|
|
|
| A STUDY ON THE IMPACT OF THE POLICY OF “SAME RIGHT TO RENT AND PURCHASE” ON THE HOUSING PREMIUM IN SCHOOL DISTRICTS: AN EMPIRICAL STUDY OF GUANGZHOU BASED ON THE SPATIAL HEDONIC PRICE MODEL |
| HUANG Xiao-yan1, TAN Wei-bao1, KANG Chen-chen1, YIN Jiang-bin1, SU Meng-yuan2 |
1. Northwest Land and Resources Research Center, Shaanxi Normal University, Xi'an 710119, China;
2. Department of Geography, Durham University, County Durham, DH13DE, UK |
|
|
|
| Guide |
|
|
Abstract The capitalization effect of school quality has always been an important topic in the research field of the impact of public services on housing market. This article takes the main urban area of Guangzhou as the study area, draws on the idea of boundary fixed effects, and matches the houses in the surrounding school districts of 136 key primary schools in 2016 and 2019 with the houses in adjacent non-school districts. The capitalization effect of educational resources of different quality levels is quantitatively measured by using the spatial hedonic price model. The impact of the policy of "same right to rent and purchase" on housing prices and rent premiums in key primary school districts is tested by using the difference-in-differences model. The research results show that: 1) The quality of education in Guangzhou has been partially capitalized in housing prices and rents, and the higher the quality of educational resources, the higher the capitalization degree. 2) The implementation of the policy of "same right to rent and purchase" has not brought about significant changes in housing prices and rental premiums. 3) There is heterogeneity in the impact of the policy on housing prices of key primary schools with different quality levels. 4) There is no significant difference in the impact of the policy on housing prices and rentpremiums of key primary school districts in different regions.
|
|
Received: 30 August 2021
|
|
|
| Fund: |
|
|
|
| [1] |
戴特奇,廖聪,胡科,等.公平导向的学校分配空间优化——以北京石景山区为例[J].地理学报,2017,72(8):1476-1485. [Dai Teqi, Liao Cong, Hu Ke, et al. Secondary school allocation optimization towards equal access: A case study on Shijingshan district, Beijing[J]. Acta Geographica Sinica, 2017,72(8):1476-1485.]
|
| [2] |
尹上岗,胡信,马志飞,等.基于教育公平视角的城市学区房价格时空效应——以南京主城区公办小学为例[J].经济地理,2019,39(9): 82-93. [Yin Shanggang, Hu Xin, Ma Zhifei, et al. Spatial and temporal effects of housing price in urban school districts based on education equity: A case study of public pimary school in the main urban area of Nanjing[J]. Economic Geography, 2019,39(9):82-93.]
|
| [3] |
冯皓,陆铭.通过买房而择校：教育影响房价的经验证据与政策含义[J]. 世界经济,2010,33(12):89-104. [Feng Hao, Lu Ming. Choose a school by buying a house: Empirical evidence and policy implications of education's impact on housing prices[J]. The Journal of World Economy, 2010,33(12):89-104.]
|
| [4] |
Feng H, Lu M. School quality and housing prices: Empirical evidence from a natural experiment in Shanghai, China[J]. Journal of Housing Economics, 2013,22(4):291-307.
|
| [5] |
胡婉旸,郑思齐,王锐.学区房的溢价究竟有多大：利用“租买不同权”和配对回归的实证估计[J]. 经济学(季刊),2014,13(3):1195-1214. [Hu Wanyang, Zheng Siqi, Wang Rui. The capitalization of school quality in home value: A matching regression approach with housing price-rent comparison[J]. China Economic Quarterly, 2014, 13(3):1195-1214.]
|
| [6] |
Jayantha W M, Lam S O. Capitalization of secondary school education into property values: A case study in Hong Kong[J]. Habitat International, 2015,50:12-22.
|
| [7] |
La V. Capitalization of school quality into housing prices: Evidence from Boston public school district walk zones[J]. Economics Letters, 2015,134:102-106.
|
| [8] |
哈巍,靳慧琴.教育经费与学区房溢价——以北京市为例[J].教育与经济,2018,34(1):35-41. [Ha Wei, Jin Huiqin. The effect of education expenditure on housing prices in Beijing[J]. Education & Economy, 2018,34(1):35-41.]
