Research On The Influence Of High-speed Railway Construction On Real Estate Investment In Urban Agglomerations

After more than a decade of large-scale construction,China has fully stepped into the era of high-speed railway since the high-speed railway was put into operation around 2008.As more cities are connected to high-speed rail,the construction of high-speed rail is moving towards high-speed and high-density network layout,and its role in regional connection is becoming more and more obvious.In recent years,urban economic development has gradually taken on a clustering pattern characterized by urban agglomeration,which is also conducive to better regional high-quality development.At present,the process of high-speed railway network in urban agglomerations is accelerating,and the construction of high-speed railway has produced a wide and profound impact on the real estate industry in urban agglomerations.Therefore,this paper comprehensively analyzes the impact of high-speed railway network construction in Beijing-Tianjin-Hebei urban agglomerations from the perspective of real estate investment.This paper first introduces the theory of real estate supply and demand and other relevant theories,and analyzes and comments on the research status of this field at home and abroad.On this basis,the influence mechanism of high-speed railway construction on urban real estate investment is comprehensively summarized.Secondly,based on the data of high-speed rail schedule,the intensity of high-speed rail network and the agglomeration intensity of high-speed rail flow in Beijing-Tianjin-Hebei urban agglomeration are constructed.The development characteristics of high-speed rail network in the urban agglomeration are reflected by the frequency of high-speed rail.The realistic characteristics of the real estate market in Beijing-Tianjin-Hebei urban agglomeration under the influence of high-speed rail are analyzed.Then,on the basis of the above analysis,using the panel data of Beijing-Tianjin-Hebei urban agglomeration from 2002 to 2018,the opening of high-speed railway is regarded as a quasi-natural experiment,and the differential method is used to identify the causal net effect of high-speed railway construction on real estate investment in urban agglomeration through the "comparison with or without comparison" of high-speed railway infrastructure.Then considering the spatial dependence of the real estate investment and regional networked characteristics of high-speed railway construction,to cities Gao Tieliu gather strength to characterize Gao Tielian connectivity level,to build a high-speed network connectivity from the perspective of space spatial econometric model of the impact of real estate investment,to explore the impact of the high-speed rail network construction.The following conclusions are drawn:1.Through the mechanism analysis,on the one hand,the opening of urban high-speed rail improves accessibility,reduces transportation costs,promotes the flow of urban economic factors,improves the market potential of node cities,obtains better location advantages than non-high-speed rail cities,and is easy to attract more real estate investment.On the other hand,compared with other economic factors,high-speed rail has strong network and externality characteristics.High-speed rail network connects node cities,which influences the local real estate investment,but also acts on the real estate investment in the surrounding areas through spatial spillover effect,which is mainly realized through agglomeration and diffusion.2.The Beijing-Tianjin-Hebei urban agglomeration has gradually evolved from the initial radial distribution of central cities to the polycentric network layout.The agglomeration capacity of urban high-speed rail has changed the position of node cities in transportation connection,and the strength of inter-city line connection has been continuously strengthened,and the number of high-speed rail trains among cities has shown the characteristics of public transportation.Under the background of high-speed railway network construction,the layout of real estate industry in urban agglomeration not only attaches importance to the city level,but also pays more attention to the urban traffic circle.3.Double difference estimation results show that the beijing-tianjin-hebei urban agglomeration,high-speed rail construction significantly enhanced the city’s real estate investment,and high-speed rail construction impact on the real estate investment in stimulating the main channel is the high-speed rail construction lead to the increase of population and the potential market,and the double difference method the application conditions and deal with the problem of endogenous further back,to test the reliability of the results.4.Taking urban high-speed rail connectivity as the proxy variable,the spatial econometric model is used to find that the enhancement of urban high-speed rail connectivity in the Beijing-Tianjin-Hebei urban agglomeration will promote the increase of local real estate investment,and has a positive spatial spillover effect on the real estate investment in the surrounding cities.Finally,according to the analysis of the results,and further to discuss policy implications: give full play to the high-speed rail network to compression effect of space and time between city,through exploring the real estate industry development layout,alleviate the pressure of the urban residential,promote the integration of public service,to achieve regional high-speed network connectivity,speed up the integration of urban agglomeration.At the same time,we should formulate real estate regulation policies from the perspective of urban agglomeration,try to curb the speculative behavior in the real estate market of Beijing-Tianjin-Hebei urban agglomeration,give better play to its residential attributes,and prevent and resolve the risks that may be caused by structural excess.