基于Hedonic模型的武汉住宅特征价格研究
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摘要
城市是人类社会长期发展的结果,而城市住房是城市一切生产和经营活动不可缺少的基本要素。在市场经济条件下,城市住房这一重要资源只有在市场机制的作用下才能实现最佳配置,城市住房价格则是城市住房市场运行的中心环节。因此,研究城市住房价格影响因素及其作用机制具有十分重要的意义。
由于住宅产品是一种异质性商品,产品之间在构成使用价值的各个特征之间有明显的差异,国外往往从特征价格(hedonic price)的视角出发构建模型进行研究。而国内学者对住宅价格问题,大多数从住宅市场的供求关系、住宅价格的构成、住宅政策等方面出发进行定性研究,定量研究国内较少。本文的目的是构建住宅特征价格模型,估计住宅特征的隐含价格进而分析城市住宅价格的影响因素。
住宅的特征主要分为建筑特征、邻里特征、区位特征三大类。在此基础上,我们从计量经济学角度构建了住宅特征价格理论模型,并结合武汉市的实际情况,采用了263个住宅样本验证了特征价格模型的可行性,最后选择了17个住宅特征作为模型的自变量。其中:建筑特征变量7个;区位特征变量3个;邻里特征变量7个。通过对数模型分别得到了10个住宅特征的特征价格。实证研究表明,住宅特征对住宅价格的影响程度是有差异的。影响程度最大的是建筑面积,最小的是湖泊距离。
关于城市住宅特征价格的研究在国内还只是刚刚起步,本文的研究在一定意义上具有探索性,并且实证研究只限于武汉市范围,样本的时间跨度也不够长,研究结论的可靠性和普适性还有待检验。未来的研究可以从模型函数形式的选优、市场细分方法的比较以及特征价格的应用等方面展开,进行更多的实证研究。
City is the result of human society's long development, and urban house is an indispensable element of the city's production and management. In the market economy, urban house is the important resource which can only be optimally allocated under the market mechanism. Urban house price is the key to the functioning of urban house market. Therefore, it is very important for us to study the influencing factors and the functioning mechanism of the urban house price.
Because the housing product is a kind of heterogeneous goods, and has obvious differences between the housing characteristics, which compose using value of the products. Foreign scholars often construct models to study from the aspect of the hedonic price. But domestic scholars mainly carry on qualitative study from the supply-demand relationship, the composition of the housing price, housing policy etc. There is few quantitative research about the housing product attributes. Constructing the housing hedonic price model, calculating the implicit price of the housing characteristics and then analyzing the influencing factors of the urban housing price are the objectives of the thesis.
The housing characteristics are mainly divided into three classes: structure characteristic, neighborhood characteristic and location characteristic. On the basis, we have Constructed the theoretic model of the housing hedonic price from the econometrics angle. Combining the reality of the Wuhan City, the author has adopted 263 housing samples verifying the feasibility of hedonic price model, at last chose 17 housing characteristics as the model independent variables. Among them, 7 structure characteristic variables; 3 location characteristic variables; 7 neighborhood characteristic variables. The thesis gains 10 hedonic prices with the logarithm model. The empirical study indicates the impacts of housing characteristics on housing price is different. The greatest one is Construction area, the smallest one is Lake distance.
The research about the hedonic price of the urban housing has just make the running at home, and this dissertation is an exploration research in certain meaning. The experiential research is only limited to the city of Wuhan, and the time span of samples is not too long, so the applicability and the dependability of study conclusions research in the future from selection remain to be examined. It is can carry on more experiential and optimizing of model form, the comparisons of market segment method, the applications of hedonic price etc.
