Research on the Capitalization Effect of Local Public Goods in House Price and Its Spatial Heterogeneity in Zhengzhou

Xu Zong; Lingyun Shi

doi:doi:10.11648/j.ijebo.20160406.12

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Research on the Capitalization Effect of Local Public Goods in House Price and Its Spatial Heterogeneity in Zhengzhou

Xu Zong, Lingyun Shi

Published in International Journal of Economic Behavior and Organization (Volume 4, Issue 6)

Received: 6 March 2017 Accepted: Published: 10 March 2017

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Abstract

Studies have shown that local public goods has long been significantly capitalized into housing prices in a large number of first-tier cities in China. Residents can directly obtain the public goods by purchasing houses. In addition, more deeper researcher show that there is spatial heterogeneity in the capitalization rate of local public goods. In this paper, based on the transaction data of the new residential houses in Zhengzhou from 2006 to 2015, the Spatial Autoregressive model (SAR) and Geographical Weighted Regression (GWR) are uesed to explore premium effect of the high quality educational resources, subway stations and other local public goods. The empirical results show that, in Zhengzhou, the capitalization effect of "key primary schools" and subway stations on housing prices is significant, and the spatial heterogeneity of its capitalization effect exists. However, the effect of the parks and the top-hospitals is not significant in the real estate market of Zhengzhou.

Published in	International Journal of Economic Behavior and Organization (Volume 4, Issue 6)
DOI	10.11648/j.ijebo.20160406.12
Page(s)	53-58
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Local Public Goods, Capitalization Effect, Spatial Heterogeneity

References

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APA Style

Xu Zong, Lingyun Shi. (2017). Research on the Capitalization Effect of Local Public Goods in House Price and Its Spatial Heterogeneity in Zhengzhou. International Journal of Economic Behavior and Organization, 4(6), 53-58. https://doi.org/10.11648/j.ijebo.20160406.12

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ACS Style

Xu Zong; Lingyun Shi. Research on the Capitalization Effect of Local Public Goods in House Price and Its Spatial Heterogeneity in Zhengzhou. Int. J. Econ. Behav. Organ. 2017, 4(6), 53-58. doi: 10.11648/j.ijebo.20160406.12

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AMA Style

Xu Zong, Lingyun Shi. Research on the Capitalization Effect of Local Public Goods in House Price and Its Spatial Heterogeneity in Zhengzhou. Int J Econ Behav Organ. 2017;4(6):53-58. doi: 10.11648/j.ijebo.20160406.12

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@article{10.11648/j.ijebo.20160406.12,
  author = {Xu Zong and Lingyun Shi},
  title = {Research on the Capitalization Effect of Local Public Goods in House Price and Its Spatial Heterogeneity in Zhengzhou},
  journal = {International Journal of Economic Behavior and Organization},
  volume = {4},
  number = {6},
  pages = {53-58},
  doi = {10.11648/j.ijebo.20160406.12},
  url = {https://doi.org/10.11648/j.ijebo.20160406.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijebo.20160406.12},
  abstract = {Studies have shown that local public goods has long been significantly capitalized into housing prices in a large number of first-tier cities in China. Residents can directly obtain the public goods by purchasing houses. In addition, more deeper researcher show that there is spatial heterogeneity in the capitalization rate of local public goods. In this paper, based on the transaction data of the new residential houses in Zhengzhou from 2006 to 2015, the Spatial Autoregressive model (SAR) and Geographical Weighted Regression (GWR) are uesed to explore premium effect of the high quality educational resources, subway stations and other local public goods. The empirical results show that, in Zhengzhou, the capitalization effect of "key primary schools" and subway stations on housing prices is significant, and the spatial heterogeneity of its capitalization effect exists. However, the effect of the parks and the top-hospitals is not significant in the real estate market of Zhengzhou.},
 year = {2017}
}

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TY  - JOUR
T1  - Research on the Capitalization Effect of Local Public Goods in House Price and Its Spatial Heterogeneity in Zhengzhou
AU  - Xu Zong
AU  - Lingyun Shi
Y1  - 2017/03/10
PY  - 2017
N1  - https://doi.org/10.11648/j.ijebo.20160406.12
DO  - 10.11648/j.ijebo.20160406.12
T2  - International Journal of Economic Behavior and Organization
JF  - International Journal of Economic Behavior and Organization
JO  - International Journal of Economic Behavior and Organization
SP  - 53
EP  - 58
PB  - Science Publishing Group
SN  - 2328-7616
UR  - https://doi.org/10.11648/j.ijebo.20160406.12
AB  - Studies have shown that local public goods has long been significantly capitalized into housing prices in a large number of first-tier cities in China. Residents can directly obtain the public goods by purchasing houses. In addition, more deeper researcher show that there is spatial heterogeneity in the capitalization rate of local public goods. In this paper, based on the transaction data of the new residential houses in Zhengzhou from 2006 to 2015, the Spatial Autoregressive model (SAR) and Geographical Weighted Regression (GWR) are uesed to explore premium effect of the high quality educational resources, subway stations and other local public goods. The empirical results show that, in Zhengzhou, the capitalization effect of "key primary schools" and subway stations on housing prices is significant, and the spatial heterogeneity of its capitalization effect exists. However, the effect of the parks and the top-hospitals is not significant in the real estate market of Zhengzhou.
VL  - 4
IS  - 6
ER  -

