The Effect Of High-speed Railway On Urban Industrial Land Price

Since the first high-speed railway between Beijing and tianjin was officially operated in 2008,the construction of high-speed railway in China has been developing rapidly.In a sense,it means an excellent opportunity for regional economic development.Recently,many domestic scholars pay attention to the economic effect of high-speed railway,but most studies mainly focus on the macro level.Studies involving the impact of high-speed railway on the micro land market is not common.As an important resource of urban development,the utilization and development intensity of diverse types of land are different.The utilization pattern of industrial land plays a very important role in urban development and provides the basic environment for urban agglomeration effect.In 2017,The outline of the national land planning(2016-2030)proposed that we should focus on the agglomeration of land resources,guide agglomeration of production factors into transportation arteries and connection channels,promote efficient allocation of resources and deep integration of markets.Therefore,it is necessary to study the effect of high-speed railway on the economic value and allocation of industrial land.This paper takes the industrial land market as the starting point to further discuss the land economic effect of high-speed railway.To study the impacts of high-speed railway construction and operation on industrial land price,we need to take both government and market mechanism into account.Considering that the role of government and the market may be changeable in different periods,we take the high-speed railway opening as the boundary point,which means the division of the construction stage and the operation stage.Then,we carry out the research step by step.First,in the construction stage,the government,as a rational economic entity,after receiving the implementation signal of high-speed railway construction,hopes actively influence industrial land prices to allocate resources and attract industrial capital,which will relieve financial pressure.Secondly,in the operation stage,the integration degree of the land market is enhanced due to the high-speed railway,the market mechanism such as industrial agglomeration dominates industrial land prices.Moreover,due to the different regional location endowment,the impact results are also different.In this paper,the implementation of high-speed railway construction is regarded as a quasi-natural experiment.Based on the PSM-DID model,this paper use the macro-micro industrial land transaction data of 100 cities in China from 2007 to 2018 to test the influence of high-speed railway construction and operation on urban industrial land price and explore its mechanism.The empirical results show that in different stages of high-speed railway,the effects of high-speed railway on industrial land price and its mechanism are different,and there exists regional heterogeneity.(1)Specifically,the "expectation" effect in the construction stage of high-speed railway gives the local government the impetus to operate the industrial land market.Local government significantly reduces the prices of industrial construction lands,and tries to attract industrial capital to obtain long-term stable tax revenue to relieve the financial pressure.In addition,the greater financial pressure faced by local governments,the effect is more significant.But the effect is not significant in the East.(2)In the operation stage of high-speed railway,the original location conditions and industrial agglomeration degree of the city have been improved,the market mechanism occupies a dominant position in the allocation of industrial land resources.We find that the prices of urban industrial lands have been significantly increased.With the degree of industrial agglomeration becoming deeper,the effect of high-speed railway elevating land economic value becomes significant.Moreover,the regression results show that the influence is not significant in the middle and western regions where the marketization degree is relatively low.The effect of high-speed railway on industrial land price is essentially the result of the interaction between government and market mechanism.Therefore,in order to give full play to the economic leading role of high-speed railway,it is necessary to clarify the deep logic of industrial land resources allocation,complete the comprehensive supporting system,and promote the market-oriented reform of land market.