由于住宅产品是一种异质性商品,产品之间在构成使用价值的各个特征之间有明显的差异,国外往往从特征价格(hedonic price)的视角出发构建模型进行研究。而国内学者对住宅价格问题,大多数从住宅市场的供求关系、住宅价格的构成、住宅政策等方面出发进行定性研究,定量研究国内较少。本文的目的是构建住宅特征价格模型,估计住宅特征的隐含价格进而分析城市住宅价格的影响因素。
住宅的特征主要分为建筑特征、邻里特征、区位特征三大类。在此基础上,我们从计量经济学角度构建了住宅特征价格理论模型,并结合武汉市的实际情况,采用了263个住宅样本验证了特征价格模型的可行性,最后选择了17个住宅特征作为模型的自变量。其中:建筑特征变量7个;区位特征变量3个;邻里特征变量7个。通过对数模型分别得到了10个住宅特征的特征价格。实证研究表明,住宅特征对住宅价格的影响程度是有差异的。影响程度最大的是建筑面积,最小的是湖泊距离。
关于城市住宅特征价格的研究在国内还只是刚刚起步,本文的研究在一定意义上具有探索性,并且实证研究只限于武汉市范围,样本的时间跨度也不够长,研究结论的可靠性和普适性还有待检验。未来的研究可以从模型函数形式的选优、市场细分方法的比较以及特征价格的应用等方面展开,进行更多的实证研究。
City is the result of human society's long development, and urban house is an indispensable element of the city's production and management. In the market economy, urban house is the important resource which can only be optimally allocated under the market mechanism. Urban house price is the key to the functioning of urban house market. Therefore, it is very important for us to study the influencing factors and the functioning mechanism of the urban house price.
Because the housing product is a kind of heterogeneous goods, and has obvious differences between the housing characteristics, which compose using value of the products. Foreign scholars often construct models to study from the aspect of the hedonic price. But domestic scholars mainly carry on qualitative study from the supply-demand relationship, the composition of the housing price, housing policy etc. There is few quantitative research about the housing product attributes. Constructing the housing hedonic price model, calculating the implicit price of the housing characteristics and then analyzing the influencing factors of the urban housing price are the objectives of the thesis.
The housing characteristics are mainly divided into three classes: structure characteristic, neighborhood characteristic and location characteristic. On the basis, we have Constructed the theoretic model of the housing hedonic price from the econometrics angle. Combining the reality of the Wuhan City, the author has adopted 263 housing samples verifying the feasibility of hedonic price model, at last chose 17 housing characteristics as the model independent variables. Among them, 7 structure characteristic variables; 3 location characteristic variables; 7 neighborhood characteristic variables. The thesis gains 10 hedonic prices with the logarithm model. The empirical study indicates the impacts of housing characteristics on housing price is different. The greatest one is Construction area, the smallest one is Lake distance.
The research about the hedonic price of the urban housing has just make the running at home, and this dissertation is an exploration research in certain meaning. The experiential research is only limited to the city of Wuhan, and the time span of samples is not too long, so the applicability and the dependability of study conclusions research in the future from selection remain to be examined. It is can carry on more experiential and optimizing of model form, the comparisons of market segment method, the applications of hedonic price etc.
引文
1.谢经荣,吕萍,乔志敏.房地产经济学[M].北京:中国人民大学出版社,2002
2.袁志刚,樊潇彦.房地产市场理性泡沫分析[J].经济研究,2003,(3):34-43
3.张红.房地产经济学讲义[M].北京:清华大学出版社,2004:150
