高速铁路如何影响当地土地价格：来自中国台北的证据

High-speed rail has a significant impact on local land prices.

高铁对当地土地价格产生重大影响。

We evaluate the effect of high-speed rail (THSR) on the land prices of targeted regions (THSR regions) in Taipei,China using prefectural-level data from 1993 to 2017. The construction of THSR started in 2000 and was finished in 2006. The THSR line to Zuoying (Kaohsiung City) first operated in 2007. After station construction for Miaoli, Changhua, and Yunlin was complete at the end of 2015, the entire line was open in 2016. THSR investment has been believed to play an important role in changing land usage and value, but such spillover effects on land prices have not yet been evaluated formally. Employing the difference-in-difference methodology, we estimate the impact of THSR on local land prices by comparing the land prices in THSR regions with those of other regions not covered by THSR. The results suggest that THSR positively affected the average land prices in THSR regions from the start of construction, and such positive effect became even larger after the beginning of the operation. There does, however, appear to be an inequality in land price growth among THSR regions. The positive spillover effects in northern regions are larger than those in their southern counterparts, which indicates that some straw effects may exist in southern regions. Because increases in local land prices often lead to increased local tax revenues, we show the positive relationship between THSR investment and land prices, which may have meaningful implications for future potential THSR investments in other economies or regions.

我们使用1993年至2017年的县级数据评估了高速铁路（THSR）对中国台北目标地区（THSR地区）地价的影响.THSR的建设始于2000年，并于2006年完成。 Zuoying（高雄市）的THSR线于2007年首次运营。在苗栗，彰化和云林的车站建设于2015年底完工后，整条生产线于2016年开通.THS投资一直被认为发挥了重要作用在改变土地使用和价值方面，但这种对土地价格的溢出效应尚未得到正式评估。通过DID法，我们比较THSR地区的土地价格与THSR未涵盖的其他地区的土地价格来估算THSR对当地土地价格的影响。结果表明，THSR从施工开始就对THSR地区的平均土地价格产生了积极影响，这种积极影响在运营开始后变得更大。然而，THSR地区的土地价格增长似乎存在不平等。北方地区的积极溢出效应大于南方地区，这表明南部地区可能存在一些吸管效应。由于当地土地价格的上涨经常导致地方税收增加，我们显示了THSR投资与土地价格之间的正相关关系，这可能对未来在其他经济体或地区的潜在THSR投资产生重大影响。