Abstract: In order to provide evidence for the applicability of the capitalization about the public goods theory in China ,using the housing market data from 1998 to 2012 in 31 provinces, ,this paper analyzes the impact of the supply of public services on housing values with hedonic model, from the perspective of optimizing the structure of public goods supply. Empirical studies have shown that education, health, social security make the negative effect on the supply of housing value under control other variables conditions.This is inconsistent with the traditional theory of public goods capitalization.Finally, it suggested that the optimize structure of pulic goods should be paid more attention than the scale of importance of public goods supply, so as to gain the housing preservation and apprection.

摘要： 本文运用1998-2012年全国30个省市区的住房市场数据，从优化公共产品供给结构视角，借鉴hedonic模型分析公共服务供给对住房价值的影响程度，进而为公共产品资本化理论在中国的适用性提供相关证据。实证研究表明，在控制其他变量条件下，教育、医疗、社保类公共服务供给负向影响住房价值。这与传统的公共产品资本化理论不一致，可能因为住房价值被资本化过程中需要多样性，而非单一公共产品供给。最后，建议政府在重视公共产品供给规模的同时，更应当重视内在结构优化，进而实现住房财富的保值和增值。