4.郑思齐,符育明,刘洪玉.城市居民对居住区位的偏好及其区位选择的实证研究[J].经济地理,2005,(2):194-198
5.温海珍,贾生华.住宅的特征与特征的价格--基于特征价格模型的分析[J].浙江大学学报,2004,(10):1339-1340
6.温海珍,贾生华.基于特征价格的房地产评估新方法[J].外国经济与管理,2004,(6):31-35
7.贾生华,温海珍.房地产特征价格模型的理论发展及其应用[J].外国经济与管理,2004,(5):42-44
8.高晓路,浅见泰司.市场学方法与城市规划研究[J].城市规划,2002,(5):6-13
9.覃莉.城市住宅区生态价值理论与评价方法研究[D].硕士学位论文,中国农业大学,2004
10.陈敬东,姚贵州,张建锋,高菊芬.享乐评价法在房地产评估中的应用[J].西安理工大学学报,2002,(1):102-105
11.陈银娥.舍温.罗森对劳动经济学的贡献[J].经济评论,2002,(3):53-57
12.邓文斌.城市轨道交通对沿线房地产价值影响研究[D].硕士学位论文,北京交通大学,2004
13.黄桐城,杨健.模糊评判在住宅价格评估中的应用[J].系统工程理论方法应用,2000,(3):258-263
14.蒋一军,龚江辉.房地产价格指数与Hedonic模型[J].中国资产评估,1996,(3):30-32
15.李国柱.房地产价格指数的编制方法[J].统计与决策,2003,(11):41-42
16.罗曼黎.武汉新区住宅用地享乐价格研究[D].硕士学位论文,武汉大学,2005
17.马思新,李昂.基于Hedonic模型的北京住宅价格影响因素分析[J].土木工程学报,2003,(9):59-64
18.王劲松.城市住房特征价格分析--以大连市为例[D].硕士学位论文,东北财经大学,2005
19.路丰同.沈阳市商品住宅特征价格实证研究[D].硕士学位论文,吉林大学,2006
20.张鑫.基于特征价格的二手房价格评估方法研究[D].硕士学位论文,浙江大学,2007
21.Butler,R.V..The specification ofhedonic indexes for urban housing.Land Economics,1982,58,pp.94-108
22.Ball,M..Recent empirical work of the detemunants of relative house prices.Urban Studies,1973,10,pp.213-233
23.Fletcher.M.,P.Gallimore and J.Mangan..Heteroskedasticity in hedonic house price models.Journal of Property Research,2000,17(2),pp.93-108
24.Linneman.P..Some empirical results on the nature of the hedonic price function for the urban housing market.Journal of Urban Economics,1980,8(1),pp.47-68
25.Carroll,T.M.,T.M.Clauretie and J.Jensen.Living next to godliness:Residential property values and churches. Journal of Real Estate Finance and Economics, 1996, 12, pp. 319-330
26. Rodriguez, M. and C. R. Sirmans. Quantifying the value of a view in single-family housing markets. Appraisal Journal, 1994, 62, pp. 600-603
27. Garrod, Guy and Kenneth G. Willis. Valuing Goods Characteristics-An Application of the Hedonic Price Method to Environmental Attributes. Journal of Environmental Management, 1992, 34(1), pp. 59-76
28. Clark, D. E. and W. E. Herrin. The Impact of public school attributes on home sale price in California. Growth and Change, 2000, 31, pp. 385-407
29. Kain, John F. and John M. Quigley. Housing Market Discrimination, Home Ownership, and Savings Behavior. American Economic Review, 1972, 62, pp. 263-277
30. Li, M. M. and H. J. Brown. Micro-neighbourhood externalities and hedonic housing prices. Land Economics, 1980, 56(2), pp. 125-141
31. Follain, J. R. and E. Jimenez. Estimating the demand for housing characteristics, Regional Science and Urban Economics, 1985, 15, pp. 77-107
32. Follain, James R. and Stephen Malpezzi. Flight to the Suburbs: Central City versus Housing Costs. Journal of Urban Insight from an Analysis of Economics, 1981, 9(3), pp. 381-398
33. Orford, S. Valuing location in an urban housing market, in the Proceedings of the 3rd International Conference on GeoComputation, United Kingdom, University of Bristol, 1988
34. McMillan, D., Jarmin, R. and P. Thorsnes. Selection bias and land development in the monocentric model. Journal of Urban Economics, 1992, 31, pp. 273-284
35. Palmquist, R. B.. Valuing Localized externalities. Journal of Urban Economics, 1992, 31, pp. 59-68
36. Ridker, R. G. and J. Henning. The determinants of residential property values with special reference to air pollution. The Review of Economics and Statistics, 1967,49, pp. 246-257
