The Housing Price Spillover Effect Of The "Talent Management Reform Pilot Zone" Policy

From ancient times to the present,talents are the first resource for national development,and the influx of these talents can greatly improve the technological innovation ability and production technology level of their influx into the local area.Under the multiple influence of economic development transformation and the disappearance of demographic dividends,countries and regions have actively introduced various talent policies to compete for talents.Currently,the real estate market in China is overheated,and a large amount of cities have put out massive policies to stabilize the market operations in response to the current situation of the real estate market in each region.Whether talent policies encourage the introduction of urban talent and regional economic development,and whether it affects the housing prices instead of inflows,is directly related to the innovation level,production capacity,economic development level and real estate market development level of a region.In the past,from the perspective of talent policy,many scholars compared the content of talent policy,compared the effect of talent policy implementation,and explored the impact of talent policy on economy and innovation.This article takes the the institutional talent policy "talent management reform pilot zone" as an entry point.From the perspective of talent gathering,it studies the effectiveness of the talent policy and the housing price spillover effect of the talent policy.This paper selects the panel data of 280 cities in China from 2004 to 2018,uses a multi-period double difference model,and analyzes the effect of the policy by studying the impact of the "Talent Management Reform Pilot Zone" policy on real estate prices.The empirical research result shows that,first,the implementation of the "Talent Management Reform Pilot Zone" policy is positively correlated with the increase in housing prices: the implementation of the "Talent Management Reform Pilot Zone" policy has led to a rapid inflow of talents,and the influx of talents increases the demand for housing purchases in the inflow areas,promoting the rise in housing prices.The influx of talents will greatly improve the innovation ability and production level of the inflow areas,which will stimulate economic growth.It will enhance the actual purchasing power of consumers in the inflow areas,which in turn will increase housing prices.Second,the policy of the "Talent Management Reform Pilot Zone" has a relatively large impact on cities in the central region,and the coefficient is statistically significantly positive;while for eastern and western cities,the policy has a relatively small impact and is not statistically significant.Finally,compared to large and medium-size cities,the implementation of the "Talent Management Reform Pilot Zone" policy has a greater impact on housing prices in small cities.Compared to the large and medium-size cities,small cities can get more benefits.The "Talent Management Reform Pilot Zone" policy can promote the inflow of talents to the place where the policy is implemented,and can alleviate the problems of regional talent accumulation and the serious imbalance of talent distribution among regions.Based on above analysis and sensitive experiments,this article presents policy recommendations from three parties: capacity planning,quality distribution,and the housing market.Each region should formulate personalized talent strategies and policies,strengthen cooperation between regions,promote talent flow,and try to improve talent distribution Unbalanced status.The government should strengthen regulation to maintain the steady operation of the real estate market.