial real estate determines its price, the value of commercialreal estate includes four parts: the necessary labor time in the process of budding; thevalue of commercial materials; the value of city land; the transfer of city value. Thecommercial real estate which locates in the city space shares the city infrastructure;economical value; culture value; political value, consequences the city value willtransfer into the commercial real estate value. So what is the relationship between thecity value and the commercial real estate value? Is the city value detaining thecommercial real estate price or the commercial real estate price determine the city value?The scholars of our country investigates the question from the angle of cross-sectiondate, the outcome show the city value decide the commercial real estate value, thecommercial real estate price also affect the city value conversely. But there is nobody tostudy this problem from the angle of time-series. As a result the conclusions of ourcountry scholars are not universal, so this paper will probe the problem from the angleof time-series.This paper will study the relationship between the commercial real estate and thecity value from the following aspects:①Discourse the relationship between the commercial real estate and the city valuefrom the view of qualitative point. It has analyzed the nature, composition and contentof the commercial real estate and the urban value, from the canalization, the papercomes to the mechanism between the commercial real estate and the city value.②This paper has evaluated the urban value, so as to prepare for studying therelationship between the commercial real estate and city value from the definitequantitative determination angle. From reading a vast number of literatures, the paperdivided the city value into the city economical value and the cizenry life quality value,the next step need to Integrated into a city value with each indicator whichconstitutes the city value, so it need to determine the weight of evaluation index. Thispaper has juxtaposed the method of evaluation index weight and at last choosemaximum entropy method to evaluate the city value of four municipalities in ourcountry. Finally the urban value of our four municipalities has been calculated.③This paper has studied the relationship between the city value and commercialreal estate price from the angle of decimating quantitative determination. This paper has examined the time sequence of the urban value and the commercial real estate pricewith the stationary test and the cointegration test and at last find the urban value and thecommercial real estate price existed long-term and stable relationship, the paper has alsofound the growth of the commercial real estate price growth opposing to the city value.The paper has also used the Granger test to study the causal relationship between thecommercial real estate price and the city value and finds the city value determines thecommercial real estate price but the commercial price does not determine the city value.④On the basic of the commercial real estate price growth relative to the city value,the paper has put forward the government should be targeted to control the realestate market against different city. On the basic of the Granger test, the paper hasbrougt forward high commercial real estate price does not mean high city value.