37. Adair, A. S, J. N Berry and W. S. McGreaI. Hedonic modeling, housing submarkets and residential valuation. Journal of Property Research, 1996, 13, pp. 67-83
38. So, H. M., R.Y. C. Tse and S. Ganesan. Estimating the influence of transport on house prices: Evidence from Hong Kong. Journal of Property Valuation and Investment, 1996, 15(1), pp. 40-47
39. Benson, E. D., J.L. Hansen, A. L. Schwartz and T. Smersh. Pricing residential amenities: The value of a view. Journal of Real Estate Finance and Economics, 1998, 16(1), pp. 55-73
40. Cassel, E. and R. Mendelsohn. The choice of functional forms for hedonic price equations: Comment. Journal of Urban Economics, 1985, 18(2), pp. 135-142
41. Mok, H. M. K.. A hedonic Kong Journal of Business approach to pricing of residential properties in Hong Kong. Hong Kong Journal of Business Management, 1995, 8, pp. 1-15
42. Brown, G. M. and H. O. Pollakowski. Economics valuation of shoreline. The Review of Economics and Statistics, 1977, 59(3), pp. 272-278
43. Chau, K. W., F. F. Ng and E. C. T. Hung,. Developer's goods will as significant influence on apartment unit prices. Appraisal Journal, 2001, 69, pp. 26-34
44. Dubin, R. A. and C. H. Sung. Specification of hedonic regressions: Non-nested tests on measures of neighbourhood quality. Journal of Urban Economics, 1990, 27, pp. 97-110
45. Benson, E. D., J. L. Hansen, A. L. Schwartz and T. Smersh. Pricing residential amenities: The value of a view. Journal of Real Estate Finance and Economics, 1998, 16(1), pp. 55-73
46. Epple, Dennis. Hedonic Prices and Implicit Markets: Estimating the Demand and Supply Functions for Differentiated Products. Journal of Political Economy, 1987, 95, pp. 59-80.
47. Haurin, D. R. and D. Brasington. School quality and real house prices: Inter-and intrametropolitan effects. Journal of Housing Economics, 1996, 5, pp. 351-368
48. Kathy J. Hayes, Lori L. Taylor. Neidhborhood School Characteristics: What Signals Quality to Homebuyers?. Federal Reserve Bank of Dallas Economic Review, 1996,2, pp. 2-9
49. Harsman, Bjorn and M. John Quigley. Housing Markets and Housing Institutions: An International Comparison.Kluwer, 1991
50. Des Rosiers, Francois and Marius Theriault. Rental Amenities and the Stability of Hedonic Prices: A Comparative Analysis of Five Market Segments. Journal of Real Estate Research, 1996, 12(1), pp. 17-36
51. Palmquist, R. B.. Valuing Localized externalities. Journal of Urban Economics, 1992, 31, pp. 59-68
52. Harrison, D. and D. L. Rubinfeld. Hedonic housing prices and the demand for ciean air. Journal of Environmental Economics and Management, 1978, 5, pp. 81-102
53. Ketkar, K.. Hazardous waste sites and property values in the state of New Jersey. Applied Economics, 1992, 24, pp. 647-659
54. Daniels, C. B.. he Influence of racial segregation on housing prices. Journal of Urban Economics, 1975, 2, pp. 105-122
55. Lancaster, K. J.. A new approach to consumer theory. Journal of Political Economy, 1966, 74, pp. 132-157
56. Rosen, S. . Hedonic prices and implicit markets: Product differentiation in pure competition. Journal of Political Economy, 1974, 82(1), pp. 35-55
