异质性劳动力流动、房价变动与要素价格扭曲

《财经研究》 2022年48卷第6期 页码：79 - 93  online：2022年6月6日

异质性劳动力流动、房价变动与要素价格扭曲

Heterogeneous Labor Migration, Housing-price Changing and Factor-price Distortion

作者（中）：徐邵军, 孙巍

作者（英）：Xu Shaojun, Sun Wei

作者单位：1.吉林大学 数量经济研究中心, 吉林 长春 130012

摘要：如何治理房价过度上涨，缓解要素价格扭曲和优化地区间要素配置已经成为了协调区域经济均衡发展所需解决的问题。文章构建了一般均衡模型，研究了异质性劳动力流动与房价变动、要素扭曲之间的内在机制。数值模拟发现技能型劳动力集聚带来的地区劳动力技能结构的提高以及其对资本的引致效应是造成房价上涨的关键因素。房价上涨抵消了异质性劳动之间的引致集聚规模效应，并诱发了要素间的替代，形成了技能集聚地区的房价上涨，劳动力技能结构提升和资本深化的内生反馈机制。实证检验发现技能型劳动力集聚会造成劳动价格的负向扭曲和资本价格的正向扭曲，最终使得要素的整体价格和要素的相对价格产生负向扭曲。而房价会造成劳动价格的正向扭曲和资本价格的负向扭曲，最终使得要素整体价格和要素相对价格产生正向扭曲。文章的研究为实现区域经济协调发展和政策实施提供了理论依据。

关键词：异质性劳动力流动; 房价变动; 要素价格扭曲

Summary: Although Chinese economy has achieved rapidly growth in short term, the price distortion of land, labor and other factors restricted the realization of high-quality development. How to tame the inflation of housing prices, alleviate factor-price distortion and optimize the factor-allocation among regions has become an urgent problem to be solved. Under this background, this paper attempts to theorize the endogenous mechanism between housing-price formation, heterogeneous labor migration and regional factor-price distortion.By constructing a two-region theoretical model with real estate, this paper studies the interdependence between real sector, services and real estate, and expounds the linkage between factor flowing, factor-price distortion and housing prices. Numerical simulation reveals that labor skill distribution property determines the degree of factor-price distortion, migration scale and housing-price formation. The migration and agglomeration of skilled labor will induce capital and unskilled labor agglomeration, and further lead housing-price rising through the scale effect and crowding out unskilled labor. Besides, industrial interdependence will impede the crowding-out effect on unskilled labor to a certain extent. Finally, it leads to endogenoushouse price formation and labor skill structure changing across regions. The above theoretical findings have been empirically proofed by Chinese provincial data from 2004 to 2019. Skilled labor aggregation leads to negative labor-price distortion and positive capital-price distortion; housing-price rising leads to positive labor-price distortion and negative capital-price distortion. Finally, skilled labor agglomeration has a negative effect on total-factor-price distortion and relative-factor-price distortion. Housing-price rising has a positive effect on total-factor-price distortion and relative-factor-price distortion.The potential contributions of this paper are as follows: Firstly, under the framework of two-region theoretical model, labor with heterogeneous skills is distinguished, which indicates the mechanism of skill structure, factor allocation and factor-price distortion caused by heterogeneous labor migration. Secondly, this paper proves that the induced effect caused by heterogeneous labor migration can offset the crowding-out effect on unskilled labor agglomeration to a certain extent. Thirdly, this paper finds that the skill structure improvement brought by skilled labor agglomeration and its induced effect on capital are the key to housing-price rising. The rise of housing prices has crowded out the unskilled labor of low bargaining power, and induced the substitution of capital for labor, forming an endogenous feedback mechanism of housing-price rising, labor skill structure improving and capital deepening in skill agglomerating areas. These contributions provide a new perspective for understanding the housing bubble formation, and clarify the mechanism of heterogeneous factor allocation and efficiency.

Key words: heterogeneous labor migration; housing-price changing; factor-price distortion

DOI：10.16538/j.cnki.jfe.20220216.402

收稿日期：2021-6-8

基金项目：教育部人文社会科学重点研究基地重大项目（16JJD790015）

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