Spatial-temporal evolution patterns and convergence analysis of housing price-to-income ratio in Yangtze River Delta
Received date: 2019-07-18
Request revised date: 2019-10-28
Online published: 2021-01-19
Copyright
The housing price-to-income ratio is an important index to measure the health status of real estate and to evaluate residents' housing affordability. Taking 307 districts and counties in the Yangtze River Delta from 2008 to 2018 as research units, this paper explores the overall distribution characteristics of the housing price-to-income ratio by using the numerical-rank rule and trend surface analysis, and uses LISA time path to analyze the spatial and temporal dynamic characteristics of the housing price-to-income ratio, and tests the convergence of the regional housing price-to-income ratio. The results show that: (1) The housing price-to-income ratio in the study area is on the rise in general, that is, the growth rate of urban residents’ income level is much lower than that of residential prices, and the housing price-to-income ratio is spatially high in the east and low in the west, and high in the south and low in the north, while Shanghai, Zhejiang, Jiangsu and Anhui are decreasing in turn. (2) The spatial structure of housing price-to-income ratio in Shanghai and southern Zhejiang is more dynamic, while that in Jiangsu and Anhui is more stable; the spatial evolution of housing price-to-income ratio has a strong spatial locking effect and spatial integration as a whole. (3) There is no σ convergence in the housing price-to-income ratio, but there is a significant absolute β convergence in each time period, and there is also a club convergence phenomenon in all the provinces in the study delta. The rate of convergence slows down over time, and the regional difference in the rate of convergence is positively correlated with the level of housing price-to-income ratio. The change of housing price-to-income ratio in urban agglomerations plays an important indicative role in the flow of residents, and has diffusion effect and siphon effect. The government should guide the reasonable housing demand and consumption mode, improve the income distribution system and narrow the income gap among residents, so as to realize the goal of "the residents have their own homes, and the residents can live in peace". Strengthening the integration of real estate market in urban agglomerations will help promote the process of regional economic integration, and it is an effective way to promote the development of regional integration of urban agglomerations.
YIN Shanggang , YANG Shan , CHEN Yanru , BAI Caiquan . Spatial-temporal evolution patterns and convergence analysis of housing price-to-income ratio in Yangtze River Delta[J]. GEOGRAPHICAL RESEARCH, 2020 , 39(11) : 2521 -2536 . DOI: 10.11821/dlyj020190603
表1 2008—2018年长三角房价收入比描述性统计Tab. 1 Descriptive statistics of PIR in Yangtze River Delta during 2008-2018 |
| 年份 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 上海 | 观测数 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 |
