Impact Of High-speed Railways On Land Prices

The birth of the Japanese Shinkansen in the 1960 s marked that the high-speed railway was on the stage of economic and social development.As a unique modern transportation method,the highspeed rail has broken the barriers of urban boundaries,promoted the rapid flow of people,logistics,and capital flows,and played an important role in shaping an efficient and powerful regional integration and coordinated development situation.In recent years,a series of socio-economic effects of high-speed rail have attracted widespread attention from scholars at home and abroad.The land market is an important part of the economy,and the extent of the impact of high-speed rail construction is worthy of further discussion.This article takes the Yangtze River Delta integration demonstration area as the regional background,and explores the impact of high-speed railways on land prices in order to provide an explanation of the economic effects of high-speed railways in market segments.Based on the micro-land transaction data,high-speed rail data,and urban macro-economic data of 41 cities in the Yangtze River Delta region from 2007 to 2018,this paper builds a multi-period DID model based on relevant research experience,and empirically studies the impact of high-speed railways on land market at the macro-micro and sub-sample levels.The research results show that:(1)In general,high-speed rail has increased the land price of cities along the line.The construction of high-speed rail in cities will cause its average land price to increase by about 3.85%.At the same time,each new high-speed rail station in the city will increase its average land price by about 2.19%.(2)According to the sub-sample study,the impact of high-speed rail on land prices for different planned uses is obviously heterogeneous.Urban construction of high-speed rail will cause the average price of residential land and commercial land to increase by 10.8% and 7.24%,but the price of industrial land will only increase.2.56%,far lower than the previous two levels;the impact of high-speed rail construction on land prices in urban areas is higher than that in non-municipal areas,increasing the average price of two types of land by 4.94% and 3.28%,respectively;In addition,by city level,high-speed rail construction in first-and second-tier cities will significantly increase the local average land price by 6.65%,while the positive effect on land prices in third-and fourth-tier cities is not significant.(3)On the macro level,the total land transfer fee increased by 21.7% and the transfer area increased by 15.9%,which significantly improved the financial status of local governments and provided empirical evidence for the active introduction of high-speed rail in major cities.Finally,based on the main research conclusions,this article provides corresponding policy implications for urban development in the high-speed rail era.The innovation of this article is: based on the combination of micro-land transaction data,highspeed rail data and urban macroeconomic data,a certain degree of data innovation has been carried out;the socioeconomic effects of high-speed rail have been studied using the land market as an entry point,and the heterogeneity of the impact of high-speed rail on land prices is analyzed in detail,which enriches the existing research.