Although there are numerous empirical studies on spatial distribution of subway stations and housing prices, the existing literature lacks of theoretical underpinning of the impacts of subway stations on spatial distribution of housing prices. This paper develops a model of subway stations interactions to illustrate their impacts on housing prices and applies a dataset of dwelling transactions around Beijing Metro Line Four and Five from Beijing city to testify the propositions of the model. We find that housing prices wavy decay with sub-peak centered stations from city center to fringe, while suburban subway stations bring greater growth in housing prices than downtown stations. These results have important implications for spatial distribution of housing prices.%尽管地铁站布局与房价空间分布已有大量实证研究,但现有研究未从理论上分析地铁站设立对城市房价空间分布的影响。本文构建了地铁站互动对房价空间分布影响的理论模型,并对2010-2013年北京地铁四号线和五号线周边住房交易数据发现:房价以地铁站为中心从市中心向外呈波浪式衰减;地铁开通导致远端地铁站周边房价增长率大于近端地铁站。本文对城市房价空间合理分布有重要意义。
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