| 英文摘要： |
The quality of urban settlement is an essential element of people's desire for a better life, which has been capitalized into housing prices of local cities. However, previous literature focuses overwhelmingly on the determinants of intracity housing prices. There is still a lack of research on the determinants of the spatial disparity in intercity housing prices, and there is even less research on the association between comprehensive urban settlement quality and housing prices. This paper uses principal component analysis to evaluate urban settlement quality for 294 cities in China and applies spatial econometric models to examine the impact of urban settlement quality on housing prices. The results show that urban settlement quality in China is composed of five principal components: social livelihood, service industry development, leisure-traffic, the ecological environment, and economic development. There is spatial correlation between urban settlement quality and housing prices in China, both of which show high values in eastern China and low values in western China. Spatial econometric modeling results indicate that social livelihood and the ecological environment have a significant positive impact on housing prices, while service industry development and the leisure-traffic factor have a significant impeding effect on housing prices. In addition, residential land prices and per capita real-estate development investment are significant factors affecting housing prices in China. |
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