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Author Information

Xu Zong

School of Economics, Shanghai University, Shanghai, China
Lingyun Shi

School of Economics, Shanghai University, Shanghai, China

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APA Style

Xu Zong, Lingyun Shi. (2017). Research on the Capitalization Effect of Local Public Goods in House Price and Its Spatial Heterogeneity in Zhengzhou. International Journal of Economic Behavior and Organization, 4(6), 53-58. https://doi.org/10.11648/j.ijebo.20160406.12

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ACS Style

Xu Zong; Lingyun Shi. Research on the Capitalization Effect of Local Public Goods in House Price and Its Spatial Heterogeneity in Zhengzhou. Int. J. Econ. Behav. Organ. 2017, 4(6), 53-58. doi: 10.11648/j.ijebo.20160406.12

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AMA Style

Xu Zong, Lingyun Shi. Research on the Capitalization Effect of Local Public Goods in House Price and Its Spatial Heterogeneity in Zhengzhou. Int J Econ Behav Organ. 2017;4(6):53-58. doi: 10.11648/j.ijebo.20160406.12

Copy | Download

@article{10.11648/j.ijebo.20160406.12,
  author = {Xu Zong and Lingyun Shi},
  title = {Research on the Capitalization Effect of Local Public Goods in House Price and Its Spatial Heterogeneity in Zhengzhou},
  journal = {International Journal of Economic Behavior and Organization},
  volume = {4},
  number = {6},
  pages = {53-58},
  doi = {10.11648/j.ijebo.20160406.12},
  url = {https://doi.org/10.11648/j.ijebo.20160406.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijebo.20160406.12},
  abstract = {Studies have shown that local public goods has long been significantly capitalized into housing prices in a large number of first-tier cities in China. Residents can directly obtain the public goods by purchasing houses. In addition, more deeper researcher show that there is spatial heterogeneity in the capitalization rate of local public goods. In this paper, based on the transaction data of the new residential houses in Zhengzhou from 2006 to 2015, the Spatial Autoregressive model (SAR) and Geographical Weighted Regression (GWR) are uesed to explore premium effect of the high quality educational resources, subway stations and other local public goods. The empirical results show that, in Zhengzhou, the capitalization effect of "key primary schools" and subway stations on housing prices is significant, and the spatial heterogeneity of its capitalization effect exists. However, the effect of the parks and the top-hospitals is not significant in the real estate market of Zhengzhou.},
 year = {2017}
}

Copy | Download

TY  - JOUR
T1  - Research on the Capitalization Effect of Local Public Goods in House Price and Its Spatial Heterogeneity in Zhengzhou
AU  - Xu Zong
AU  - Lingyun Shi
Y1  - 2017/03/10
PY  - 2017
N1  - https://doi.org/10.11648/j.ijebo.20160406.12
DO  - 10.11648/j.ijebo.20160406.12
T2  - International Journal of Economic Behavior and Organization
JF  - International Journal of Economic Behavior and Organization
JO  - International Journal of Economic Behavior and Organization
SP  - 53
EP  - 58
PB  - Science Publishing Group
SN  - 2328-7616
UR  - https://doi.org/10.11648/j.ijebo.20160406.12
AB  - Studies have shown that local public goods has long been significantly capitalized into housing prices in a large number of first-tier cities in China. Residents can directly obtain the public goods by purchasing houses. In addition, more deeper researcher show that there is spatial heterogeneity in the capitalization rate of local public goods. In this paper, based on the transaction data of the new residential houses in Zhengzhou from 2006 to 2015, the Spatial Autoregressive model (SAR) and Geographical Weighted Regression (GWR) are uesed to explore premium effect of the high quality educational resources, subway stations and other local public goods. The empirical results show that, in Zhengzhou, the capitalization effect of "key primary schools" and subway stations on housing prices is significant, and the spatial heterogeneity of its capitalization effect exists. However, the effect of the parks and the top-hospitals is not significant in the real estate market of Zhengzhou.
VL  - 4
IS  - 6
ER  -

Copy | Download