| 平均值 | 22.01 | 20.96 | 25.80 | 25.59 | 21.26 | 21.68 | 22.36 | 22.57 | 27.75 | 31.23 | 29.85 | |
| 标准差 | 7.47 | 7.52 | 10.24 | 10.73 | 9.30 | 9.34 | 9.64 | 9.97 | 12.50 | 12.81 | 12.61 | |
| 江苏 | 观测数 | 97 | 97 | 97 | 97 | 97 | 97 | 97 | 97 | 97 | 97 | 97 |
| 平均值 | 8.94 | 9.03 | 10.37 | 11.09 | 10.09 | 9.72 | 9.58 | 9.36 | 9.68 | 11.15 | 12.40 | |
| 标准差 | 2.05 | 1.91 | 2.52 | 2.56 | 2.47 | 2.61 | 2.93 | 2.74 | 3.53 | 3.94 | 3.89 | |
| 浙江 | 观测数 | 89 | 89 | 89 | 89 | 89 | 89 | 89 | 89 | 89 | 89 | 89 |
| 平均值 | 10.50 | 11.66 | 14.87 | 15.58 | 13.47 | 12.78 | 11.91 | 10.84 | 10.73 | 12.04 | 13.70 | |
| 标准差 | 5.53 | 5.40 | 7.47 | 7.34 | 5.48 | 5.03 | 4.53 | 3.89 | 3.46 | 4.25 | 4.91 | |
| 安徽 | 观测数 | 105 | 105 | 105 | 105 | 105 | 105 | 105 | 105 | 105 | 105 | 105 |
| 平均值 | 7.67 | 7.98 | 8.77 | 9.00 | 7.91 | 7.40 | 7.00 | 6.94 | 6.96 | 8.05 | 8.82 | |
| 标准差 | 1.45 | 1.54 | 1.79 | 1.78 | 1.59 | 1.49 | 1.57 | 1.62 | 1.99 | 2.52 | 2.58 |
表2 长三角房价收入比变异系数Tab. 2 The coefficient of variation of PIR in Yangtze River Delta |
| 年份 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 平均值 | 9.87 | 10.30 | 12.27 | 12.75 | 11.14 | 10.65 | 10.23 | 9.78 | 9.99 | 11.40 | 12.46 |
| 标准差 | 4.88 | 4.78 | 6.58 | 6.56 | 5.27 | 5.21 | 5.20 | 4.95 | 6.01 | 6.69 | 6.52 |
| 变异系数 | 0.49 | 0.46 | 0.54 | 0.51 | 0.47 | 0.49 | 0.51 | 0.51 | 0.60 | 0.59 | 0.52 |
表3 绝对β收敛的空间计量分析结果Tab. 3 The result of β absolute convergence with spatial econometrics |
| 时间段 | 常数项 | 系数β | Adj-R2 | F值 | 收敛速度θ |
|---|---|---|---|---|---|
| 2008—2013年 | 1.2121*** (0.0757) | -0.5272*** (0.0338) | 0.5901 | 306.50*** | 0.1498 |
| 2013—2018年 | 1.0032*** (0.0510) | -0.4605*** (0.0227) | 0.5252 | 225.65*** | 0.1234 |
| 2008—2018年 | 0.6919*** (0.0486) | -0.2917*** (0.0215) | 0.4668 | 269.67*** | 0.0345 |
注:括号内为稳健标准误;***表示在1%的水平上显著。 |
表4 俱乐部收敛的空间计量分析结果Tab. 4 The result of club convergence with spatial econometrics |
| 省份 | 常数项 | 系数β | Adj-R2 | F值 | 收敛速度θ |
|---|---|---|---|---|---|
| 上海 | 1.1321*** (0.2722) | -0.3931*** (0.0905) | 0.8219 | 414.33*** | 0.0499 |
| 江苏 | 0.7107*** (0.0630) | -0.3219*** (0.0270) | 0.4833 | 110.26*** | 0.0388 |
| 浙江 | 0.8726*** (0.1220) | -0.3254*** (0.0513) | 0.5684 | 126.67*** | 0.0394 |
| 安徽 | 0.5401*** (0.0753) | -0.2479*** (0.0362) | 0.4510 | 118.48*** | 0.0285 |
注:括号内为稳健标准误;***表示在1%的水平上显著。 |
表5 长三角主要城市房价收入比格兰杰因果检验结果Tab. 5 The Granger causality test results of PIR in major cities of Yangtze River Delta |
| 原假设 | F统计量 | P值 | 结论 |
|---|---|---|---|
| 上海不是引起杭州的原因 | 6.7375 | 0.0524 | 拒绝 |
| 杭州不是引起上海的原因 | 2.4242 | 0.1634 | 接受 |
| 上海不是引起南京的原因 | 4.8726 | 0.0630 | 拒绝 |
| 南京不是引起上海的原因 | 2.0070 | 0.2491 | 接受 |
| 上海不是引起合肥的原因 | 18.5582 | 0.0095 | 拒绝 |
| 合肥不是引起上海的原因 | 2.5123 | 0.1570 | 接受 |
| 杭州不是引起南京的原因 | 4.9068 | 0.0839 | 拒绝 |
| 南京不是引起杭州的原因 | 4.9291 | 0.0833 | 拒绝 |
| 杭州不是引起合肥的原因 | 15.8874 | 0.0125 | 拒绝 |
| 合肥不是引起杭州的原因 | 0.8604 | 0.4889 | 接受 |
| 南京不是引起合肥的原因 | 6.6659 | 0.0364 | 拒绝 |
| 合肥不是引起南京的原因 | 3.6920 | 0.1235 | 接受 |
注:限于篇幅,表格仅列举直辖市和省会城市的上海、杭州、南京和合肥,城市房价收入比为各县区房价收入比的平均值。在进行格兰杰检验前,已利用ADF单位根检验对上海、杭州、南京和合肥房价收入比数据的平稳性进行验证,结果均显示在5%显著性水平下平稳。 |
真诚感谢匿名评审专家在论文评审中所付出的时间和精力,评审专家对本文研究方法、数据说明、机制分析等方面的修改意见,使本文获益匪浅。
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