Resources Science, Volume. 42, Issue 6, 1135(2020)

The influence of vacancy rate on housing price: Based on panel data of 35 key cities

Jie WANG and Jiliang ZHANG*
Author Affiliations
  • School of Economics, Nanjing University of Finance and Economics, Nanjing 210023, China
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    Figures & Tables(6)
    Trends of average value of the indices, 2007-2016
    Trend of average population density in built-up areas, 2007-2016
    • Table 1. City classification

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      Table 1. City classification

      一线城市二线发达城市二线中等发达城市二线发展较弱城市三线城市
      北京天津济南合肥乌鲁木齐
      上海杭州大连南昌贵阳
      广州南京哈尔滨南宁海口
      深圳重庆沈阳昆明兰州
      青岛西安石家庄银川
      宁波长春太原西宁
      厦门长沙呼和浩特
      成都福州
      武汉郑州
    • Table 2. Estimation results of coefficient of explanatory variables in each city

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      Table 2. Estimation results of coefficient of explanatory variables in each city

      城市lnHVR系数(P值)lnLTF系数(P值)lnPCDI系数(P值)lnPD系数(P值)
      北京市-0.3864(0.1897)0.0164(0.8647)0.9141(0.0009)0.8733(0.0739)
      天津市-0.1159(0.0031)0.1849(0.0003)0.8118(0.0000)0.0135(0.9560)
      石家庄市-0.2135(0.1525)0.2509(0.3419)1.7443(0.0008)-1.2583(0.2397)
      太原市-0.0071(0.9716)0.2839(0.2202)1.7505(0.0470)1.7536(0.4432)
      呼和浩特市-0.1539(0.3088)0.0456(0.7013)1.0118(0.0000)0.3786(0.3338)
      沈阳市-0.3135(0.0000)0.1080(0.0398)0.9821(0.0000)0.0374(0.8425)
      大连市-0.0015(0.9774)-0.0051(0.9269)0.5029(0.0005)-0.2624(0.1381)
      长春市-0.1818(0.0156)0.1469(0.1111)0.6445(0.0000)-0.0535(0.8894)
      哈尔滨市-0.0954(0.7215)0.3370(0.0100)0.2206(0.3100)-1.1876(0.1075)
      上海市-0.1628(0.6177)0.4383(0.0170)-0.5668(0.4412)4.4425(0.1476)
      南京市-0.3762(0.0165)0.3046(0.0089)1.1192(0.0270)5.9428(0.0095)
      杭州市-0.4349(0.0433)0.0324(0.8158)2.0592(0.0040)-1.1670(0.0043)
      宁波市-0.322(0.0000)0.1343(0.0038)1.0449(0.0000)-0.5854(0.0000)
      合肥市-0.048(0.9272)0.0819(0.6602)0.8419(0.0811)-0.8534(0.2803)
      福州市-0.0268(0.8640)0.0641(0.5489)0.5811(0.0548)-1.1301(0.0565)
      厦门市-0.2167(0.6229)0.1804(0.1011)1.6614(0.1510)0.2725(0.8523)
      南昌市-0.0720(0.6462)0.0251(0.8736)1.2362(0.0491)0.4931(0.7261)
      济南市-0.2925(0.0418)0.0034(0.9844)0.7805(0.0061)-0.4884(0.2737)
      青岛市-0.2688(0.0088)0.0129(0.8729)0.995(0.0000)-0.1096(0.5886)
      郑州市-0.0799(0.4976)0.0372(0.4513)1.0665(0.0000)0.0606(0.5927)
      武汉市-0.0667(0.5236)0.0364(0.7771)0.8149(0.0098)0.0569(0.7172)
      长沙市0.2616(0.4283)0.1630(0.3495)0.0170(0.9781)0.3642(0.5147)
      广州市-0.0830(0.6867)0.0874(0.2039)1.1682(0.0000)0.0881(0.7614)
      深圳市-0.1729(0.1282)0.1661(0.0047)0.7648(0.0822)3.1268(0.0093)
      南宁市-0.1021(0.0028)0.0288(0.2145)0.9388(0.0000)-0.7519(0.0000)
      海口市-0.0403(0.7836)0.1382(0.2661)0.7169(0.1688)0.7477(0.2273)
      重庆市-0.0242(0.9105)0.3832(0.0542)0.3603(0.4163)-0.3382(0.5387)
      成都市-0.3718(0.0000)0.2990(0.0001)1.4348(0.0000)0.0114(0.9770)
      贵阳市-0.0930(0.5891)0.0146(0.9263)0.9267(0.0006)-0.0006(0.9986)
      昆明市0.1253(0.1600)0.0202(0.7152)0.5847(0.0395)0.1880(0.5646)
      西安市0.0150(0.8985)0.0510(0.8388)0.6167(0.1307)-0.3067(0.7809)
      兰州市-0.1730(0.1414)0.0518(0.3612)0.9475(0.0000)-0.2173(0.6663)
      西宁市-0.0557(0.6712)0.0220(0.7013)1.0324(0.0000)0.0832(0.8841)
      银川市-0.3215(0.0175)0.0650(0.4731)0.8558(0.0000)0.6748(0.2695)
      乌鲁木齐市-0.6973(0.0000)0.2689(0.0011)0.5608(0.0051)-0.5309(0.5567)
    • Table 3. Contribution of vacancy rate and control variables to housing price fluctuation

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      Table 3. Contribution of vacancy rate and control variables to housing price fluctuation

      lnHVR系数lnLTF系数lnPCDI系数lnPD系数模型拟合优度
      模型10.33360.7329
      模型20.15740.29710.8528
      模型3-0.07090.07830.79510.9125
      模型4-0.06990.07690.80150.02690.9180
    • Table 4. Mean value of regression coefficients of each explanatory variable by city class

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      Table 4. Mean value of regression coefficients of each explanatory variable by city class

      城市划分一线城市二线发达城市二线中等发达城市二线发展较弱城市三线城市
      lnHVR系数均值-0.2013-0.2441-0.0794-0.0529-0.2192
      lnLTF系数均值0.17710.17420.10060.11510.0866
      lnPCDI系数均值0.57011.14460.60131.18270.8645
      lnPD系数均值2.13260.4552-0.3296-0.07150.1622
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    Jie WANG, Jiliang ZHANG. The influence of vacancy rate on housing price: Based on panel data of 35 key cities[J]. Resources Science, 2020, 42(6): 1135

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    Paper Information

    Received: Aug. 23, 2019

    Accepted: --

    Published Online: Apr. 15, 2021

    The Author Email: ZHANG Jiliang (zhangjlgs@163.com)

    DOI:10.18402/resci.2020.06.11

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