|
| [9] |
卢为民,张琳薇.学区房问题的根源与破解路径探析[J].教育发展研究,2015,35(s2):13-17. [Lu Weimin, Zhang Linwei. The root of school district housing problem and analysis of countermeasures[J]. Research in Education Development, 2015,35(s2):13-17.]
|
| [10] |
杨振山,粟子林,丁悦,等.学区化外部性对城市空间的影响[J].人文地理,2018,33(4):60-67. [Yang Zhenshan, Su Zilin, Ding Yue, et al. The external effect of Jiaoyufication upon urban space[J]. Human Geography, 2018,33(4):60-67.]
|
| [11] |
向为民,甘蕾.抑制和稳定房价背景的“租购同权”政策匹配[J].改革,2017(11):148-157. [Xiang Weimin, Gan Lei. Policy-matching on enjoying equal rights either hire or purchase in the background of restraining and stabilizing house prices[J]. Reform, 2017(11): 148-157.]
|
| [12] |
鞠方,白怡颖,许依玲“. 租购同权”政策对我国大中城市房价的影响研究[J].财经理论与实践,2021,42(5):124-131. [Ju Fang, Bai Yiying, Xu Yiling. Research on the impact of the policy of "equal rights for rent and purchase" on the housing prices of large and medium cities in China[J]. The Theory and Practice of Finance and Economics, 2021,42(5):124-131.]
|
| [13] |
陈杰,吴义东.租购同权过程中住房权与公共服务获取权的可能冲突：为“住”租房还是为“权”租房[J]. 学术月刊,2019,51(2):44-56. [Chen Jie, Wu Yidong. The possible conflict between the housing rights and the rights to public services availability in the process of "equal rights between buyer and tenant": Renting for living or renting for rights[J]. Academic Monthly, 2019,51(2):44-56.]
|
| [14] |
邵挺.中国住房租赁市场发展困境与政策突破[J].国际城市规划, 2020, 35(6): 16-22. [Shao Ting. Development dilemma and policy breakthrough of China's rental market[J]. Urban Planning International, 2020,35(6):16-22.]
|
| [15] |
陈卫华,林超,吕萍."租购同权"对住房市场的影响与政策改进——基于改进"四象限模型"的理论分析[J].中国软科学,2019(11): 86-95. [Chen Weihua, Lin Chao, Lv Ping. The influence of“encouraging rental-sales right equality”on the real estate market and policy improvement: An theoretical analysis based on the improved “four-quadrant model”[J]. China Soft Science, 2019(11):86-95.]
|
| [16] |
周景彤,梁婧,范若滢“. 租购同权”重在落实[J]. 中国金融,2017(17):54-55. [Zhou Jingtong, Liang Jing, Fan Ruoying. "Same right to hire and purchase" focuses on implementation[J]. China Finance, 2017(17):54-55.]
|
| [17] |
Tiebout C M. A pure theory of local expenditures[J]. Journal of Political Economy, 1956,64(5):416-424.
|
| [18] |
Lancaster K J. A new approach to consumer theory[J]. Journal of Political Economy, 1966,74(2):132-157.
|
| [19] |
Rosen S. Hedonic prices and implicit markets: Product differentiation in pure competition[J]. Journal of Political Economy, 1974, 82(1):34-55.
|
| [20] |
Oates W E. The effects of property taxes and local public spending on property values: An empirical study of tax capitalization and the Tiebout hypothesis[J]. Journal of Political Economy, 1969, 77(6): 957-971.
|
| [21] |
Black S E. Do better schools matter? Parental valuation of elementary education[J]. The Quarterly Journal of Economics, 1999,114(2): 577-599.
|
| [22] |
Randall R. House prices and the provision of local public services: Capitalization under school choice programs[J]. Journal of Urban Economics, 2005,57(2):275-301.
|
| [23] |
Reback J. Competition in the public-school sector: Evidence on strategic interaction among US school districts[J]. Journal of Urban Economics, 2006,59(3):352-369.
|
| [24] |
Dhar P, Ross S L. School district quality and property values: Examining differences along school district boundaries[J]. Journal of Urban Economics, 2012,71(1):18-25.
|
| [25] |
Chung I H. School choice, housing prices, and residential sorting: Empirical evidence from inter-and intra-district choice[J]. Regional Science & Urban Economics, 2015,52:39-49.
|
| [26] |
Wen H, Xiao Y, Hui E C M, et al. Education quality, accessibility, and housing price: Does spatial heterogeneity exist in education capitalization?[J]. Habitat International, 2018,78:68-82.
