| 摘要: |
| 地铁是促进居民低碳出行、解决城
市交通及一系列衍生问题、有助于实现碳达
峰、碳中和目标的重要交通方式。作为大型
城市交通基础设施和地方公共产品，地铁提
高了站点地区的可达性，可能产生经济外部
性，如提升土地和房地产价格。大量研究关
注此话题，但是它们较少考虑站点类型的差
异，比如区分换乘站、首末站和常规站。因
此，本研究基于成都2019年已开通的6条地铁
线路周边2.5 km范围内2 535个小区的27 814个
交易住宅样本，构建了双层随机截距特征价
格模型，估计了各个住宅特征的影子价格，对比换乘站、首末站和常规站对住宅价格的影响差异。实证结果表明：地铁正向影响周边
房价，带来增值效应；邻近换乘站与房价正相关；邻近首末站与房价负相关；换乘站的增
值效应远大于常规站；首末站的增值效应和常规站无显著差异。最后，围绕土地价值捕获
的政策制定进行了讨论。 |
| 关键词: 轨道交通 住宅价格 换乘站 首末站 特征价格模型 资本化效应 |
| DOI：10.13791/j.cnki.hsfwest.20220117 |
| 分类号: |
| 基金项目:国家自然科学基金委员会区域创新发展联合基金
项目（U20A20330）；国家自然科学基金面上项
目（51978573） |
|
| The Impacts of Different Types of Metro Stations on Property Prices: The Case ofChengdu City |
|
FANG Han,SHEN Zhongwei,YANG Linchuan,LIANG Yuan
|
| Abstract: |
| In the era of sustainable development, shaping travel demand, reducing car travel, and
developing an accessible, affordable, and green transit system have frequently been perceived
as essential transport planning objectives. The metro is a popular transit mode characterized
by high speed, high efficiency, safety, sizeable passenger-carrying capacity, and environmental
friendliness. It is an essential component of a green, sustainable urban transport system and a
favorable and desirable alternative to the private car, which is extensively identified as a culprit
of a wide variety of contemporary transport-related problems, such as traffic congestion, traffic
accidents, air/noise pollution, environmental degradation, diminishing ecological amenities,
and high energy consumption. It is often considered to have the potential to promote sustainable
travel for residents and resolve the problems noted above, thereby contributing to the attainment
of two carbon emissions-reduction targets recently stated by Chinese President Xi Jinping,
namely carbon emission peak before 2030 and carbon neutrality before 2060. Owing to numerous
favorable features of the metro, China and many other countries are undergoing rapid metro
construction and transit-oriented development (TOD) now.
As a quintessential large-scale transport infrastructure and local public goods, the metro
improves urban mobility, especially the accessibility and connectivity level of its catchment area.
Therefore, it may bring about positive externality and impact positively on the prices of houses
(residential properties) located within its catchment area because most residents are eager to live
in the area with high metro accessibility from the perspective of quality of life and thus willing to
pay higher prices for houses in such an area. Indeed, various previous studies have scrutinized the
interaction between the metro and house prices, and they do reap rich fruits. However, very few
considered the difference in metro station types (e.g., transfer station, terminal station, or regular
station), which may result in markedly different price premiums. A comprehensive understanding
of the difference is essential as it is the first step to implementing land value capture schemes.Hedonic pricing models assume that property prices are the summation of component prices of a bundle of attributes and thus regress house
prices onto a set of hedonic characteristics, such as gross floor area, age, distance to the city center, and neighborhood amenities. They are the most
popular technique for real estate valuation studies. To address the above issues, based on 27 814 house transaction samples in 2 535 residential districts
situated along six metro lines opened before 2019 in Chengdu, we develop a battery of two-level (random-intercept) hedonic pricing models to estimate
the shadow prices of various house attributes and compare the differences in the price effects of transfer, terminal, and regular metro stations. The
empirical findings of this study are consistent with our expectations. They include the followings: 1) the metro positively affects nearby house prices,
which agrees with the existing literature; 2) adjacency to transfer stations is positively associated with house prices; 3) adjacency to terminal stations
is negatively related to house prices because terminal stations are predominately located in the suburban area; 4) transfer stations have a larger impact
on house prices than regular stations; and 5) the price effect of terminal stations is not statistically different from that of regular stations. Although the
first finding has been extensively pointed out in a voluminous body of the literature, the other four conclusions have rarely been identified and thus act
as the unique contribution of this paper. Accordingly, policy and practical implications on land value capture are proposed. This study can do some help
in promoting the green and low-carbon development of urban transport, determining the right policies for sustainable transportation, designing creative
financing methods (e.g., land value capture schemes), and attaining the carbon neutrality target. |
| Key words: Rail Transit Housing Price Transfer Station Terminal Station Hedonic Pricing Model Capitalization Effect |
