中文摘要
本文利用 1994—2017 年美国企业搬迁事件的综合数据库, 通过考察总部搬迁对住房市场的溢出效应, 研究其对当地经济的影响。我们发现, 总部迁入邮政编码 (zip code) 层面的地区会使住房价格增长率提高 10%。我们还记录了一种时间上的溢出效应, 即住房价格在搬迁前一年开始上涨, 并持续上涨至搬迁后两年; 同时发现企业搬迁对周边最远 15 英里范围内邻近邮政编码地区的住房市场存在显著的空间溢出效应。我们表明, 对于雇员规模更大、经济基础更雄厚的企业, 搬迁对住房价格增长的正向溢出效应更为明显。我们进一步发现了与企业搬迁相伴的当地经济溢出和集聚经济效应。总体而言, 我们的研究表明, 企业搬迁对当地住房市场具有显著影响。
Abstract
Using a comprehensive database of corporate relocation events in the United States from 1994 to 2017, we investigate the impact of headquarters relocation on the local economy by examining its spillover effects on the housing market. We find that headquarters relocation into a district at zip code level leads to 10% higher housing price growth. We also document a temporal spillover effect whereby housing prices increase one year before the relocation and rise further until two years afterward and a significant spatial spillover effect of corporate relocation on nearby zip codes’ housing markets up to 15 miles. We show the positive spillover effect on housing price growth is more pronounced for relocating firms with larger employee sizes and economic bases. We further find local economic spillover and agglomeration economies associated with corporate relocation. Overall, our study indicates that corporate relocation exhibits a significant impact on the local housing market.