Research On The Impact Of High-speed Railway On House Prices In Cities Along The Line

With the construction of high-speed rail,the development of my country’s transportation facilities is changing with each passing day,and the construction of high-speed rail is also relatively successful.Today,For residents,high-speed rail is the main means of transportation.The opening of high-speed rail improves the construction of the transportation network,which shortens the distance between cities.According to the theory of new economic geography,the improvement of transportation infrastructure promotes the reduction of transportation costs,promotes the flow of production factors between regions,and changes the regional economic development and economic layout.The "Four Vertical and Four Horizontal" plans for my country’s high-speed rail have been basically completed,and the "Eight Vertical and Eight Horizontal" plans are still going on.In the future,the transportation infrastructure will be further improved and will have a profound impact on the economic development of China’s cities.Based on the above background,consider and answer whether the opening of high-speed railways will push up housing prices in cities along the route? Is the impact of the opening of high-speed railways on housing prices affected by the difference in city size? In addition,is the impact of the opening of high-speed railways on housing prices different due to different types of city functions?From the perspective of transportation infrastructure,this article analyzes the impact of high-speed rail on housing prices.The research ideas in this article are as follows: First of all,we sort out the existing related literature;Secondly,based on the existing literature and related theories,we explain the mechanism of the impact of the opening of high-speed trains on urban housing prices;Thirdly,we analyze and test the opening of high-speed trains through quantitative methods.Will it affect the price of urban housing? Finally,we analyze the impact of city function types and administrative status differences,and propose corresponding feasible policy recommendations based on the final conclusion.The empirical analysis is based on 22 cities which is on the Shanghai-Kunming high-speed rail and 28 surrounding cities as a control group.Based on the panel data of 50 cities from 2004 to 2018,the continuous-time double difference method is used to analyze whether the high-speed rail has an impact on housing prices.Consider the prefecture-level cities with high-speed rail service as the disposal group,and the prefecture-level cities without high-speed rail as the control group,and subtract the housing price changes in prefecture-level cities without high-speed rail from the housing price changes in prefecture-level cities with high-speed rail.,Through the two differences between the individual dimension and the time dimension,the initial value difference of the housing prices in the two prefecture-level cities and their common temporal changes over the years(including macroeconomic shocks or other social factors)have been eliminated.In turn,we will have a more scientific disposal effect.And a simple comparison between prefecture-level cities with high-speed rail and prefecture-level cities without high-speed rail will lead to selection estimation bias.In order to overcome the problem of selection bias and solve the problem of bias caused by non-random data selection.For this reason,this paper combines the double difference method with the propensity score matching method,and adopts the propensity score matching-double difference method(PSM-DID)for testing.In addition,a more comprehensive investigation of the differential impacts of urban function types and administrative status heterogeneity.The main conclusions of this paper are the following three points: First,on the whole,the opening of high-speed rail pushes up urban housing prices,especially in cities along the railway,with an average effect of 5%,which is significant at a significance level of 10%.Second,from the perspective of urban function types,the opening of high-speed rail has the greatest impact on the real estate market prices in tourist cities,with an average net impact of 11.6%,which is significant at a significance level of 10%;the impact on housing prices in integrated cities and industrial cities is not significantly,it indicates that the opening of high-speed rail has attracted population,capital and other factors to flow into tourist cities to a certain extent,promoted the development of tourism,and affected housing prices.Third,classified according to administrative status,we found the opening of high-speed rail pushes up urban housing prices,especially in provincial capital cities along the railway,with an average net impact of 10.1%,which is significant at a significance level of 10%;the impact of the opening of high-speed rail on housing prices in non-central cities is not obvious.The following policy recommendations can be obtained from the conclusions:First,government should further promote the construction of high-speed rail infrastructure.The high-speed rail promotes the efficient flow of factor resources and promotes more effective re-allocation of human resources,so that different regions develop in a coordinated manner according to their own comparative advantages.When implementing urbanization development strategies in the future,we will clarify and enhance the important position of the high-speed rail layout,and continue to promote the construction of high-speed rail infrastructure.Second,government should pay attention to urban differences and carry out classified adjustments.Pay attention to the differences in the impact of the opening of high-speed rail on the real estate market in different cities.When formulating control policies,the government should fully consider the differences between cities,and formulate and implement more scientific and reasonable control policies based on the types and characteristics of cities.Third,it could give play to the advantages of tourism resources and guide the matching development of physical industries.High-speed rail expands the tourism development potential of tourist cities along the route,which easily leads to the blind expansion of real estate investment in tourist cities,resulting in unbalance between industry and city,leading to vacant housing,excessive development of many land resources,increased real estate investment risks,and potential systemic risks.Therefore,it is necessary to strengthen the control and macro-planning of real estate investment in surrounding tourist cities along the high-speed railway,relying on the advantages of the city’s innate resource endowment,to better guide the coordinated development of the physical industry.