| Education and housing are two important themes in people’s life.On the one hand,education,as the basis for cultivating excellent talents,plays an important role in the rise and fall of the country,social stability,economic development and cultural progress.On the other hand,after housing gradually developed into the real estate industry,it has been vigorously supported and developed as a new economic growth point in 1996.So far,it has played an important role in China’s economic development and the enhancement of comprehensive national strength.The two have been booming in the process of China’s social construction,but they have also exposed problems such as imbalance,unfairness and difficult allocation.There are significant differences in educational resources and housing prices in different regions.Moreover,this difference does not exist independently,and there are countless connections between the development of education and housing.In scholars’ research on education and housing prices,the problem of educational capitalization is prominent.Unlike basic education,higher education,as a quasi public product,may have partial capitalization,but its human capital accumulation and the change of human capital structure deserve our attention.When most articles take the residents’ level of higher education as an index to measure the urban human capital structure to study its impact on urban house prices,this paper directly discusses whether the quality level of higher education resources has an impact on house prices and house rental prices,and whether there is an internal mechanism for higher education resources to affect house prices.Moreover,unlike most domestic scholars,the research on the impact of education on housing prices and the impact of human capital on housing prices is based on micro data and some city level data.This paper studies the impact of higher education resources on housing prices nationwide from a macro perspective,aiming to study the impact degree and internal mechanism of the overall higher education resources on the price of commercial housing in the provincial dimension.Firstly,the article reads and combs the relevant literature,and reviews the research of domestic and foreign scholars on the influencing factors of real estate price,the allocation of higher education resources,the relationship between human capital and house price,and the relationship between higher education resources and house price.Then,based on the characteristic price theory,unbalanced development theory and human capital theory,the internal mechanism of the impact of higher education resources on housing price is divided into direct impact and indirect impact,which mainly emphasizes the impact of higher education resources on urban human capital,resulting in the change of housing price.Combined with the development of higher education and real estate in China,this paper analyzes the current situation,analyzes the change trend of higher education resources and house price level,and explores the relevant relationship between them in the change trend.Finally,after the selection of indicators,data processing,correlation test and regression model for the panel data of30 provinces and cities from 2006 to 2019,the fixed effect model is used for empirical analysis of the panel data.The empirical analysis is mainly divided into three parts: Firstly,after processing the relevant panel data,carry out the benchmark regression analysis of higher education resources on the average selling price of commercial housing,and carry out the regression analysis of the multi period data of the measurement indicators of higher education resources to explore its lag;Then select the housing rental price index to carry out the regression analysis of higher education resources on the housing rental price,also carry out the lag analysis,and compare the regression results with the correlation regression results of higher education resources affecting the house price level,and carry out the endogenous discussion and robustness test of each regression model;Finally,the stepwise regression three-step method and Sobel test are used to analyze the intermediary mechanism of higher education resources affecting house price,and explore the internal mechanism of higher education resources affecting house price when urbanization level,house price expectation and rent level are used as intermediary variables.The main conclusions from theoretical analysis,current situation analysis and empirical research results can be summarized into four points: First,there are great regional differences in higher education resources and house price levels in various provinces and cities,and there are similar trends in time dimension;Second,higher education resources have a statistically significant impact on housing prices;Third,similarly,there is a significant correlation between higher education resources and housing rental price,but different from housing price,there is no obvious long-term lag in the impact of higher education on housing rental price;Fourth,for the internal mechanism of higher education affecting house price level,higher education resources can indirectly affect house price level by affecting house price expectation,urbanization level and rent level,and the influence degree of intermediary mechanism decreases in turn in house price expectation,urbanization level and house rent level.Finally,according to the results of theoretical research and empirical analysis,it is proposed to strengthen the quality improvement of higher education resources in most regions,carry out educational concept reform and innovation,and optimize the allocation of higher education resources;Increase publicity,establish a correct concept of house purchase,stabilize house price expectations,and reasonably regulate the level of house price;Three policy suggestions on using the allocation of higher education to prevent the excessive differentiation of house price level among regions. |
