Research On The Impact Of Talent Mobility On Urban House Prices In The Context Of New Urbanization

The real estate industry is one of the pillar industries in China,and reasonable regulation of the real estate market is conducive to promoting high-quality development of our economy.However,in recent years,the growth of residents’ immediate housing needs and speculative housing demand has caused the inflated housing prices to be on a continuous climb,triggering a series of socio-political problems.From the demand side,the areas with soaring house prices are mainly concentrated in large and medium-sized cities,which are influenced by the population and speculative housing and are difficult to be adjusted downward in a short time.From the supply side,as land is scarce,it will lead to a sudden rise in the cost of housing,which in turn will stimulate the rise in house prices.In order to curb the rapid rise of housing prices,General Secretary Xi Jinping has repeatedly emphasized the general tone of "housing without speculation" in the report of the19 th National Congress,and enacted policies such as purchase restriction,loan restriction and tax regulation.At the same time,Chinese rising level of new urbanization also promotes the rapid development of urban real estate market,which makes talent,resources and other factors flow moderately between regions,thus bringing opportunities and challenges to cities,such as the increasingly high housing prices.This paper aims to investigate the impact of talent mobility on urban house prices in the context of new urbanization,firstly,we comb through domestic and foreign literature,establish an indicator system using panel data from 2008-2019 for65 large and medium-sized cities in China,and analyze the level of development of new urbanization by using factor analysis to measure the level of development of new urbanization.The selected sample was then divided into southern and northern regions,and variables such as average sales price of residential commercial housing,talent mobility,level of new urbanization development,residential investment amount,loan balance of financial institutions,and employment density were selected to test the significance of the results of regression equations in different regions using a fixed-effects model to assess the effect of talent mobility on urban house prices.Based on the regression analysis,a threshold effect model is applied to investigate the actual effect of talent mobility on urban house prices under different development levels of new urbanization,using the level of new urbanization development as the threshold variable,and the research results are as follows.The results show that the level of new urbanization in both southern and northern regions is fluctuating,but the development trend in the southern region is better than that in the northern region,and the level of new urbanization in cities is more influenced by the economy.The new urbanization development level is included in the control variables and analyzed by fixed-effects model test,and the results show that talent mobility significantly drives up urban house prices,but the effect of the influence differs among different regions,showing that talent mobility in the south has a significant positive effect on urban house prices,but the effect is weaker than the full sample;the positive effect in the north is not significant.The level of new urbanization development is used as a threshold variable to further explore the actual effect of talent mobility on urban house prices.At the full sample level,talent mobility has a non-linear effect on urban house prices.When the level of new urbanization development is low,the effect of talent mobility on urban house prices is not significant,but after crossing the threshold,the effect changes to a significant positive contribution.At the regional level,when the development level of new urbanization is low,the positive effect of talent mobility on urban house prices is not significant in the south,and the negative effect is not significant in the north,but after crossing the threshold value of each region,both the south and the north show significant positive promotion effect,and the degree of influence is higher in the south than in the north,indicating that when the development level of new urbanization is at different stages,the degree of influence of talent mobility on urban house prices in China This indicates that there is significant regional heterogeneity in the degree of influence of talent mobility on urban house prices in China at different stages of new urbanization development.Finally,based on the above research results,policy recommendations are proposed to formulate talent development strategies,improve the quality of new urbanization development,and increase the purchasing power of residents’ housing in accordance with local conditions.Figure [sixteen] table [fourteen] reference [seventy-six]...