|
| [27] |
Stadelmann D. Which factors capitalize into house prices? A Bayesian averaging approach[J]. Journal of Housing Economics, 2010,19(3):180-204.
|
| [28] |
Fack G, Grenet J. When do better schools raise housing prices? Evidence from Paris public and private schools[J]. Journal of Public Economics, 2010,94(1/2):59-77.
|
| [29] |
Nguyen-hoang P, Yinger J. The capitalization of school quality into house values: A review[J]. Journal of Housing Economics, 2011, 20(1):30-48.
|
| [30] |
陈友华,施旖旎,季春梅.学区房的形成机制及其社会后果研究[J]. 学海, 2017(4): 122-127. [Chen Youhua, Shi Yini, Ji Chunmei. A study on the formation mechanism of school district housing and its social consequences[J]. Academia Bimestrie, 2017(4):122-127.]
|
| [31] |
董藩,董文婷. 学区房价格及其形成机制研究[J]. 社会科学战线, 2017(1):43-51. [Dong Pan, Dong Wenting. A study on the price of school district housing and its formation mechanism[J]. Social Science Front, 2017(1):43-51.]
|
| [32] |
周京奎,吴晓燕. 公共投资对房地产市场的价格溢出效应研究——基于中国30省市数据的检验[J].世界经济文汇,2009(1):15-32. [Zhou Jingkui, Wu Xiaoyan. Research on the price spillover effect of public investment on the real estate market: Test based on da‐ta from 30 provinces and cities in China[J]. World Economic Papers, 2009(1):15-32.
|
| [33] |
郭小东,陆超云.我国公共产品供给差异与房地产价格的关系[J]. 中山大学学报(社会科学版),2009,49(6):177-186. [Guo Xiaodong, Lu Chaoyun. The relationship between the supply difference of public goods and real estate price in China[J]. Journal of Sun Yat-Sen University(Social Science Edition), 2009,49(6):177-186.]
|
| [34] |
石忆邵,王伊婷.上海市学区房价格的影响机制[J].中国土地科学, 2014, 28(12): 47-55. [Shi Yishao, Wang Yiting. The impacting mechanism of housing prices in the school districts in Shanghai city [J]. China Land Sciences, 2014,28(12):47-55.]
|
| [35] |
王永超,王光宇,董丽晶.教育资本化背景下学区房溢价水平和价格空间集聚特征研究——以沈阳市中心城区为例[J]. 人口与发展, 2020, 26(1): 108-117. [Wang Yongchao, Wang Guangyu, Dong Lijing. Research on premium level and price spatial agglomeration characteristics of school district housing under the background of education capitalization: Taking the downtown area of Shenyang as an example[J]. Population and Development, 2020,26(1):108-117.]
|
| [36] |
孙伟增,林嘉瑜.教育资源供给能够降低学区房溢价吗?——来自北京市新建小学的证据[J]. 经济学(季刊),2020,19(2):499-520. [Sun Weizeng, Lin Jiayu. Does school supply reduce school district housing price premium? Evidence from newly-built primary schools in Beijing[J]. China Economics Quarterly, 2020,19(2):499-520.]
|
| [37] |
刘润秋,孙潇雅.教育质量“资本化”对住房价格的影响——基于成都市武侯区小学学区房的实证分析[J]. 财经科学,2015(8):91-99. [Liu Runqiu, Sun Xiaoya. The effect of education quality capitalization on housing prices based on empirical analysis of elementary school district of Wuhou district in Chengdu[J]. Financce & Economics Science, 2015(8):91-99.]
|
| [38] |
李从容,朱世见,葛鹏宇.南京市秦淮区学区房特征价格影响因素[J].地域研究与开发,2019,38(2):92-96. [Li Congrong, Zhu Shijian, Ge Pengyu. Influencing factors of housing hedonic price in the school district of Qinhuai district in Nanjing city[J]. Areal Research and Development, 2019,38(2):92-96.]
|
| [39] |
哈巍,吴红斌,余韧哲.学区房溢价新探——基于北京市城六区重复截面数据的实证分析[J]. 教育与经济,2015(5):3-10. [Ha Wei, Wu Hongbin, Yu Renzhe. A new research on the capitalization of school quality in housing prices: An empirical study based on repeated cross-sectional data in Beijing[J]. Education and Economy, 2015(5):3-10.]