57. Goodman, A. C.. Hedonic prices, price indices and housing. Journal of Urban Economics, 1978, 5, pp. 471-482.
2.袁志刚,樊潇彦.房地产市场理性泡沫分析[J].经济研究,2003,(3):34-43
3.张红.房地产经济学讲义[M].北京:清华大学出版社,2004:150
4.郑思齐,符育明,刘洪玉.城市居民对居住区位的偏好及其区位选择的实证研究[J].经济地理,2005,(2):194-198
5.温海珍,贾生华.住宅的特征与特征的价格--基于特征价格模型的分析[J].浙江大学学报,2004,(10):1339-1340
6.温海珍,贾生华.基于特征价格的房地产评估新方法[J].外国经济与管理,2004,(6):31-35
7.贾生华,温海珍.房地产特征价格模型的理论发展及其应用[J].外国经济与管理,2004,(5):42-44
8.高晓路,浅见泰司.市场学方法与城市规划研究[J].城市规划,2002,(5):6-13
9.覃莉.城市住宅区生态价值理论与评价方法研究[D].硕士学位论文,中国农业大学,2004
10.陈敬东,姚贵州,张建锋,高菊芬.享乐评价法在房地产评估中的应用[J].西安理工大学学报,2002,(1):102-105
11.陈银娥.舍温.罗森对劳动经济学的贡献[J].经济评论,2002,(3):53-57
12.邓文斌.城市轨道交通对沿线房地产价值影响研究[D].硕士学位论文,北京交通大学,2004
13.黄桐城,杨健.模糊评判在住宅价格评估中的应用[J].系统工程理论方法应用,2000,(3):258-263
14.蒋一军,龚江辉.房地产价格指数与Hedonic模型[J].中国资产评估,1996,(3):30-32
15.李国柱.房地产价格指数的编制方法[J].统计与决策,2003,(11):41-42
16.罗曼黎.武汉新区住宅用地享乐价格研究[D].硕士学位论文,武汉大学,2005
17.马思新,李昂.基于Hedonic模型的北京住宅价格影响因素分析[J].土木工程学报,2003,(9):59-64
18.王劲松.城市住房特征价格分析--以大连市为例[D].硕士学位论文,东北财经大学,2005
19.路丰同.沈阳市商品住宅特征价格实证研究[D].硕士学位论文,吉林大学,2006
20.张鑫.基于特征价格的二手房价格评估方法研究[D].硕士学位论文,浙江大学,2007
21.Butler,R.V..The specification ofhedonic indexes for urban housing.Land Economics,1982,58,pp.94-108
22.Ball,M..Recent empirical work of the detemunants of relative house prices.Urban Studies,1973,10,pp.213-233
23.Fletcher.M.,P.Gallimore and J.Mangan..Heteroskedasticity in hedonic house price models.Journal of Property Research,2000,17(2),pp.93-108
24.Linneman.P..Some empirical results on the nature of the hedonic price function for the urban housing market.Journal of Urban Economics,1980,8(1),pp.47-68
25.Carroll,T.M.,T.M.Clauretie and J.Jensen.Living next to godliness:Residential property values and churches. Journal of Real Estate Finance and Economics, 1996, 12, pp. 319-330
26. Rodriguez, M. and C. R. Sirmans. Quantifying the value of a view in single-family housing markets. Appraisal Journal, 1994, 62, pp. 600-603
27. Garrod, Guy and Kenneth G. Willis. Valuing Goods Characteristics-An Application of the Hedonic Price Method to Environmental Attributes. Journal of Environmental Management, 1992, 34(1), pp. 59-76
28. Clark, D. E. and W. E. Herrin. The Impact of public school attributes on home sale price in California. Growth and Change, 2000, 31, pp. 385-407
29. Kain, John F. and John M. Quigley. Housing Market Discrimination, Home Ownership, and Savings Behavior. American Economic Review, 1972, 62, pp. 263-277
30. Li, M. M. and H. J. Brown. Micro-neighbourhood externalities and hedonic housing prices. Land Economics, 1980, 56(2), pp. 125-141
31. Follain, J. R. and E. Jimenez. Estimating the demand for housing characteristics, Regional Science and Urban Economics, 1985, 15, pp. 77-107
32. Follain, James R. and Stephen Malpezzi. Flight to the Suburbs: Central City versus Housing Costs. Journal of Urban Insight from an Analysis of Economics, 1981, 9(3), pp. 381-398
33. Orford, S. Valuing location in an urban housing market, in the Proceedings of the 3rd International Conference on GeoComputation, United Kingdom, University of Bristol, 1988
34. McMillan, D., Jarmin, R. and P. Thorsnes. Selection bias and land development in the monocentric model. Journal of Urban Economics, 1992, 31, pp. 273-284
35. Palmquist, R. B.. Valuing Localized externalities. Journal of Urban Economics, 1992, 31, pp. 59-68
