Research on the Impact and Mechanism of Talent Introduction Policy on Urban Housing Price - An Empirical Analysis Based on Nanjing, Wuhan and Xi'an

Research purposes: Starting from the relationship between population policy and housing market, this paper explores the impact and mechanism of talent introduction policy on local housing price, so as to provide basis for the corresponding policy adjustment. Research methods: theoretical mechanism analysis, quantitative empirical analysis. Research content: From the perspective of human capital theory, this paper explores the mechanism of talent introduction policy on housing price, including "government-oriented effect" and "human capital effect". Based on the macro-data of the National Bureau of Statistics, Wind, Habitat and other institutions, through the analysis of DID-PSM, we find that the policy of talent introduction has a net effect on the local housing price. The urban housing price increase of the policy of talent introduction is obviously higher than that of other cities of the same grade in the same period, showing the characteristics of unstable rise. The conclusion is that the policy of talent introduction has led to the realization of quantity growth and spatial agglomeration of human capital in the cities where the policy was issued in a short period of time, which are the important reasons for the two core characteristics of rising house prices. The greater the policy effect of talent introduction policy is, the higher the local housing price will be. Most of the housing price growth brought by human capital belongs to the "rigid demand", but we should also be alert to the speculative behavior of real estate under the "government-oriented effect", which can easily lead to the excessive growth of housing prices and create resistance to the introduction of talents.