|
| [40] |
张牧扬,陈杰,石薇.租金率折价视角的学区价值测度——来自上海二手房市场的证据[J]. 金融研究,2016(6):97-111. [Zhang Muyang, Chen Jie, Shi Wei. The values of good school from the perspective of rent yields discounts: Empirical evidence from the second-hand housing market in Shanghai[J]. Journal of Financial Research, 2016(6):97-111.]
|
| [41] |
邹琳华.租购房同权后租金上涨的可能性与对策[J].中国发展观察, 2018(13): 22-24. [Zou Linhua. The possibility and countermeasures of rent increase after the same right of renting and purchasing houses[J]. China Development Observation, 2018(13):22-24.]
|
| [42] |
王盛,郭蕾.租购同权的价值测算——基于上海市学区房的实证分析[J].人文杂志,2019(6):22-30. [Wang Sheng, Guo Lei. Calculation of the value of the same right of rent and purchase: An empirical analysis based on the housing of Shanghai school district[J]. The Journal of Humanities, 2019(6):22-30.]
|
| [43] |
Gibbons S, Machin S. Valuing school quality, better transport, and lower crime: Evidence from house prices[J]. Oxford Review of Economic Policy, 2008,24(1):99-119.
|
| [44] |
Weimer D L, Wolkoff M J. School performance and housing values: Using non-contiguous district and incorporation boundaries to identify school effects[J]. National Tax Journal, 2001,54(2):231-253.
|
| [45] |
李雪松,陈曦明,方芳,等“. 二孩政策”与学区房溢价——基于人口政策变化的政策评价分析[J]. 财经研究,2017,43(6):93-104,145. [Li Xuesong, Chen Ximing, Fang Fang, et al. The "Two child" policy and the premium of school district housing: Policy evaluation analysis based on the change of population policy[J]. Journal of Finance and Economics, 2017,43(6):93-104,145.]
|
| [46] |
Osland, L. An application of spatial econometrics in relation to hedonic house price modeling[J]. Journal of Real Estate Research, 2010,32(3):289-320.
|
| [47] |
杨路英,吴玉鸣.基于空间特征价格模型的学校质量对住宅价格的影响研究——来自北京市二手住宅市场的证据[J]. 世界经济文汇,2019(6):53-70. [Yang Luying, Wu Yuming. Study on the influence of school quality of housing price based on spatial hedonic price model: Evidence from the second-hand housing market of Beijing[J]. World Economic Papers, 2019(6):53-70.]
|
| [48] |
张嘉恬“.租购同权”持续加码下对学区房市场的思考[J].中国乡镇企业会计, 2019(6): 297-298. [Zhang Jiatian. Reflections on the housing market in school districts under the continuous increase in the "same right to rent and purchase"[J]. China Township Enterprises Accounting, 2019(6):297-298.]
|
| [49] |
周春山,罗彦,陈素素.近20年来广州市人口增长与分布的时空间演化分析[J]. 地理科学,2004,24(6):641-647. [Zhou Chunshan, Luo Yan, Chen Susu. Spatial-temporal evolvement of growth and distribution of population in Guangzhou in recent twenty years[J]. Scientia Geographica Sinica, 2004,24(6):641-647.]
|
| [50] |
徐秀玉,刘燕婷,陈忠暖.广州市中心城区城市公园地域分布特点的分析[J]. 云南地理环境研究,2010,22(1):59-63. [Xu Xiuyu, Liu Yanting, Chen Zhongnuan. Analyze of the regional distribution characteristics of urban park in Guangzhou[J]. Yunnan Geographic Environment Research, 2010,22(1):59-63.]
|
| [51] |
张雅淋,赵强.基于配对回归的学区房溢价研究——以南京市主城区为例[J]. 教育经济评论,2017,2(5):92-113. [Zhang Yalin, Zhao Qiang. The research on the capitalization of school quality based on matching regression: Take Nanjing main urban area for example[J]. China Economics of Education Review, 2017,2(5):92-113.]
|
| [52] |
唐雪梅,何小路.私立学校能否抑制学区房溢价?——来自上海市重点小学与二手房价格数据的实证分析[J].经济学动态,2021(2): 95-109. [Tang Xuemei, He Xiaolu. Can private schools reduce the premium of school district housing? Evidence from the data of key primary schools and prices of second-hand houses in Shanghai[J]. Economic Perspectives, 2021(2):95-109.]
|
|
|
|
2022, Vol. 37 
