Influence Of Opening Urban Rail Transit On Commercial Housing Price

2005 year later,Chinese urban rail transit developed rapidly.By end of 2017,34 cities on Chinese mainland had opened rail transit with 165 lines and 5033 kilometers of mileage.Moreover,the operation scale,passenger volume and length of lines under construction are among the top in the world,our country has become a veritable great country of urban rail transit.At the same time,commodity housing price has been kept rising,too high housing prices seriously weakens its livelihood attributes,causing a significant negative influence on real economy.This paper studies the impact of opening urban rail transit on commercial housing price,which has practical significance to restrain the excessive rising of house price.Specifically,this paper firstly conducts benchmark regression analysis by using treatment effect model,adopting data of the national cities from 2006 to 2017,and then explores the mechanism behind influence of urban rail transit on the commodity housing price step by step using mediation effect.The results show that opening urban rail transit directly causes commercial housing price to rise,and it has two mechanism that urban rail transit can both increase the value of land and financial pressure of local government.Besides,from the supply structure of land side,urban rail transit will make shortage of housing land supply,distorting the allocation of urban construction land among different land types,this pushes up commercial housing price further.Finally,this paper also conducts robustness tests and heterogeneity analysis to verify the stability and heterogeneity of the conclusions.