【摘要】 “N+1”改造是我国租房市场中一个较为普遍的现象，但相关实证研究还几乎没有。本文在文献中首次规范性量化研究“N+1”改造对租房市场所带来的市场效应，重点是对租金和租房流动性的影响，同时也考察了对房东和租客双方福利影响的异质性。本文研究具有多方面的意义：一是对当前租房市场治理具有直接的政策指导意义，二是对城市租房行业发展策略具有一定实践指导价值，三是丰富了对租房市场微观运作机制的了解，产生学术价值。本文构建了一个经济学的分析框架来审视“N+1”改造可能带来的市场效应和福利效果，指出“N+1”改造对市场租金和租房供应净增量的影响大小取决于租房的需求弹性。本文之后利用某头部分散式长租公寓上海样本的承租人租赁合同、业主出租合同以及承租人特征信息数据，基于特征价格法的实证分析发现，相比于普通房源，“N+1”改造后的房源平均能给业主增加近20%的租金收益，也让平均租金下降近5%。同时本文还发现，N+1改造缩短了房源空置期，吸引了对租期灵活性要求较高、房源私密度要求较低和租金支付能力较低的承租人，主要是收入处于暂时性低位的高学历青年人群。这表明，“N+1”改造通过提高住房租赁市场的匹配效率，可以同时增进租赁双方的福利。基于本文研究结果，我们建议，相关政府主管部门应当在合法合规的前提下，有序鼓励租房的“N+1”改造，并制定精细化的管理规范措施。更多还原

【Abstract】 The N+1 conversion is a common practice in the rental housing market of China. However,relevant empirical research is scarce. This study is the first attempt to quantitatively examine the market effects of the “ N+1” conversion with a focus on the impact of the conversion on the rental price and the market liquidity, as well as the effects on the social welfare of landlords and tenants. This study makes several contributions. First, it generates direct policy implications on the management of the rental housing market. Second, it yields practical value for the urban rental housing industry in devising development strategies. Third, it enriches our understanding of the micro-mechanisms of the rental housing market and makes a theoretical contribution. In this study, we build a theoretical framework to analyze the market effects and social welfare implications of the “ N+1” conversion. Then, a hedonic model is developed based on a rich dataset sourced from a major housing sharing service provider, which contains information on rental contracts of tenants, leasing contracts of landlords and demographic features of renters. The empirical investigation reveals that, compared to traditional shared housing, the “ N+1” conversion increases the rental income of landlords by 20% and reduces the rental expenditure of tenants by nearly 5. In addition, the “ N+1” conversion shortens the time on the market of rental housing. “ N+1” rental housing attracts tenants with low housing affordability, willingness to compromise privacy and a strong preference for flexible tenancy, who are mainly well-educated young people with temporarily low income. The results suggest that the “ N+1” conversion enhances the efficiency of matching in the rental housing market, and improves the welfare of both renters and landlords. Based on the results, we suggest local governments to encourage the promotion of “ N+1” conversion and design finer management measures while ensuring compliance of legal rules.更多还原