36. Ridker, R. G. and J. Henning. The determinants of residential property values with special reference to air pollution. The Review of Economics and Statistics, 1967,49, pp. 246-257
37. Adair, A. S, J. N Berry and W. S. McGreaI. Hedonic modeling, housing submarkets and residential valuation. Journal of Property Research, 1996, 13, pp. 67-83
38. So, H. M., R.Y. C. Tse and S. Ganesan. Estimating the influence of transport on house prices: Evidence from Hong Kong. Journal of Property Valuation and Investment, 1996, 15(1), pp. 40-47
39. Benson, E. D., J.L. Hansen, A. L. Schwartz and T. Smersh. Pricing residential amenities: The value of a view. Journal of Real Estate Finance and Economics, 1998, 16(1), pp. 55-73
40. Cassel, E. and R. Mendelsohn. The choice of functional forms for hedonic price equations: Comment. Journal of Urban Economics, 1985, 18(2), pp. 135-142
41. Mok, H. M. K.. A hedonic Kong Journal of Business approach to pricing of residential properties in Hong Kong. Hong Kong Journal of Business Management, 1995, 8, pp. 1-15
42. Brown, G. M. and H. O. Pollakowski. Economics valuation of shoreline. The Review of Economics and Statistics, 1977, 59(3), pp. 272-278
43. Chau, K. W., F. F. Ng and E. C. T. Hung,. Developer's goods will as significant influence on apartment unit prices. Appraisal Journal, 2001, 69, pp. 26-34
44. Dubin, R. A. and C. H. Sung. Specification of hedonic regressions: Non-nested tests on measures of neighbourhood quality. Journal of Urban Economics, 1990, 27, pp. 97-110
45. Benson, E. D., J. L. Hansen, A. L. Schwartz and T. Smersh. Pricing residential amenities: The value of a view. Journal of Real Estate Finance and Economics, 1998, 16(1), pp. 55-73
46. Epple, Dennis. Hedonic Prices and Implicit Markets: Estimating the Demand and Supply Functions for Differentiated Products. Journal of Political Economy, 1987, 95, pp. 59-80.
47. Haurin, D. R. and D. Brasington. School quality and real house prices: Inter-and intrametropolitan effects. Journal of Housing Economics, 1996, 5, pp. 351-368
48. Kathy J. Hayes, Lori L. Taylor. Neidhborhood School Characteristics: What Signals Quality to Homebuyers?. Federal Reserve Bank of Dallas Economic Review, 1996,2, pp. 2-9
49. Harsman, Bjorn and M. John Quigley. Housing Markets and Housing Institutions: An International Comparison.Kluwer, 1991
50. Des Rosiers, Francois and Marius Theriault. Rental Amenities and the Stability of Hedonic Prices: A Comparative Analysis of Five Market Segments. Journal of Real Estate Research, 1996, 12(1), pp. 17-36
51. Palmquist, R. B.. Valuing Localized externalities. Journal of Urban Economics, 1992, 31, pp. 59-68
52. Harrison, D. and D. L. Rubinfeld. Hedonic housing prices and the demand for ciean air. Journal of Environmental Economics and Management, 1978, 5, pp. 81-102
53. Ketkar, K.. Hazardous waste sites and property values in the state of New Jersey. Applied Economics, 1992, 24, pp. 647-659
54. Daniels, C. B.. he Influence of racial segregation on housing prices. Journal of Urban Economics, 1975, 2, pp. 105-122
55. Lancaster, K. J.. A new approach to consumer theory. Journal of Political Economy, 1966, 74, pp. 132-157
56. Rosen, S. . Hedonic prices and implicit markets: Product differentiation in pure competition. Journal of Political Economy, 1974, 82(1), pp. 35-55
57. Goodman, A. C.. Hedonic prices, price indices and housing. Journal of Urban Economics, 1978, 5, pp. 471-482.